[Steve McKnightKeymaster@stevemcknightJoin Date: 2001Post Count: 1,763]

January 17, 2016 - 10:48 pm

Note the Fund is now full and closed to new and top up applications. The next redemption period will be September / October 2016.

Steve

Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.com

Success comes from doing things differently

[Steve McKnightKeymaster@stevemcknightJoin Date: 2001Post Count: 1,763]

January 17, 2016 - 10:45 pm

As you have said, you are not an expert, and your analysis is incorrect, which is a pity.

Appraisals are independent. Most currency gains, as required per Accounting Standards, are unrealised at this time and sit in the FCTR rather than the P&L.

The difference between the buy and redemption price is due to the redemption price being adjusted for imputed sales costs (which are not allowed to be deducted under Accounting Standards but need to be adjusted on the redemption unit price. Normally there would be a corresponding foreign tax offset but this is foregone by redeeming before the asset is sold).

Note the redemption price does not take into account the distributions received.

As for the accounts not stacking up… There is a team of four qualified accountants on staff, plus an independent CPA in the US, plus the accounts are audited by Moore Stephens.

Steve

• This reply was modified 8 years, 3 months ago by  Steve McKnight.

Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.com

Success comes from doing things differently

[Steve McKnightKeymaster@stevemcknightJoin Date: 2001Post Count: 1,763]

January 17, 2016 - 10:34 pm

Hi,

The appraised values shown in the accounts are independent, not internal, and values are recorded as required by Australian Accounting Standards.

The accounts are audited annually with the interim accounts subject to independent review too.

The appraised values are done by Capright and updated every six months.

It is true that a large part of the return is due to the fall in the value of the AUD, but that was part of the strategy.

We are looking at hedging options now to lock in some of our gains.

Steve

Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.com

Success comes from doing things differently

[Steve McKnightKeymaster@stevemcknightJoin Date: 2001Post Count: 1,763]

February 4, 2015 - 2:30 pm

Hey MilkTruck,

Welcome to the Forum.

Nothing like a little controversy or for a first post, hey?

I wonder… are you normally a Liberal or Labor voter?

– Steve

Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.com

Success comes from doing things differently

[Steve McKnightKeymaster@stevemcknightJoin Date: 2001Post Count: 1,763]

February 3, 2015 - 3:38 pm

For those following the ups and downs of the AUD then you may like to read this:

http://www.actionforex.com/action-insight/market-overview/daily-report:-aussie-tumbles-as-rba-cut-interest-to-2.25%25-20150203234151/

– Steve

Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.com

Success comes from doing things differently

[Steve McKnightKeymaster@stevemcknightJoin Date: 2001Post Count: 1,763]

February 3, 2015 - 2:53 pm

AUD has fallen 1.4 cents against the USD since the announcement. Clearly caught some off guard.

– Steve

• This reply was modified 9 years, 2 months ago by  Steve McKnight.

Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.com

Success comes from doing things differently

[Steve McKnightKeymaster@stevemcknightJoin Date: 2001Post Count: 1,763]

December 11, 2014 - 9:35 pm

Hi,

Thanks for the post.

Unfortunately, I’m not able to recommend anything, but if you scan through the many websites of major developers offering off the plan developments you should be well looked after.

All the best,

– Steve

Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.com

Success comes from doing things differently

[Steve McKnightKeymaster@stevemcknightJoin Date: 2001Post Count: 1,763]

December 11, 2014 - 9:21 pm

Mentor. Guru. Expert. Etc.

People are always chasing down someone to hold their hand and guide them through the maze, and fair enough, because there are plenty of bad role models out there, or no role models and people are making it up as they go along.

It seems to me that some people like to figures things out with minimal help. I say, sincerely, ‘knuckle down’ because that is certainly the more difficult road. That said, sometimes it is necessary where there is no one available to help you, or no information handy.

Surely the smarter way is to leverage the knowledge of others, and by doing so, seek to fast track by avoiding their mistakes and accelerating your progress based on their ‘secret paths’.

Your mentor could be an author, or it could be a coach. It depends on what you are looking for and how hands on you want the person to be. What I would recommend is finding someone who is experienced in the ways you are seeking to adopt / emulate.

And do your research. The wealth creation industry is filled with people who talk a good game but have never been on the field.

All the best,

– Steve

Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.com

Success comes from doing things differently

[Steve McKnightKeymaster@stevemcknightJoin Date: 2001Post Count: 1,763]

December 11, 2014 - 9:12 pm

Hi,

I get this question a lot: about the use of a company / trust structure and acting as guarantor rather than borrowing in your own name.

Strangely, I get about a third of people happily report they can still do it with no problem, about a third of people say they’ve tried and it can’t be done, and about a third of people who want to know is it yes or no.

So here’s the best answer I can give: it depends.

“On what?”, I hear you say. Well, on your relationship with the lender. If you come in via retail channels or via a ‘off the shelf’ mortgage broker, then the answer seems to be ‘no’. If you apply via an established lending relationship (and in particular, business banking), or via a well networked mortgage broker, then the answer tends to be ‘yes’.

So, once again, this proves the importance of networking and in the case of finance, you need to start well before you need the money.

All the best,

– Steve

Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.com

Success comes from doing things differently

[Steve McKnightKeymaster@stevemcknightJoin Date: 2001Post Count: 1,763]

May 24, 2014 - 7:33 am

Good point about the ‘single post’ promoting discussion, but it wasn’t a set up.

I always think twice about responding to posts I have an interest in, but as it was one of the only posts that didn’t have a response, I wanted to contribute.

– Steve

Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.com

Success comes from doing things differently

[Steve McKnightKeymaster@stevemcknightJoin Date: 2001Post Count: 1,763]

May 23, 2014 - 4:43 pm

Hi,

There are about 1,100 investors in the Fund at the moment, with an average investment of approx $50k.

Be sure to read the PDS which is available at the weblink you mentioned.

The Fund will suspend accepting new / top up applications from 1 July, so if you are interested in proceeding then be sure to get your completed application form in before close of business on 30 June.

If you have any questions about the Fund you can call me in the office on 03 8892 3800.

– Steve

Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.com

Success comes from doing things differently

[Steve McKnightKeymaster@stevemcknightJoin Date: 2001Post Count: 1,763]

May 23, 2014 - 4:41 pm

Hi Nathan,

A couple of issues here…

1. If you are doing this as a business (as you seem to have indicated above), then profits are ordinary income, not capital gains. This means that you will pay income tax on all your profit when you sell. Be aware that if your taxable income spikes in any one year then you will be pushed into a higher tax bracket. Some good tax advice would be well worthwhile.

2. Remember that there will be GST on the new property. You ought to get good tax advice on this to ensure the amount of GST you have to remit is as low as possible. It may be there is specific wording needed for the sale contract to facilitate this (such as GST calculated on the margin scheme, if applicable).

Sounds like a trip to the accountant is on the cards.

– Steve

Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.com

Success comes from doing things differently

[Steve McKnightKeymaster@stevemcknightJoin Date: 2001Post Count: 1,763]

May 23, 2014 - 4:37 pm

Hi Nathan,

To be clear, let’s get a couple of things sorted:

1. It’s unlikely you will need a loan for the sub-division, but rather the construction of the new dwelling(s)
2. Construction finance is usually based on stage of completion against the building contract, rather than an end value
3. Others on the site will have a better grip on this, but I would have thought that 70% would be a standard loan for construction
4. The land component may be treated separately, and if you have equity you may be able to refinance to pay the shortfall on the construction.

There’s a bit to understand here, so be sure to consult with an expert.

– Steve

Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.com

Success comes from doing things differently

[Steve McKnightKeymaster@stevemcknightJoin Date: 2001Post Count: 1,763]

May 15, 2014 - 9:59 pm

A quick post to let you know that we are still working full time behind the scenes with more upgrades.

Next on the list is a member dashboard to replace the current welcome page after sign in that contains a range of useful information about latest information.

– Steve

Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.com

Success comes from doing things differently

[Steve McKnightKeymaster@stevemcknightJoin Date: 2001Post Count: 1,763]

May 15, 2014 - 9:57 pm

Hi,

My experience from a decade or so was ago was that Aussie banks only wanted to lend against Aussie property, but NZ banks were happy to lend to Aussie investors buying NZ property.

I suggest you contact a NZ based mortgage broker, as well as a couple of banks direct. The Bank Of NZ lent to me based on my Aus tax return and the proposed income from the NZ properties.

– Steve

Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.com

Success comes from doing things differently

[Steve McKnightKeymaster@stevemcknightJoin Date: 2001Post Count: 1,763]

May 13, 2014 - 12:54 pm

Hi,

If you made a post selling these items then the best thing to do is to make a reply saying they have now sold.

We don’t like to delete old posts as it messes with the continuity of the forums.

– Steve

Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.com

Success comes from doing things differently

[Steve McKnightKeymaster@stevemcknightJoin Date: 2001Post Count: 1,763]

May 13, 2014 - 12:50 pm

Hi Ben,

I sold the mentoring program back in 2009 to the coaches who worked for me at that time. You can find them now at http://www.resultsmentoring.com

The link to registering the book can be found on the right hand panel of the home page, but here is the link for easy viewing:
https://www.propertyinvesting.com/store/0-130-properties-revised/register/.

Glad you enjoyed the book.

– Steve

Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.com

Success comes from doing things differently

[Steve McKnightKeymaster@stevemcknightJoin Date: 2001Post Count: 1,763]

May 12, 2014 - 7:25 pm

We tried to ‘hide’ the email as such to stop bots scraping the forum.

I’m not against returning back to displaying email addresses, but it is an issue that it is not working with gmail.

As I said, I’ll get the team on it and see what can be done.

While I have you, can you take a look at this post for me – it’s finance related:
https://www.propertyinvesting.com/topic/4990398-help-needed-40/

– Steve

Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.com

Success comes from doing things differently

[Steve McKnightKeymaster@stevemcknightJoin Date: 2001Post Count: 1,763]

May 12, 2014 - 7:10 pm

Should be a simple mailto tag Colin.

When I clicked it in your signature it opened up Outlook and put your email address in the ‘To’ area.

I’ll get my team to have a look at it though.

What do you think of the new signature styles?

– Steve

Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.com

Success comes from doing things differently

[Steve McKnightKeymaster@stevemcknightJoin Date: 2001Post Count: 1,763]

May 12, 2014 - 7:07 pm

Hi and welcome to the forum.

There are many finance experts on the community, and I hope one can help you.

I do not have the appropriate qualifications to comment specifically, but as a general comment I would have thought:

1. An unpaid default is going to be a significant red flag to a lender. Even paid off it is going to take some explaining.
2. It would be sensible to approach the developer to ask if they have a relationship with a lender they could recommend.
3. You should also contact a mortgage broker in your local area to see if they can assist

I find it odd that a financier cannot assist because completion is >90 days. I would have thought that provided the contract is signed and enforceable then you should be able to see finance pending the completion of the building and certificate of occupancy.

– Steve

Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.com

Success comes from doing things differently