Forum Replies Created
I should probably clear something up – I was not looking for advice more interested in others goals etc.
I have them written down, and placed
– next to my bed
– on the shower door, so I can read them out-loud in the shower
– on the back of my cars sun visor so I can re-read them at traffic lights
– and in my walletI am more interested in seeing what others hope to achieve as we can all then keep our eyes open for deals/ideas that could help each other…
Pete
…Beware of the dreamtakers…
There are many thigns you can do
1. Refinance your current home and use the equity to buy more houses – thus all interest will be tax deductable
2. Rent it our and use the rent as passive income
3. Sell it and then use the cash to buy more houses – although CGT may be payable.
These are just a few, as AD said it comes down to your goals etc. That is what you need to come up with first, if you don’t have clear definded goal, you want get anywhere…
Pete
…Beware of the dreamtakers…
1. Steve’s and similar books are priceless. If you get one idea that will save you the cost, by informing you on something that could have cost you, its worth the investment.
2. You have to work out your goals and aims. If you want passive income (and not continue to work for $$$) then WRAPS or Lease/Options my be the way to go. However if you don’t mind putting in the hours then a reno might be enjoyable. It simply depends on your goals/free time etc.
Its a thing only you can work out – unfortunately
Steve book, has a few chapters dealing with this point exactly, worth the read, to help you get some clarity.
Pete
…Beware of the dreamtakers…
Isn’t he ‘popping’ up again on TT tonight to rebut??
…Beware of the dreamtakers…
Sorry to say but any NETT income from property adds to your personal income for tax purposes.
So from what you have said, it looks like you are now in the top bracket…
Pete
…Beware of the dreamtakers…
Well, I attended the seminar Sat (which was sensational, as usual). I picked up the book, and finished it in 3 days! Such an easy and informative read. Its a great ‘get the toes wet’ style book, I found it very reinforcing in that most of the issues I have heard before, but being told the info in a new format was really refreshing.
I had a huge AHAH moment in Chapter 17 Planning for Success – the best chapter I have ever read in ANY book for ages.
Well done Steve…
Pete
…Beware of the dreamtakers…
Check out today tonight Thurs 31,July as Henry is scheduled to appear and ‘rebut’ his sceptics…
Also chek out http://www.todaytonight.com.au
As they will probably put some follow-up info there….Pete
…Beware of the dreamtakers…
You say you are time poor – ever thought about doing a joint venture with someone who can pull the deal together and use your credit/equity, then split the profits???
Pete
…Beware of the dreamtakers…
quote:
It will also be available from bookstores from approximately the 4th August. They might be a little hard to find though as the publisher has only done a print run (despite what I told them!) for bookstores of 6,000.-Steve
FROM: https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=2108
Pete
…Beware of the dreamtakers…
What is your aim here? To see if the property is cashflow positive?
If so you shouldn’t need a country specific calulator. All you simply need to do is make sure your (incoming )rents are greater then your outgoings (mortgage,rates etc) Its really that simple….
I hope I have answered your query – if not please expand….
Pete
…Beware of the dreamtakers…
You are going to have to pay CGT as it is not currently your PPOR..
However if its held in your own name you are entitled to a 50% CGT discount, should provide a bit of a buffer….
Pete
…Beware of the dreamtakers…
A good base is to apply the 11 second solution Steve has developed..
Also try searching sites such a realestate.com.au they are a good start to get an idea of areas and relative rents/prices etc…
Pete
…Beware of the dreamtakers…
A good place to start when trying to learn about minimising tax is the book shop. There are quite a few resources/books on tax and tax/truct structures.
Try Steve’s Wealth Guardian cd and book. Good Start/Product.
Pete
…Beware of the dreamtakers…
as MJK said – it comes down to who is own title.
Pete
…Beware of the dreamtakers…
There are some possibilities in that you can convert a company into a trust (as far as i am aware). Its hard to see if this can apply here, but talk to a tax accountant on this one….could have potential..
Pete
…Beware of the dreamtakers…
Firstly – entelechy welcome to the forum
I have to agree with your “Baby Boomer Product” comment. The average baby boomer investor has been hooked on the concept.
I was having a conversation the other day with a 40 something woman about Positive Cashflow Investing and its virtues.
She loved the concept but kept repeating the statement “but if its positive cashflowed you can’t negative gear it” Its like banging your head against a brick wall with most baby boomers, most believe that negative gearing is the ONLY way to buy properties.Pete
…Beware of the dreamtakers…
I agree…
It seems you are relatively happy with either outcome, so why not offer the vendor a multi-choice offer and then let them decided what’s best for them.
Stuart of http://www.guerrillarealestate.com.au is a master of this…
Pete
…Beware of the dreamtakers…
Good Luck
Let us all know when you are through the trainning and I am sure you will get some networks/business via this forum…
Pete
…Beware of the dreamtakers…
I agree with AD, you have to first set your goals etc.
In regard to pitfalls, they are all situation specific – i.e. if you WRAP the potential ‘down-side’ is completely different to a ‘buy/hold’
First step would be to post your goals & outcomes and let the magic of the forum go to work!!!
Pete
…Beware of the dreamtakers…
The July Melbourne Meeting of/for what????
…Beware of the dreamtakers…
