Thanks for your replies. I don’t mind paying tax because it means I am making money, however obviously I do like to minimise this wherever possible.

oh well…so be it!

Regards,

Tim Wilson.

Being that you are only relatively new to IP my suggestion would be that you do some further education before making more purchases. One of Steve’s courses or resources available on this web site would be a good start. This will come at little cost, and will ensure you feel confident about the direction in which you are heading.

You…[Read more]

Renting makes a lot of sense to me providing you save your money to pay cash for a house later…[Read more]

Regards,

Tim.

Thanks for your reply.
A Cattery is boarding for cats. The business is called The Cat Comfort Motel, and surprisingly is quite profitable.

I am unsure of the minimim land requirement for sub-dividing in Rural Zoning for this coucil; however I will endeavour to find out and get back to you.

Thanks for your time.

Regards,

Tim Wilson.

Thanks for that. All good points. The thing that gets me about that is the land in question is on the outskirts of a small town (Latrobe Tasmania), and not far from a major highway. I can’t see that it would be all that usefull for rural purposes anyway, not anything seriouse at least.

Anyone else have some wisdom to…[Read more]

Not sure whether this will be of any further help to you but:

To be a mortgage consultant in Australia you need to be a member of MIAA (Mortgage Industry Associate of Australia) http://www.miaa.com.au. To apply as a member you need to have completed one of the pre-requisite courses which are listed on their web site.
A good one that…[Read more]

Tim

– Yes I have – to two.
– I thought it was fantastic
– Absolutely worth every sent I paid – I wouldn’t waste/spend your money elsewhere
– Yes, and much much more, in regards to what you get out of it, don’t forget this depends on what you are prepared to put in.

Regards,

Tim

Regards,

Tim

Normally yes. It depends on where this passive income is coming from. i.e. if it came from IP’s rented then the bank will accept up to 75% of this as income.
Not sure about other asset classes.

Regards,

Tim.

I thought I might as well throw my hat in the ring as well

I am an IT consultant during the day, Lifestlye Planner at night and property investor in my spare time

Life is to short to be doing only one thing at any one time – so long as you are doing what you do well!

Enjoy your day.

Cheers

Tim Wilson

Yes, the numbers for Queenstown would stack up, but if you had been there you would probably understand why!
It’s an old mining town which is now more of a tourist destination now than anything else. i.e. stagnate if not declining population growth, and very little reason to live there.

I would suggest you should stick clear of…[Read more]

Yep I have to agree with Tas Investor on this one, at least from a long term view point.

While Devonport is (and will continue to in the short to medium term) experience some good growth in property prices there are other areas of the state out performing Devonport.
After some research I believe that has to do with a fundamental of…[Read more]

Good to see you are getting on board and educating yourself at such a young age – you won’t regret it!

While I am not in Hobart, I do operate in Tasmania based in Devonport. So feel free to drop me an email (timwilson@wiland.com.au), or call me on 0429 655 630. I would be happy to have chat with you.

Regards,

Tim Wilson.

Yep, based on the advice I have also recieved you are right on the money, however I would urge caution. Is this something from an ethical standpoint you really want to be known as doing? You’re integrity is worth a lot more than $7000 – believe me!

Regards,

Tim Wilson.

“Poverty is not an option”

Thanks for clearing that up.

I guess at the end of the day, so long as you ensure you (or your company) is able to service the loans addequately then I guess there is no reason for alarm.
Also we are finding that a vital aspect of this is to develop a close relationship with a financier – almost a “I’ll scratch your back if you scratch…[Read more]

You are right it is not necassarily a simple answer, but at least you are asking the right ones!

If you were planning on only owning 1 or 2 PI’s then I would suggest it would not be worth your time setting up a company, as there are other substantial on-going and upfront costs involved.
Depending on your marginal tax rate it may even be…[Read more]

I’m a little confused by your opening line:

“I have just set up a family trust as trustee for a real estate investing company.”

I think you mean you have setup a company and appointed it to act as a trustee for the family trust, as this is the way it would normally work.

If as you say this is the way you have chosen to set it up, would you…[Read more]

Please somebody correct me if I am wrong, but I believe that legally there is no requirement to disclose loans that you have personally guarranteed. At least through a company/trust strucutre.
i.e. if you were doing a statement of position (asset & liabilities = net worth), you do not include any loans that you have become a guarrantee…[Read more]

Alarm bells are ringing here for me!! I don’t want to be negative but some friendly advice – I would be very careful if I were you writing your own contracts. It might be the cheap option (I entertained a similiar idea some time ago) but at the end of the day, I would strongly suggest that you need to at least have a lawyer have a good…[Read more]

Unfortunately this scenario is all too common, and that makes me mad. I believe this is based on most financial service providors only ever recommending (or showing you) the products that they will be making the most money from, rather than the ones that best suit you and your objectives. They hide most of the products that are suitable…[Read more]

My advice to you when you are puting a budget together (regardless of what method you use) is keep it simple!! Don’t make it any harder than it absolutely has to be. Because this is a very necassary foundation for your wealth creation it’s important that it takes as little effort as possible so that you are not discouraged from doing…[Read more]

Email me: timwilson@andersonmorgan.com.au
or
phone: 0429 655 630

We can talk it through.

Regards & Thanks,

Tim Wilson.

Steve was actually refering to you – his newsletter used a computed field which looked up your name and inserted it from his database.

i.e. everyone would have seen thier own name there

Pretty clever hey!!

Regards,

Tim.

“Poverty is not an option”

You could always do a joint venture with someone who operates in Australia while you are in the US – become a money partner- i.e you provide the finance, they do the leg work. And you split the profit. Work it how you want but it could be an option, if you wanted to get started straight…[Read more]

You say you are going to return to Aus in the next few years.
Why not just hang fire, save like crazy while you are in the US, invest what you save in something that will keep up with inflation – then when you return to good old Australia, you should have plenty to keep you going, and hit the ground running.

I guess it depends how you want…[Read more]

I am pretty sure that there has been prior discussions on this topic, not that long ago – so you might like to do a search for past posts.

How are things going down there in Hobart?

Regards,

Tim Wilson.

“Poverty is not an option”

The following points are important when wanting to make sure you will be able to continue to secure finance.

– You are purchasing your properties in an appropriate structure (i.e company / trust setup).

– The properties you buy must be positive cash flow from day one – puting money in to your pocket rather than taking it out.

– You are…[Read more]

Regards,

Tim Wilson.

“Poverty is not an option”

I have often struggled with this question – and I think in general terms the answer is – it depends on your particuliar cercumstances.

Up until now I have always lived with my parents – so it’s not been such an issue – however I have recently been forced to move out, and was presented with the option of renting or buying. For me, the…[Read more]

All the questions are no problem.

Don’t quote me on this but I believe in Queensland (as with Tasmania) you have to wait 12 months before the government will pay the FHOG under an Installment Sales contract.

As for the avenue to receive the FHOG – You can down load an application form from the internet (not sure of the address, but…[Read more]

Just a word of warning – be careful with providing your clients with a list of lawyers, as this can be seen as influencing your client in thier decision making process. A general list of lawyers would probably be OK, but don’t encourage them towards any one specific one.

It’s a grey area, but I believe it is better to be safe than…[Read more]

You have a valid question. In fact we even advise all of our clients that they would be better off getting a conventional bank loan if they can (due to additional interest), and we would actually prefer they did, as it is in thier best interest – but You have to remember that a wrap (vendor terms contract) is just one form of property…[Read more]

A good place to start would be: https://www.propertyinvesting.com/files/content.asp?cid=wrapintro

Secondly if you have not already done so, sign up for Steve’s free report (button on the menu). This might also explain a little further.

Hope this helps.

Regards,

Tim Wilson.

“Poverty is not an option”

So where in Tassie are you from? Send me an email, maybe we could catch up?

suretech@ozemail.com.au

Regards,

Tim Wilson

“Poverty is not an option”

Just make sure you don’t walk away without taking action! There are so many “opportunities” out there!

Regards,

Tim Wilson.

“Poverty is not an option”

Since you asked, I would have some that I would be willing to part with.

I will send you an email shortly with the particuliars!

Regards,

Tim Wilson.

“Poverty is not an option”

Must push on.

Regards,

Tim

“Poverty is not an option”

Good to see another Tassie-ite here

Tim.

“Poverty is not an option”

I would cetainly be interested in obtaining these contact details that you speak of in this post, if you would like to either post them here or email them to me at suretech@ozemail.com.au

Hope to catch up with you tonight Bruce

Regards & Thanks,

Tim Wilson.

Just wondering if anyone can shed some light on where I might be able to buy a copy of “Home Loan Analyser Deluxe”? I have tried Harvey Norman with no success. Keep in mind I am based in Tasmania and will probably have to order it from somwhere!

Thanks,

Tim Wilson.

Just saw your post, and thought that I should reply.
I am based in Devonport Tasmania, and would be keen to network with others in Tassie who might be interested. We are just starting off in our IP business, and have recently been to Steve’s seminar. I don’t know of any groups that get together at this point – but that doesn’t mean…[Read more]

No question is ever basic or fundamental. You must have a mentality of asking questions and lots of them!! You remind me of when I was at the Australian Property Investing Master seminar when i was also afraid to ask Steve a very fundamental and basic question, but at the end of the day it had to be asked!

OK – I will have a…[Read more]

From my understanding here are some thoughts on your first question:

I believe there to be no hard and fast rules as to what you offer your wrappee in the way of fixed or variable interest rates. Personally if I was using a variable rate – I would pass it on to the client as a variable rate as well, because this way you have no…[Read more]