After reading 0-130 and getting all excited about the things Steve mentions and putting them into action I have to say that I am a bit Pi**ed off at the realisation that a lot of what he says is illegal in certain areas of Oz.
You cannot wrap in WA.
You cannot work as a spotter in WA.
Havent found out about the rest of it but from what I can gather the Real Estate industry is getting tough on the methods used by investors such as Steve Mc Night.
Not to say that some things havent been usefull.
They certainly have. But please do your homework so you dont get led astray with everything they say is achievable.
Russ.So many +CF properties in Western Australia.Wish I could help.But the governments canned me.Russ.0438 659 411
Russ,
You just need to work within the rules presented to you at the time.
Everything Steve did was legit, and I assume that everything he is doing now is legit.
I am sure there is a way around your troubles, just a matter of finding the way.Keep your chin up!!
Milkman
Maybe I have missed a post of yours somewhere Russ, but if you have so many +ve CF deals available, why don’t you buy them yourself?
If I was in your situation I would buy as many as I could.
Perhaps you have as well, let us know?
‘Eat rich food, barbeque a yuppie’ [greedy]
>>I am sure there is a way around your troubles, just a matter of finding the way.<<
That is wexactly what I think.
Russ, I think you will find that your local Real Estate Institute is doing a bit of intimidatory posturing.
Ask them what regulations covers what they are saying and thence go to a library and read up on it to satisfy yourself as there is just too much misinformation dealt out everywhere.
Regards,
Pisces
Rugbyfan.
I cant get finance to buy these +cf properties.Otherwise I would.We have to sell our ppor to get us started.However we have been negotiating on a good set of units and looks like we might get in there with nothing down and payment later when we sell.Also option to purchase extra lots over 4 years.As for the government I was informed by the Dept of Consumer & Employment Protection that it is illegal to act as a spotter for a buyer.Fines up to $20 000.
I dont have that sort of money to give away so will have to shut up shop for the time being.
Russ.
P.S Maybe I can just let you guys know where the +cf joints are and if you buy one you could send me a little pressie.[biggrin]How about a bottle of the finest white wine in Australia – Vasse Felix Chardonnay!
‘Eat rich food, barbeque a yuppie’ [greedy]
Rugbyfan.
Sorry but I dont like wine.
Gift vouchers from Bunnings always come in handy for a bit of reno work.
I do enjoy a drop of homebrew at the end of the day though.MMMMMMMMMM Few hours to go yet.
Russ.It’s the same in SA Russ as I have previously mentioned several times. My understanding with the spotting its fairy universal around OZ as the REIA are behind it. As far as wraps go they are still legal in allot of states, but SA is not one of them.
Joint ventures are ok, and so are spotting under the umbrella of a licensed R/E agent.
Regards Bear
POSITVE CASHFLOW properties and Joint Ventures available!
For the BEST deals register via E-mail [email protected]
DONT MISS OUT!!!!!Russ,
Will buying the blocks of units affect your pension? (re assets test)
kay henry
Originally posted by kay henry:Russ,
Will buying the blocks of units affect your pension? (re assets test)
kay henry
Kay
Assets go on what u own (equity) not what u owe money on so the trick is to buy up alot of properties then after u have a good portfolio revalue and then possibly go off the pension all going well. Well thats my plan anyway.
Regards Bear
POSITVE CASHFLOW properties and Joint Ventures available!
For the BEST deals register via E-mail [email protected]
DONT MISS OUT!!!!!I think anything I do will affect my pension.The funny thing is I,m trying to do it so the government wont have to pay me a pension.But they wont help me along the way.There rules are so by the book its not funny.But i,m not going to let anyone beat me.I,ve got a goal and i,m going to achieve it so I can tell the dole office to shove their payments.
They should give me extra for the help I give others LOL.
Russ.[biggrin]Originally posted by RussH:I think anything I do will affect my pension.The funny thing is I,m trying to do it so the government wont have to pay me a pension.But they wont help me along the way.There rules are so by the book its not funny.But i,m not going to let anyone beat me.I,ve got a goal and i,m going to achieve it so I can tell the dole office to shove their payments.
They should give me extra for the help I give others LOL.
Russ.[biggrin]Personally I have found C/link pretty helpful, and informing myself on what I can and cant do. They have informed me I can purchases as many properties I like providing the equity does not exceed the limit of I think it was around 130k. So the trick is to buy as many as possible using as much as the banks money as possible, till u would be able to sell a property or 2 and become self reliant. That is my plan anyway. Any passive income would have to be declared with any tax returns.
Regards Bear
POSITVE CASHFLOW properties and Joint Ventures available!
For the BEST deals register via E-mail [email protected]
DONT MISS OUT!!!!!
You must be logged in to reply to this topic. If you don't have an account, you can register here.
