Bit of Fun

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From: Anonymous


This forum is great!! So much to learn and so much to do. A curious thought just occurred to me. It would be REALLY interesting to know who (of those who use this forum), has the most number of IPs? Just a bit of fun, that's all.
Keep up the good work.
 
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Sim

Administrator
Reply: 1
From: Sim' Hampel


Of course, this number is rather meaningless, as many people buy lots of $50K hovels, while others have fewer mansions worth millions. Also, many people trade properties, so while they may have owned 20 at one stage, they may have recently sold a whole heap off. And do you count a multiple occupancy (not strata titled or anything) as one property ? Or do you want to count tenancies ? And do wrapped properties count ? And what about optioned properties ?

Have fun ! ;-)

 
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Reply: 2
From: Aaron Dwyer


How and why do users post anonymously?
--
Aaron Dwyer
Freestyler Novice
~ To know and not to do, is really not to know at all.
 
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Reply: 2.1
From: Jeremy Laws


Most people do post anonymously. Very few people really tell you the truth about what they own. I fail to understand it, but there you are..
 
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Reply: 2.1.1
From: Always Learning


I honestly have 2 IP's separately tenanted. Can anyone bet that ? ;-)
 
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Reply: 2.1.1.1
From: Waverly Bay


Thanks Always learning... great to see someone getting the ball rolling on this.... BUT...

My big question (tongue-in-cheek of course !) is : ...do YOU "own" the IPs?

1) Or are you legally holding them as tennants in common, in partnership or indirectly as a shareholder? If so, what is the percentage of your interest in these holding structures?

2) Or does your trust own the IPs outright? If so, what is your % legal and beneficial interest direct and indirect in the corporate trustee (assuming the trust holding the property is discretionary)?

3) Or do you "own" the property as a wrappee under a deferred settlement - your interest in the property being purely a "beneficial interest" until such time as the legal title is transferred to you by the wrappor?

4) I assume the IPs you refer to are located in Australia.

5) I assume the IPs you refer to are currently not the subject of any disputes involving court orders (eg Family Court !!!) or worst, not the subject of bankruptcy proceedings - and that if you have full ownership of your IPs, your rights over the IPs are not restricted in anyway by these types of proceedings.

6) I assume the IPs are registered in your name or an entity to which you fully control - ie the IPs are not merely anticipated to come into your possession at some later date by way of probate.

* * * *

Hmmmm - so how many IPs do people own on this forum? Hmmmmm - not sure if such a question really is "a bit of fun" to answer ! ! ;)

Its late - and i have a kid to feed !

Cheers

Waverly
 
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Reply: 2.1.1.1.1
From: Jeremy Laws


You are starting to battle a bit Fidel! If your hand signs the paper, in whatever entity you, or an instrument of you has created, then you own it. It is a childish and pointless argument.
 
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Reply: 2.1.1.1.2.1
From: Waverly Bay


Hey Jeremy ! Check out the subject of this post: "Bit of Fun" !

My deliberate overkill, tongue in cheek (yes, tongue-in-cheek !) and predantic post was to simply highlight that a rather innocuous question like "How many properties do you own?" - is actually at times a tad subjective and open potentially to very wide interpretation !

Cheers

Waverly
 
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Reply: 2.1.1.1.2.1.1
From: Jason Kidd


Cant agree more Waverly,

BTW, "controlling" an IP is decidedly preferable to "signing the paper". Wouldnt it be better to own numerous IPs (through Joint Venture Agreements) and never have your name on the title, than owning 2 where you are responsible for all the debt?

Just a thought,

Jason
 
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Sim

Administrator
Reply: 2.1.1.1.2.1.1.1
From: Sim' Hampel


On 5/1/02 11:38:00 PM, Jason Kidd wrote:
>
>BTW, "controlling" an IP is
>decidedly preferable to
>"signing the paper".

Umm... don't confuse control over a property held by an entity (eg. trust with co. trustee) which gives you effective ownership and complete control, with giving away control by joint venture with a third party who has their own interests !

>Wouldnt it be better to own numerous
>IPs (through Joint Venture
>Agreements) and never have
>your name on the title,

Ahhhhh! The loss of control !!! Noooooooo !

Sure, a joint venture is better than nothing at all, but look very carefully at the risks involved !

>than owning 2 where you are
>responsible for all the debt?

Have you ever heard of the term "jointly and severally liable"... difficult (but not impossible) to remove all the risk or responsibility of the debt, and based on most mortgage contracts, a risk shared is not necessarily a risk halved !!!

 
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Reply: 2.1.1.1.2.1.1.1.1
From: See Change


Waverley

Just noticed the arrival of you first "kid".

CONGRATULATIONS!!!

There has been speculation that your recent apparent accumulation of the control of many IP's has been in anticipation of this event , and the possible deleterious effect this may have on your cash flow and time ...

see change

it's better to be guided by your dreams than your fears
 
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Reply: 2.1.1.1.2.1.1.1.1.1
From: Duncan M


Actually, kids can increase cashflow and reduce tax. But you're right on the
Time aspect..

Duncan.

-----Original Message-----
From: propertyforum Listmanager
[mailto:listmanager@bne003w.webcentral.com.au]
Sent: None
Subject: Bit of Fun


From: "See Change" <see_change@hotmail.com>

Waverley

Just noticed the arrival of you first "kid".

CONGRATULATIONS!!!

There has been speculation that your recent apparent accumulation of the
control of many IP's has been in anticipation of this event , and the
possible deleterious effect this may have on your cash flow and time ...

see change

it's better to be guided by your dreams than your fears



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Reply: 2.1.1.1.2.1.1.1.2
From: Rolf Latham


Hiya Sim

My dislike of Joint and Several is well known to those that are in various joint venture companies and or in partnerships with friends and relos.

My view on shared risk is that there is no such thing.

In most cases you decrease your own borrow capacity immensly AND lose direct control. That to my mind increases the risk immensley. I find it very interesting that in general when a director gives a guarantee for a JV, he/she is NOT informed of the impact re borrow capacity.

Yes, there are ways around it through various forms of "non recourse " loans where guarantees are not required BUT the LVRs on these products are a sad joke at btwn 50 to 65 %

Ta

Rolf
 
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Reply: 2.1.1.1.2.1.1.1.2.1
From: KJL .


I suspect I own none, but I know my bank has 3 mortgages over the properties...

KJL
 
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Reply: 2.1.1.1.2.1.1.1.2.1.1
From: Anonymous


Gee, I'm glad I didn't ask a complicated question!!! I was just interested in a number, that's all.
At the risk of getting another lengthy and brain numbing response, how do you put just your christian name in the from section of the topic?
 
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Reply: 2.1.1.1.2.1.1.1.2.1.1.1
From: Owen .


When you register just put a period (.) (or what ever you like) in the surname field and you will end up with Owen . or Les . or something else like that.

Owen

"Gambling promises the poor what property performs for the rich – something for nothing"
 
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Reply: 2.1.1.1.2.1.1.1.2.1.1.1.1
From: * Loz *


Also, from the WebBoard you can click on the "More..." button and "Edit your profile" and take it from there... :)

Loz
 
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Reply: 3
From: Anonymous


I just re-read my original question and it didn't exactly come out right. I should have said that I was interested in knowing how many IP's people have, not WHO has them. If you'd like to reply to my question, simply sign in as anonymous. I hope that sounds better. This forum is so full of information that it must have helped many people to get there first IP and maybe more. I'm working on my first and was just curious.
 
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A

Anonymous

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Reply: 3.1
From: Anonymous


As one anon to another, you are quite right - why is everybody being so grumpy? - and on a Friday, too. After all, it is, as you say, only a bit of fun.
So here's my two bob's worth - I have four units in Sydney in the $400K each bracket. My plan is to build a portfolio (probably 75% - 80% property) that will allow me to retire on 31st December, 2005 with a weekly income of $10,000, except that I won't retire, if you see what I mean.
So there.
Have a good weekend.
 
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