Peter Span + Rich Dad Poor Dad Question

J

jayhunter2000

From: Jay Hunter


Hi all,

my second post and thank for the help on the first...

I've been told about a seminar in Sydney given by Peter Span. are his seminars worth attending ??


also, I've read the 3 rich dad poor dad books (Great Great reading, however I want to get off the chair half way through reading and put it all into action :)). He continually talks about not getting into a typical mortgage trap... I don't seem to grasp how he says to avoid this when you are looking for your first home... I will need to borrow about 200K to get my first home. Therefore I see myself in the mortgage trap ??? any suggestions or clarifications ?


Finally, once I pay of my first home, can this become an investment property and tax effective at some stage if I was to buy another place to live in ?


Thanks again
Jay
 
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Reply: 1
From: Sergey Golovin


Hello Jay,

As usual two schools dominating in this area as well as everywhere else.

1. Keep renting while you accumulating Investment Properties and renting them out.
Advantages –
a) get to that "finishing" line quicker;
b) you do not have to spend money on you own property (pool, roof, driveway, garden, etc.);
c) everything is tax deductible including your place of current residence.
Disadvantages –
a) you have to vacate the rental property when you told to do so;
b) comply with body corporate rules (if any) and last and final
c) your dreams will be shattered forever (innocence will fly away with speed of sound – as you speak or with speed of brain wave – as you think).


2. Buy dream home - pay, pay and more pay. Read chapter 1 and everything would be in reverse. I think...
But you are the Boss and you drive it the way you like it. Tell everyone make three steps back and keep those grease fingers away from that furniture...
Probably you have to delay your investment exercise for few more years till you settled down and ready (have enough money shall we say) to invest. Unless you have unlimited income…
I think those are the fundamentals of the "Cookies Crumbles Golden Rules".

Also it is plenty on that topic in archives (even the resent once – 2 month ago).
Hope it helps. We have many bright people with practical and theoretical experience on this forum as well, so, you can ask again.

Regards
Serge G.
 
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Reply: 1.1
From: G Chaggar


hi serg
how do you claim your current residence where you are renting while accumulating IPs

could you please explain this a bit further

thanks in advance
 
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Reply: 1.1.1
From: Sergey Golovin


Let say if you are running an office to look after your IPs...

I do not know, ask your favorite tax advisor from the Tax Office.

Just a thought.

Serge G.
 
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Reply: 1.1.1.1
From: Paul Zagoridis


Now there's a problem...

I hope it was a typo rather than you think the ATO is your tax advisor. The
tax COLLECTORS only want to maximise their take. They'll tell you to comply
with the "spirit" of the law rather than the legislation.


At 12:09 AM 19/05/01 +1000, you wrote:
>From: "Sergey Golovin" <[email protected]>
>
>Let say if you are running an office to look after your IPs...
>
>I do not know, ask your favorite tax advisor from the Tax Office.
>
>Just a thought.
>
>Serge G.


--------------------------------------
Paul Zagoridis
Pellita Holdings Pty Ltd
mobile:+61-414-707-343
fax: +61-2-9261-0657
email: [email protected]
You know your film is in trouble when...
http://www.healey.com.au/~paulz/trouble.html
--------------------------------------------------
 
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Reply: 1.1.1.1.1
From: Sergey Golovin



Oops!
Step left, step right and you dead…All right, all right I’ll hold the line…

Yes, sorry guys.
Well, if I would’ve say it otherwise it would be to boring...
OK, let say it otherwise… - contact your accountant and your family doctor to check if you have any grey hair yet…(simply because it will take you 20 years to make any sense out of it, 10 years to pay for the house and 10 years to build up investment portfolio).

I think if you will approach Tax Office with question - How not to pay tax… You most likely will get corresponding answer. But if you will approach them with question - I would like to find best possible solution for my particular circumstances, which will suit both of us...
After all they are humans as us. Well, we hope so.

And on second part of your message, Jay – yes you can buy your own home, live in it and then (when you had enough of it) rent it out. But you probably have to change your loan arrangement (I think), if you do have loan of cause, change from owner occupy to investment one to maximise and minimise...
Not very effective from investment point of view, but yes it can be done, why not.

Ask other people as well.
The more you ask the clear the picture.

Serge G.
 
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Reply: 1.1.1.1.1.1
From: The Wife


There is NOTHING human about the ATO !


TW
~Make the best of this test and don't ask why... it's not a question but a lesson learned in time. It's something unpredictable, but in the end it's right... I hope you have the time of your life~. - Green Day
 
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Reply: 2
From: Steve G


Hi Jay!

I have been to Peter Spann's seminars, as has my partner, and a number of friends. The reactions have been universally positive, and his seminars have proven useful.

Having said that, I also know his approach may not be for everyone. I would suggest you go to the $48 intro and have a 'taste" of his presentations. The $48 will be well spent, because you'll probably pick up an idea or two anyway, and you can decide for yourself if you want to go further with Mr Spann.

Personally, would I go again - Yes. Would I do more of his seminars - Yes. But (as always in the forum!) my opinion only!

Steve Goodman
 
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Reply: 3
From: David Hepburn


Jay,

Here's a conflicting reply to a previous reply...

I have also done the Peter Scam seminar and strongly recommend anybody who asks me, not to give your hard earned to him or Freeman Fox (his company).

I've lost over $20,000 since using his strategy in the stock market + the $3,000 cost of his course. Think about this, $3,000 per person at around 500 people for the 4 day property & stock market course - can you see some serious income there?

Sure there are the odd few that do alright but I believe that most lose or maybe break even.

If anything I've learnt from forums such as this one, its this: If anyone wants to charge you more than a few hundred dollars to teach you something, think twice.

Good luck.
 
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Reply: 1.1.1.1.1.1.2
From: D R


Hey Tw,

That's not a very nice thing to say about our friendly tax office people.



DR
 
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Reply: 3.1
From: Rasputin .


If you can afford to lose it may as well not spend money on seminar but jsut gamble on shares yourself !!!!
 
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