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All Forum Posts by: Marc Miles

Marc Miles has started 2 posts and replied 12 times.

Post: Hello from New Zealand

Marc MilesPosted
  • Posts 16
  • Votes 0
Originally posted by Juliet Filipians:
HI there..i am a newbie too but i want to welcome you here... :)

Thank you Juliet and welcome too!

Post: Hello from New Zealand

Marc MilesPosted
  • Posts 16
  • Votes 0

No worries Chris :) I was hoping I had not missed anything in regards to my investments.

Post: Hello from New Zealand

Marc MilesPosted
  • Posts 16
  • Votes 0
Originally posted by Chris Bridgeman:
A couple of things Marc forgot to mention:
* New Zealand has CAPITAL GAIN TAX on buy & hold rental properties

Chris Bridgeman


Hello Chris,

I have to admit I have not heard that capital gains tax applies to buy and hold properties - how does that work if you do not sell the property? You stated "buy and hold" logically meaning holding onto the property and not selling it.

Plus from memory you only get stung for a specific type of tax if you look like this is your businesses (selling property for income) to the IRD - I thinking flipping comes under this.

See comments below:
http://national.org.nz/Article.aspx?ArticleID=9733

Please explain as I have had IP's for over 5 years now and never paid capital gains tax nor do I believe I will when I sell.

Marc

Post: Hello from New Zealand

Marc MilesPosted
  • Posts 16
  • Votes 0

Hello Douglas,

I think its about 16 hours or less as well. For example most of my posts were posted "tomorrow" on US based sites!

I am interested in the US for property but just researching for now as there seems to be many options.

Post: Hello from New Zealand

Marc MilesPosted
  • Posts 16
  • Votes 0

Hello Dan, We have property in Wellington and in Melbourne - Australia. Wellington is at the bottom of the North Island.

Post: Richest Man in Babylon - greatest book ever?

Marc MilesPosted
  • Posts 16
  • Votes 0

Another book is "4 Hour Work Week" - though I do have some issues with the book - I have pasted in my review below

I have read it and its great - not for everyone though. Basically the bloke (Tim) now only works 4 hours a week on or in his business which sells some brain food drink online. His entire operational including the reading of his emails is outsourced!

I doubt you would be able to apply all his teachings to a service focused business but there are some handy tips in the book for every business owner.

One of his tips is to apply an auto-reply email message to your mail box which states that you now only look at your emails twice daily and if its really urgent to contact on you the mobile.

By forcing yourself to only check you emails twice daily you help increase the efficiency of your work because you are not constantly being disturbed by emails. I applied this teaching to my business email and within a day had clients ring up and complain that our service is starting to wobble as most of our clients come to us for the awesome 1-to-1 service we give them. And on reflection I can see how absolutely impersonal that is to receive some stupid auto message that states you only give a crap about your customers twice daily.

In fact the book is so popular that I have encountered 4 "Tim" based auto-reply emails with the same disrespectful content come from NZ businesses. And my clients were right - it makes your company look like they don't give a stuff about you. Yeah you can add in some fluff to the message saying something like "We are doing this so we can concentrate on giving you a better service". That is bullocks and most people know that. How many times have you rung up a company and received the caring customer support wait queue. You do stuff like that to reduce your overheads and make more money for the shareholders or if you are really lucky for yourself. Some customers (not clients) don't mind that because they hope that the saving will be passed on to them via cheaper servers/products.

At the end of the day people want to feel that they are respected and wanted. People don't buy a product or service. What they buy is your time and with that comes the respect, caring and feeling of being appreciated and wanted. What is secondary to that is of course the service or product you are selling.

So read the book its great but I caution you before you apply any of his teachings compare his business with yours. Tim is selling a product via the web which can be completely automated. Customer Support can be given scripts that have 99% of all customer questions and complaints and the official response to each. This can be regurgitated by someone operating out of India. He probably has also factored in the returns of the product as well and has an outsourced process for that.

Tim seems to have applied the ultimate in systems for his business but in my opinion he has gone overboard.

There is no Tim in his business - its all outsourced to India and that makes me not want to buy his product. Why should I? He does not give a stuff about me (well thats the perception he has given me by his extreme use of automation) so why should I give a stuff about him?

Post: Richest Man in Babylon - greatest book ever?

Marc MilesPosted
  • Posts 16
  • Votes 0

Hello all,

Its my opinion that one of the greatest books on increasing your $$ wealth is the "Richest Man in Babylon".

I have given this book out to my friends and family as gifts. I find it a truly easy read and filled with that rare but most important requirement "common sense".

I am interested in other books people recommend for both business and wealth creation - below is a link to my personal book list:
http://www.businesstalk.co.nz/blog.php?u=10&blogcategoryid=7

Marc

Hello all, In New Zealand there is a property manager who deals with the lowest social economic groups as tenants. He has seen and heard everything when it comes to tenants. I have posted one of his stories below:

Tenancy applicants like ships in the night

A relation asked me to help her vet a tenant last weekend.
She is letting a brand new house they have just purchased. Not being experienced investors they are real keen to find a tenant urgently.

So here is the application that was sent in for credit checking. (They applied under my name in order to comply with privacy code).

Mrs tenant is a nurse and Mr is a quantity surveyor for a Government owned company. Regretfully he was not able to attend the viewing due to pressing business commitments out of town.

1 Check on Mrs shows that the 37-year-old “nice†lady has never had a check done on her before.

2 Check on Mr 38 year old also shows he has never applied for credit either.

3 Before their current 7-month long tenancy they lived in their owner occupied property in Wellington. An ownership check indicated no such name on the record.

4 A free check of the property indicates it was last sold two years ago. So much for moving from it 7 months ago.

5 A check of their motor vehicle registration indicated that the plates must have been stolen from a local road construction firm off one of their road making machines.

6 I look up the phone number of the Government owned entity that Mr works for. Alas they must have an unlisted number. Not in the white pages.

7 I report back to my trusting desperate relative. The answer was but she is a very nice lady. I cannot believe what you are saying.

If you want more of Glenn's stories such as the time he was nearly attacked in court by a mad tenant send me a PM and I will send you the link to where he submits these articles. He offers a lot of advice.

Cheers

Marc

Post: Hello from New Zealand

Marc MilesPosted
  • Posts 16
  • Votes 0

Hello again,

I have to admit I am amazed at how you can walk away from a property in the USA without any penalties from the lending institute. If that is true then that would have helped the collapse further.

In New Zealand you get into quite a bit of trouble breaking a mortgage.

Cheers

Marc

Post: Hello from New Zealand

Marc MilesPosted
  • Posts 16
  • Votes 0

Hello Don,

thank you for the welcome :)

New Zealand is a great place to invest in property as there is a good proportion of residents who like to rent instead of own. The market was good but hard to find positive cash flow properties until the later end of 2008 when property prices started to fall due to the economic crisis. The banks are not lending as much as they use to - gee I wonder why! so if you have cash to invest then New Zealand is a good option!

For more info on New Zealand try these links - I hope they come through as I am a newbie on this forum:

http://www.newzealand.com - good starting place
http://www.propertytalk.co.nz - largest real estate investors forum in New Zealand
http://www.nzherald.co.nz - main news site for New Zealand

Cheers

Marc