How much time do I need to put in?
If you’re serious about investing in property you’ll understand that you are in charge of a business. And all businesses need work. We know it’s been said before – the more you put in the more you’ll prosper. Here’s a couple of member examples that will give you an idea of what you could achieve.
Lynda used to work three days a week as a computer programmer. She now works the equivalent albeit more when she has a renovation project on, and makes more than three times her old gross income running her property renovation business and has also built up an impressive hold portfolio.
Patrick has a full time job as a high flying executive. He manages to come out on road trip about every second week. He’s built really strong relationships with other members who know what he and his partner are looking for so we keep an eagle eye out and alert them to properties both through our software and by staying in close contact.
Before I join, is there anything I need to do?
Because we’re a peer to peer community, it’s important that we get the fit right for us and you.
Hopefully you’ve done your research and have discovered that not only are we offering a completely different solution, we’re also significantly more affordable, so we’re not making decisions about accepting you as a member based on the membership fee.
If you’re serious about being actively involved in a community of property investors, the only thing you need to do right now is go to become a member and tell us a little bit about yourself. If we don’t feel you are ready (for whatever reason) we’ll have that conversation with you and give you some pointers. Similarly, if you decide that we’re not what you are looking for, then you’re not under any obligation to join our community.
Do you have an accountant you can recommend?
As you can imagine, in a community like ours it’s pretty easy to hear first hand of the experiences members have had or are having with a variety of accountants. So you’ll definitely get some good insights to help you make a decision about who is right for you!
Do you have a mortgage broker you can recommend?
As with anything, there are some that are better than others. By joining our community you’ll get to do a lot of in-house research on who might be best placed to help you. Don’t forget, as you build up your relationships with members, other opportunities such as joint venture and private funding could emerge as viable alternatives.
How much does membership to the My Properties community cost?
Membership fees are due annually and are $6000 (plus gst). Right from the outset we wanted to ensure the fees were affordable and returned more value than the outlay, making joining the community a no brainer!
Is my membership fee tax deductible?
You receive a gst invoice for your membership fees, so generally speaking yes, your membership fees ought to be tax deductible – provided you’re doing the right things on your side. As is always the case, double check with your accountant.
Is membership an annual or lifetime fee?
Our membership fee is an annual fee. Sure, there are lifetime options out there – from our experience though, these models work on the basis that students start out with great gusto and quickly lose their mojo, disappearing off the radar.
In our peer-to-peer community, you don’t lose your mojo, because you’re out every week, physically looking at properties together; discussing recent sales with the help of our software; talking through renovations and value-add strategies; site visits to check out the progress of member’s renovations and looking at hold options – this is all stuff you don’t get in a classroom or at network meetings.
Paying an annual fee means you’re also more motivated to take advantage of what’s there!
I co-invest with another person. Do we have to pay two membership fees?
It depends on the structure you have. In short, if you are both full time property investors then we would expect that you are both members and we have a corporate membership rate that recognises that there may be two of you.
If there isn’t a chapter in my region, why would I join My Properties?
One of the things we set out to achieve was to make it possible for small groups of people from anywhere across New Zealand to get together, have a structure and a framework to drop straight into and collectively work together to help each other learn a market, share knowledge and experiences and therefore significantly reduce the massive learning curve through collaboration.
So, yes – apart from parachuting into a bigger community where you will have access to member meetings and Property Bootcamp, you can also help others at the same time as helping yourself expand your knowledge.
We can get you started and we’re sure you will have at least one other person you know locally to help initiate your local My Properties chapter.
Does your software work on Android and Apple?
Our software is cloud based, which means it works on any device (phone, tablet, PC) no matter whether you run Android or Apple. And, being cloud software, you can also access it anytime from anywhere.
How many hold/rental properties do I need to give me enough passive income?
That’s another one of those “depends” answers. Because every property investor starts from a different place and wants a different outcome, we all have our own number. For example, whether you have a mortgage on your own home or not, what your annual income is, your age.
What if two members want to buy the same property?
This happens from time to time. Firstly, because we’re a community of people committed to helping each other out and working collaboratively, our members talk to each other. In a recent example, we looked at a unit that three members were really keen on – Kerry was happy for Laurian or Andrea to pursue it because she had other opportunities she was working on, and Laurian wanted to support Andrea in getting her first deal, which meant Andrea actively pursued the opportunity.
In other cases, the bottom line is that every member has a different cost structure, which ultimately means their offer will be different from the next person. So in that way, it works no differently to the market – the vendor decides which offer, if any, to accept.
Can I work with other people in the My Properties community?
Absolutely – getting to know and trust people within the community creates so many opportunities to do so much more.
Do I need a property mentor or coach?
Look at it this way – when you belong to My Properties, you’re joining a community of people who are actually mentoring and coaching each other every day, only we’re all a pretty humble bunch and see ourselves as collaborators rather than posing as experts. Of course, in our community you have access to a whole range of people with different skills, knowledge and experience that you can tap in to 24/7.
If you’re thinking about investing in a mentor or coach, you really need to give serious consideration to what your plan is if they’re not there when you really need them.
How does Bright Line tax affect property investors who buy, renovate and sell property?
Great question! Many are under the misconception that we’re speculators and therefore are deliberately aiming to avoid paying our fair share of tax.
In actual fact, because we are investors, we spend considerable time establishing our small businesses and this includes setting up the appropriate tax structures that ensure we are gst registered and pay tax on earnings in the same way any other business does.