Relieving the Pain of Paying too much Tax
Property Mentor – Harpal Ahluwalia
In 2011, my wife Cheer and I got married and bought our first home in Westminster WA (Perth). At dinner one evening, with friends Rodney and Shelly McCleary, who are members of The Investors Club (Property Club), our usual over-dinner-discussion came up about the amount of tax I had to pay through my work as a Fly In Fly Out (FIFO) electrician. So after hearing me out, they told me about Property Club and how it had helped them pay zero tax. That conversation sparked my interest and I convinced my wife to come along to an Introductory Workshop one night when I was in town.
Shortly after, we did a Financial Wealth Check (FWC) and received Kevin Young’s book Property, Prosper and Retire. I was really interested about how the Club works and wanted to know more after reading it. So the long hours of research and more reading followed. I found myself asking Shelly more and more questions about the Club and she patiently answered and explained. Finally, when I had done all that, I made an executive decision to sell some of my losing market shares. As Cheer was not working at the time, saving up a deposit was taking up valuable time. So to get a deposit together, we sold the shares and put it together with the little savings we had, and then took the giant step of buying our first investment property in Doolandella (Brisbane). It was a joy when settlement finally went through and the tenants moved in shortly after and all worked out well.
At the end of the Financial Year when tax returns were due, we visited our accountant and were pleasantly surprised at how much tax return I was about to get back. Straight away we both realized that the stories and testimonials that the Property Mentors and members share within the Club are true. Therefore, our confidence in the Club grew even stronger.
Seeing the big difference one property made in our tax returns, we visited our ever supportive and ever available property mentor, Harpal, and with his advice and some equity from our own home bought another property in East Cannington WA (Perth). We were so delighted when Harpal rang us at 12:30pm to tell us that the settlement had gone through. An hour later, he rang once again to tell us we have tenants willing to pay a bit more to secure the place. They are still living there till now.
My wife and I had always been looking for ways to make my income as a FIFO worker work for us. I was soon hooked on the idea of growing wealth through property investing and retiring young. I know I do not want to be a FIFO all my life. So we met up with our Harpal once again to have our Retirement Plan (FIDO) done and see what we need to do to achieve our goals using a few hypothetical properties. The FIDO really looked good to us. We left Harpal’s office with a clearer vision of our goals.
We went about implementing our plan and bought five more properties in addition to the three—Doolandella (QLD) and East Cannington (Perth), Zillmere (QLD). Bentley (Perth), Campbelltown NSW, Farrar NT (Darwin) and Darwin City NT (Darwin) are all to settle in the next year.
Eighteen months of hard work and wise investing and 5 properties later, we decided to do anther FIDO with the actual values and amounts of equity we have in our growing portfolio. To our surprise, the real-life executed FIDO turned out to be so much better than what we had imagined with our initial hypothetical one. The FIDO & FWC’s are excellent analytical tools that Property Club has to help Members move forward on their journey to Financial Freedom.
Now, we are young property millionaires and are looking forward to an early retirement and a very happy life together in the future. We currently have a Property Portfolio of $3M (some properties are yet to settle) and are working to take it the next level of $5M in the next year or two. When we started with the Club, we only had one property and now are making our way to the $5M mark! Cheer and I cannot believe it. It would not have been possible without the support and help that we have received from Property Club.
We share the good news the Club has done for us with our friends whenever we can and encourage everyone to invest in property so you prosper more, and retire early.