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Deadly Sureties

July 8, 2010 Filed under: The Investor

Avoid sureties that put assets at risk

“TREOC Rule: Asset Trusts NEVER sign surety for liability trusts or entities.” The TREOC Way Training Manual – Mod.3 Ed.1 Par.1.7

With our banking industry still being crippled and not having enough money for everyone, it’s essential to be wide awake when you do bond-related business with them these days. They’re asking for information that they’ve never asked for before.

The banks want to know whether the institution providing you with the income is in a position to pay that income on a sustainable basis. Many of our members who started operating according to the Treoc Way many years ago are already earning good money; they use the regular distributions that they receive from the family trust as part of their income declaration to the bank when they apply for bonds in the property trust. The banks then investigate the family trust’s business and if they are satisfied that it’s sustainable they will grant the bond. The problem, though, is that they then require the family trust to sign surety. These surety documents are sometimes unobtrusively added in amongst the pack of documents that you sign at the transferring attorney – and some people sign them without realising that they are making the biggest mistake of their lives.

The trust or entity in which the family assets are kept may never, under any circumstances, be burdened with debt or sureties. If you do this, you might as well just do everything in your personal name, because even if you have a trust it won’t help you at all if the banks mess up again and cause an international financial crisis. They will take everything from you!

Let’s quickly look again at how it should work. It works this way all over the world. When you apply for a bond on a fixed property, the institution to whom you’re applying will make sure that the property is worth more than the loan. They will also make sure that the borrower has the necessary income capacity to service the bond payments. So what is at issue here? The property and your income! When something goes wrong in .........................

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4 Comments »

  1. Dankie Coert.

    Ek dink hierdie is krities belangrike inligting veral in die “nuwe” tye en prosedures wat ons met die banke beleef. Ek dink een van die grootste foute wat ons nou kan maak is om te dink dis “business as usual” met die finansiele instansies na die herstel vanaf die groot “krisis”.

    Ek het verder ook nou al gehoor die banke soek inligting rondom die beleggingstrust (met die blootstelling en die eiendomme in) bo en behalwe ‘n persoon se eie finansiele inligting. My vraag sluit nou aan by wat reeds in die artikel genoem is – wat mag hulle weet of aandring om van te weet en wat het absoluut niks met hulle uit te waai nie? En wat dan ook van die verband op ons primere woning (in sy eie trust natuurlik via ‘n vruggebruik oordrag)?

    Op hierdie stadium maak ek staat op Treoc se evaluering van my finansiele profiel om bekostigbaarheid te bepaal (hulle sien tog wel die volledige prentjie), maar ek kry die idee dat die reels van die spel alreeds aansienlik verander het van 2007 af, toe ek die seminaar bygewoon het en 2008 toe ons die 1ste keer eiendom aankope bewerkstellig het (the goalposts have shifted) – ons weet egter net nie wat dit nou is nie…

    Groetnis,

    Herman

    Comment by Herrie — July 9, 2010 @ 12:56 pm

  2. Hi Herman

    Hulle moet alles weet van die partye wat betrokke is by die leningsaansoek. Soos jy sê, die banke skuif die doelpale aanhoudend en dit is vandag meer noodsaaklik om met verbandmakelaars te werk. Hulle is heeltemal op hoogte met die banke se vereistes.

    Groete
    Coert

    Comment by Coert — July 10, 2010 @ 5:33 am

  3. Dear Coert

    I have read the comment above and your response and I would just like to get 100% clarity. (Being english, I may have missed some in the translation). As banks are now requiring much more detail from us, is it okay for them to get a copy if the Family Trust Document and Financial Statements as long as we dont sign any sureties that they might try slip in?

    Regards
    Belinda

    Comment by BCarlsson — July 10, 2010 @ 6:37 am

  4. Hi Belinda

    If the Family Trust is part of the application, you have to give them everything about it and it will be most probably a condition that the Family Trust sign surety. Moral of the story is to keep the Family Trust away from all of this. In all aspects!

    Regards
    Coert

    Comment by Coert — July 10, 2010 @ 6:48 am

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