Hi fellow Investors,
We've got an IP in the central coast (NSW) that is negatively geared (I know I know..)..Want to wrap it now but have a few questions about the nitty gritty:
i) Where's a good place to start looking for a wrap savvy lawyer? I'd love some recommendations!
ii) How do the payments for insurance and rates work? Do they stay in my name or the new purchaser?
iii) What's a good benchmark to test the affordability for a potential wrappee? 30% of house hold income? 40%, 50%?
iv) Is it ok to put in early termination of contract fees? Ideally we would want them to match what we would have to pay out to our bank should the new purchaser buy us out early
v) Are the tax issues of stamp duty and CGT story the same as if selling the property normally?
vi) What's the best way to go about telling my bank?
Really appreciate any feedback and advice..its the little things that do my head in.
Thanks heaps,
Arthur
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