Hi All,
Just after a little advice if possible. We are looking to get a start in purchasing an IP.
I have spoken to and looked up websites such as ARPP, BuyPropertyDirect.
I get the feeling that these groups have their hands in their own pockets, ie they have their own developers/builders, finance people,property managers etc,, more than likely overprice their houses and make their money in this way.
Would I be right in saying so?Should I just go it alone. ie find a good financier, good accountant and do as much research as possible?
One other question, should I buy new or something older, do i still get tax advantages from an older established property?
Thanks
Hi All,
I am a new time Property Investor, wishing to purchase a property and have my children live in it as tenants. My question is do i need to go through real estate agent to set this up, as they are my children and have full trust in them paying the rent. Also do i need and abn or anything elso for the ATO
ThanksFirstly welcome both to the forum and i hope you enjoy your time with us.
Trish no you dont need to go through an agent to purchase a property or indeed rent the property but in saying this of course you would need to locate a vendor who is selling privately if you wish to bypass an agent on the sale. His commission is of course paid for by the seller and not you so as long as this isnt factored into the price then they are not all that bad to deal with.
In regards to getting your children rent the property from you certainly no need to use a letting agent. If you wish to formulate a Tenancy agreement with them (and it is probably a wise move to cover yourself from the ATO) you should be able to download a sample from the local Tenancy Authority in your State.
Now BJR there are plenty sources of free information available on areas, type of property etc so do as much of your own research as possible. Most mortgage brokers do not charge for their services so this is another area of free information in regards to lending institutions and their varying range of products.
Read and educate yourself as much as possible and talk to others you will be suprised on how quickly you start to learn.
Richard Taylor | Australia's leading private lender
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