Can anyone recommend a company that specialises in SMSFs? I already have a number of IP's and am at 80% borrowing capacity. I would prefer not to borrow against these IP's or against my residential home. I have around $90K in super and would like to explore the option of buying a property using this super.
From what i understand it’s only worth while to take out a SMSF if you have $150,000- $200,000 + else the fee’s involved would eat up any gains; Unless you have a strategy where you can make constant 10% yield.
Google a bit more details on SMSF and see whats involved + what the fee’s are.
Hate to disagree with Michael but with 90K you coukld certainly look at starting a SMSF and buying a property within the fund.
Ideally you would love to have $150K in Super to start but if you want to invest in property and the Trust Deed and Investment plan of the Trustee allow the Fund to go that route it certainly is doable.
Even at a 70% lvr if you only used $65K post costs of your SMSF then you are still buying around the $215K mark.
I have just done one for a forum member who purchased in regional Vic for the same money and they started the SMSF with similar amounts.
Be suprised not as expensive as you first think.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Salina,
I am the forum member that Richard is referring to.
Combined my hubby & I had just over $100k in super. Richard is helping us get a deal across the line with purchasing a property in regional Victoria (very close to our existing IP) – so far so good
lol no problemo Richard – happy to shout it from the rooftops You have made the whole process so easy for us.
This is the 2nd time Richard has been able to help us in 18 months