Forum Replies Created
I’m not a professional and I may have totally missed something but why hasn’t Adverse Possession come up?
Basically I’ve had a friend purchase a property in Vic, and in this case they can apply for adverse possession to claim the land and it seems it can’t be stopped – just a process to go through. All up it cost him $10k and 6 months (wait time).
You should prob get legal advise and after talking to a mate that’s a town planner, seems you might have the upper hand.
Maybe have a read here:
https://www.lawyersconveyancing.com.au/encyclopaedia/adverse-possession
lol. very interesting to see how the market is in 12 months.
Hi Dean,
ING. I’m not a power property investor like you guys and only had a goal of 1 or 2 more properties in the next 2 years, and due to equity and income it wasn’t a problem. Also got a great rate, lower than 4% after cashback. Main gold was switching loans to I/O as both were principal so i could build a healthy deposit for other non property investments. I know that’s a little old school, and i know what i should be doing, but it’s what i feel more comfortable for with risk. Would rather save, invest then loose, then borrow, invest and have to pay it back.
Anthony
Thanks all. Spoke to my broker today and all good. This route is going to achieve my goals.
Thanks guys, will evaluate their lending criteria and servicability
Hi Nath,
Have you considered Steve’s Property Investing Apprenticeship? Price isn’t too bad and there’s a lot of material plus ongoing mentoring etc.
Hi Azalia,
Your owners corporation must have procedures to help its members and people living in the property deal with grievances without resorting to legal action.
Just give the owners corp a buzz, and if it happens multiple times, they can issue them a breach notice. I know our building has a 3 complaint policy before issuing a breach.
Thanks Guys.
I remember him telling me last week that it would be cheaper to go down the single trustee’s path on the tax accounting side. We were just having a general convo… Hmmmm may need to clarify with him as the reg fee is nothing, it was the $1k in trust accounting i wanted to avoid if there was no risk or problems with it.
@terryw – i was hoping separate bank accounts, with separate mortgages registered to the different trusts (with different ABN’s) would suffice?
Not in a rush at the moment, but just lining up my info for the next purchases.
Thanks Terry that’s awesome.
I also downloaded your Tax and Trusts For Property Investors and it’s a great eBook. Read it on the weekend and it answered all my questions!
I know this is an old post, but would love if anyone had feedback on this. Have recently discussed this with my accountant as i wanted to minimise ongoing accountancy fees. 1 trustee company, 2 separate trusts, with 2 separate properties.
Hi Terry,
Thanks. I've checked with the accountants today and they have advised any of the above are fine (so long as they aren't in my personal name).
Also good idea – gave insurance a call today and they said all is A-OK (as all they need is the trustee 'legal' name anyway)…
Cheers
Hello, It’s just a discretionary trust with a trustee company. Current lender is Cba so was hoping they were ok with this. It’s my first purchase in the trust so I’m still learning the ins and outs.
Thanks Terry, gives me some idea's to talk about with the accountant.
His pretty switched on but i can't call him until i finish collecting paperwork for last years tax return (almost ready!) otherwise he'll break my chops!
Thanks again.
& Dan42, your right that makes more sense.
Would remuneration be required at a specific rate? Could $1 a month cover that aspect?
Would i be registering the caveat as the trustee company or my own name (as i have a trustee as a company)?
My accountants explained i need to keep the finances separate and mortgage repayments will need to go from personal account to trust account then paid to keep finances independent and keep the balance sheet neat.
I suppose I'd need further legal advice to get the strongest protection, i mean i don't plan to do anything dodgy but you never know what will happen. Can i get the legal advise done after this is in the trust etc? I've don't think i have time before settlement to find/see solicitors to restructure/re-plan.
I suppose all this should be better than putting it in my own name anyways.
Hi Terry, Thanks for the quick responce, much appriciated.
My state is Victoria and it's a discretionary trust that was setup by my accountant (purchased from a law firm).
The deed does have the following clause:
To allow use in specie:
(a) To permit any beneficiary under this deed to use any real or personal property subject to these trusts upon such terms and conditions as the trustees may from time to time think fit.I would assume that means i could live there rent free?
The main goal of the trust was for long term asset protection (creditors etc). I do understand that 'sections' eg loans may be exposed in some situations, but only being in my 20's, i don't plan to be a director until 30's which should alliviate some of this.
I thought i read somewhere on the SRO that you can nominate 1 PPOR in this type of trust for the CGT exception?
My first suggesion was to pay down the depts but he only wants to pay minimum, and one of them was for a car accident that wasn't his fault so he refuses to pay.
It was more of a 'would this technically work' question then trying to work out a scam.
If setup as above, theres no proof of intention as his mum could legitimatally want to set this up for her son.
The $10k could come directly from cash and the mum could take the cash payment and pay from her own funds. Being Vendor finance, i was hoping there was no credit issue to the mum and if he stopped paying (which he wouldn't) the Vendor would just take the property back, and my friend Forfeit all his money.
Thanks for the info guys. I was hoping to find in Bruswick, but can only find industrial zoning (even if they are close to houses). Collingwood seems like a great idea, same sort of funky outlay.
Does anyone have tips in finding commercial properties. It's hard as most don't list prices on the net and only a few list zoning. The need something like domain for commercial (commercialrealestate.com.au isn't really feature rich).
