Forum Replies Created
Awesome Q!
I have been wondering that same thing myself read myself silly but most books start off by assuming the reader has one or more proprties. Having some equity in those, etc. My way into it was to use Mortgage insurance (ouch – expensive way) and the FHOG (love these Abrevs don’t know what most of them mean as yet but I’m working on it! FHOG = first home owners grant for those out there that are 2 affraid 2 ask).
Can some one tell me please what PPOR and POR means?[grad]
CheersC@34
Morning all,
just re-read the original post by Marc1 and noticed that you offered ALL your duaghters a 25% share in an earlier investment. She (or her hubby) turned you down then, would they turn you down now! Especially if you outlined what they missed out on. This way you are just repeating what you did earlier, even if you only offer it to the one daughter. Surely no misgivings could arise from the others for that?! She could then, at a later stage when hubby is fully employed, buy you out.
Just a further ‘correction’ on my first somewhat clinical post.[blush2]
See what you think
CheersC@34
Glen,
the bank says you no longer have’serviceability’.
This generally means your LVR may well be fine but you don’t have sufficient Cashflow (income) to service (=pay for) any more lending. Unless you can come up with more income you can’t go any further with that lender!
Maybe a new Mortgagebroker can help as suggested above, but it’s up to you to prove it to the banks, no matter where you go. Do the LVR’s and other funcky calculations and show them, my banker wanted to lend me more money than I can poke a stick at. All I have to do now is find the houses and I’ll be set.
CheersC@34
Hi all,
just some things that I can’t relate to in regards to Trusts:
1. My family had a Pty Ltd as trustee for a Family Trust set-up in WA. This, I believe was a Tax effective set up, mainly and protective as secondary;
2. As Trustee you can be sued but NOT for the TRUSTS ASSETS;
3. All beneficiaries can have profits distributed to, BUT be advised (as our ACCOUNTANT SEEMED TO HAVE MISSED THIS POINT) it will be treated as income for the beneficiaries. So, if you have part of the profits distributed to, say mum ad she is receiving a Centrelink payment then her income taxable incom will go up. This has interesting consequences as you probably wont actually be giving her any $$. Now she will have a Centrelink Tax Debt and reduced payments! A trap we fell into.
4. “Now the appointor is the one that hires or fires the trustee. Basically the Appointor is the Boss. Which i believe is the position u want to be in.”In our case the organising Accountant (not the doofus we ended up with) was the appointor and, as far as I’m aware, that is where his power ended! I hope I’m right in what I’ve just put forth as it contradicts some of what has been said and I don’t want to add to the confusion as it seems that you are in a bit of a rush. Talking to any accountant should sort out the Trust issues, even if you go to a NZ Accountant via email.
CheersC@34
Hi
please forgive my eagerness to express my oppinion, but what went wrong with this partiular daughter that the others all have their own IPs and she doesn’t?
I ask because I just finished reading “the Richest man in Babylon” and it spoke of a spear maker that received 50 gold coins from the King – a gift. His sister, too wanted to borrow the money in order to make her husband a merchant. The advice given then is If the husband knows nothing of being a Merchant (where/when/what to buy how will he ever repay the loan) – that is, if he doesn’t know what he is doing then how can he be a good steward of the money.
What has that got to do with the price of eggs? Your daughter is the merchants husband and, as all your other duaghters have managed to buy IPs, with, I gather none of your help, aybe it would be better that you educate her and ffer them a busines solution with a written contract! She maynot like it at first (hell, I din’t when my dad did it to me) but she will either learn to be as investment savvy (or selfsufficient) as the rest of your daughters.
The uside too is that your grand children will then learn it from their parents, so your helping the whole family not just your daughter.Have I overstepped the mark? Sorry, family is atough subject. Remember to invest without emotions try with family). A business solution will not be seen as a hand-out by the others, maybe a leg up. Think of it as a flip/wrap at bargain basement price! Yuor help would be to absorb some of the costs.
Hope this helps make up your mind, one way or the other.
CheersC@34
Hi I’m new and wish I had your problem! To repeat what I have been told at a seminar, where the present too had this problem, he diversified the owners. As in, one for himself, one for his wife/partner, one for the family trust and one for the company he owns (or one for each of the companies he owns), etc…..
It was also mentioned to utiles more than one lender with the different homes/ family trusts, companies, just mix it up. That way you can offer more than one mortgage as sweetner to the lender. Anytime you want to swap portfolios, drop me line….
[exhappy]C@34
[blink]
being new results in me being confused at times, so bear with me, please. The extra 2.25% is payable when you sell only?! So if you’re stategy is to buy and hold you’d be peachy-hunky-doory?! And the resulting pre-sale to avoid the tax would mean you would benefit by being able to push for better prices, right?! So, as long as you don’t want to wrap or flip or sell during this Govt you’d be in a fortuetous (whoa – big word) position?! Right?! Maybe this would be the new NSW strategy.
Hmmmm interesting …C@34
soooo riddles is it?
try this one:
“A cowboy rides into town on Friday, stays three days then rides out on Friday”
How is it so?C@34
morning DAAJ,
I usually go thru the Valuer Generals Office (in WA that’s $7.70/property) for the age. Poles are usually listed in the Shire/Town Council aor the Main Roads Dept. Try those for size, but I still reckon nothing beats a trip in the car. I must admit that I do live in a Country Mining Twon and nothing is more than 20 mi. away!
Cheers[shades2]
C@TUnfortunate mistache 4 sure! I have been fortunate that my parents have always had this ‘thing’ about money. To quote my dad:”Son, where money starts, friendship/family stops”. In other wordsdon’t do what you just did (sorry for the ‘I told you so’). It may go weel one time and possibly the next, but it realy depends on the character of your friend/ relative. I used to be my sisters banker (ages 8 to 19, until she got her own job) but unfortunately my recod keeping skill were very poor and I lost an estimated $450 (a lot of money for students!).
I believe local voting enrolment forms are public property, as in you have the right to view them. I just haven’t found out how to do that, and do it over the internet would be far more convenient. If true, this may be the way for you to find her faster?! Might be worth a look into….
best of luck
C@T[wink]Hi there all
friends of mine had their 3 properties (2 IP & their home) evaluated and they came very very short (mining town with wild fluctating prices), but because of their existing loan contract the bank couldn’t do anything to them (charge extra $$ or the like). So, if time is of the escence, you need to weigh up the costs to you and your plan.
I am learning that rushing things aint the way to go!! Just ensure that you don’t miss out on the opportunity you want to get.
Cheers
C@TThanx Derek,
that’ll help. I will make enquiries with him. How about a solicitor? Any ideas, used one of late?Cheers
Elmar
