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Viewing 8 posts - 1 through 8 (of 8 total)
  • Profile photo of catsgravecatsgrave
    Participant
    @catsgrave
    Join Date: 2008
    Post Count: 14
    January 4, 2010 - 2:36 am

    thanks Richard!

    Profile photo of catsgravecatsgrave
    Participant
    @catsgrave
    Join Date: 2008
    Post Count: 14
    June 30, 2009 - 12:05 am

    Hi guys,

    Thanks again for the advise. I will continue to research more on the options.
    Do you have any good property accountants that you can refer me to in Melbourne?

    Looking forward to hearing from you soon.

    Cheers,

    Mervin

    Profile photo of catsgravecatsgrave
    Participant
    @catsgrave
    Join Date: 2008
    Post Count: 14
    June 29, 2009 - 5:12 am

    Thanks for the reply Terry, Richard.

    If I decide to go for the discretionary trust. Does that mean I have to set up a pty ltd as the corporate trustee? Sorry for asking this as I am really green when it comes to matters of business.

    IP(s) —-$Rent-—-> Trust

    > Company

    > Share holders (Me and my business partner)

    Is this structure correct?

    1. How do i transfer my existing property to the trust? Is it as simple as changing the title from my name to the trust name?
    2. If we go with this method, will both of us own my current property?
    3. How do we go about organising the finance?

    Please let me know if you have know any accountants in Melbourne that specialises in this area.

    Thanks guys, I look forward to hearing from you soon.

    Cheers,

    Mervin

    Profile photo of catsgravecatsgrave
    Participant
    @catsgrave
    Join Date: 2008
    Post Count: 14
    April 23, 2009 - 10:28 am

    Hi Guys,

    I am actually putting in 50k of my own money and plus the $17k. I can borrow up to 192k. Does that make a difference?
    Please let me know your opinion.

    Cheers,

    Mliew

    Profile photo of catsgravecatsgrave
    Participant
    @catsgrave
    Join Date: 2008
    Post Count: 14
    April 15, 2009 - 12:59 pm

    Hi guys,

    Thank you for your great advise. I have decided to buy my first home when I find one. I am looking at a property with 3 br although I am not sure how am i going to rent out the 2 rooms as I will be looking at Hoppers Crossing which is like 26 km away from Melbourne CBD.

    Any ideas on what I can do to the rooms? :)

    Holls, I plan to use my FHOG to pay for the stamp duty and other fees. I am

    Mike thanks for offering to run the property report for me. I will email you the address.

    Cheers,

    Mervin

    Profile photo of catsgravecatsgrave
    Participant
    @catsgrave
    Join Date: 2008
    Post Count: 14
    April 14, 2009 - 11:50 pm

    Hi Skuz,

    Thanks for the info. What you said about finding a place closer to the city is good. I am looking around the inner west however the prices for a 2 br has shot through the roof. I cant even get a decent 2 br below 300k now.

    I came across Hoppers Crossing and the property there is still within my budget. I found a 3br 1toilet around 220 – 240k, which is within my range.

    I have researched the demographics of Hoppers Crossing and its better compared to Noble Park in terms of Household Income stats. Hoppers Crossing has higher 3rd quartile and 4th quartile income residents.

    Hoppers Crossing

    Household Income                             2006
    1st Quartile (lowest)                             17%
    2nd Quartile (lowest)                            25%
    3rd  Quartile (lowest)                            32%
    4th  Quartile (lowest)                             27%
    Income not stated (households)          1386

    Noble Park

    Household Income                             2006
    1st Quartile (lowest)                             35%
    2nd Quartile (lowest)                            31%
    3rd  Quartile (lowest)                            23%
    4th  Quartile (lowest)                            12%
    Income not stated (households)          1070

    I also researched that a new area called Williams Landing? between Hoppers and Laverton is undergoing a huge redevelopment project. Over 2500 projects going for construction in 2 – 5 years. I think hoppers crossing and laverton will benefit from the spill over. I got this info from land.vic.gov.au

    However since we are in a recession I wonder how many projects will go on or cancel.

    What do you think?

    Cheers,

    Mliew

           
           
           
           
           
           
    Profile photo of catsgravecatsgrave
    Participant
    @catsgrave
    Join Date: 2008
    Post Count: 14
    April 13, 2009 - 6:47 am

    Hi guys,

    Thank you for your response. I do understand that I need to think about the Interest rate "What Ifs". I have thought about it and I do think it's risky but then again I have to start some where I guess.

    This will be my PPOR at the moment maybe for 2 years. but I do have plans to move into a bigger place when I have the financial means and turn this into an investment property.

    What do you think if I get a 1 br instead at a cheaper price? However I am thinking long term as well. I do believe a 2br Unit with Land will worth more than a 1 br apartment. But then again location is important as well.

    Please let me know your thoughts.

    Once again I do thank you for your advice.

    Kind Regards,

    Mliew

    Profile photo of catsgravecatsgrave
    Participant
    @catsgrave
    Join Date: 2008
    Post Count: 14
    May 1, 2008 - 11:50 am

    Hi Dean,

    Thanks for the reply. I am really looking forward to buy my first property investment. As i have mentioned i don't have enough savings yet. I don't think i should attempt a 100% loan without deposit. What do you reckon?

    I am reading through steve's book and just getting into the formulas like ROI and GRR.  It's very new for me now.

    Do you reckon i should get a unit or hse with land.

    cheers,

Viewing 8 posts - 1 through 8 (of 8 total)