Forum Replies Created
Hi Risky,
Not a lawyer, but as I understand it, once you sign the contract you are liable, therefore you need insurance straight away. Check with your lawyer, but if the other party agrees to the contract you could be up for the repairs, unless their helpfull and kind?
Chriso
Hi Murmur,
You probably know this…basically you get taxed on your income from the property; and after deductions hopefully your assesable income is lowered and you are left with a profit (+ geared). If not, you get a tax refund from other sources…eg. job (- geared). And you probable know as well…that your profit is added to other sources of income and could raise your tax bracket etc.
Chriso
Yeah, I’ve heard of Tassie once or twice (: Even seen it on some maps!!
Hi Mikeej,
A good website is http://www.chrisbatten.com.au on who’s name etc. for IP’s. I’ve quickly copied and pasted this from his site just now – hope it helps.
Quote from Chrisbatton.com.au;
“The majority of rental property acquisitions occur in the name of individuals. Despite the large number of disadvantages that this type of structure attracts it is still the most popular.The following reasons are why you should avoid acquiring a rental property in your own name.
There is NO flexibility in relation to the distribution of income.
There is NO flexibility in relation to the distribution of capital.
The property may be poisoned and therefore not able to be transferred to a superfund.
The property is exposed to creditors, …”
End Quote.Chriso (:
Hi Abee,
I know off one Brisbane based Conveyancing firm that has a good website; http://www.krg.com.au – have not used them myself (I’m not based in Brisbane), but have chatted to the lawyer that advises them; a Sean Simmons ph 3292 7000 (he works for Clayton Utz).
We’ve brought our first home early this year and now are ready (soon) to invest. If we hadn’t of brought we would not be ready to invest, as the appreciation has been good. I have a lawyer that personally invests in property and an accountant that understands the game and a morgage broker that is very helpfull – interview various accounts and lawyers etc. over the phone! You are an employer when it comes to hiring such services! Ask them if they personally invest in property. If they be-little you or such, don’t bother with them.
Chriso (:
Thanks Westan, That link must be the one I’ve heard about – thanks for the advice. I have read your comments on mildura, and am glad to hear that such strategy does actually work (:
Chriso
That makes sense. Is it common practise or is it just something mentioned in the books?
Sorry Billy, I was off searching for properties!! Found a few that I have asked further details about – I’m sure I’ll need some info and ideas soon though.
Regards Chriso [8D]
That’s a great answer, Bill. To newcomers such insights are valuable – keep them comin! [
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