Forum Replies Created
The business card of a better Genie
Thanks for the links Freckle.
Cheers,
dgirl
Courses are now SOLD
Thanks for the responses,
dgirl
I'm not sure about any monetary incentive scheme…
I know NSW pushes through approvals in 10 days for Granny flats up to 60m2
http://www.planning.nsw.gov.au/plansforaction/pdf/Affordable%20Housing_Fact_Granny%20Flats.pdf
I'm in VIC Jamie, but I think Terry consults for House of Wealth. As I need a new accountant too, perhaps that would be the right combination.
Though I live in VIC, I have IPs overseas and am looking at new opportunities in QLD at the moment.
I'm happy to jump on a plane once in a while… how important is it to have a local team? Do the laws change significantly state-to-state?
Thanks Darryl,
I agree, DIY comes with a lot of risks for the uninitiated (and that includes me) and wouldn't be the best solution for most people. No argument here.
Thanks for highlighting the differentiation between what the lawyer and accountant can and can't advise on. A good team seems to be the key to successful investing.
Cheers.
Thanks for the reply Jamie,
I hadn't even looked into the DIY approach — your post made me do a search. I found the following at Cleardocs.com:
***
Company registration in Australia is easy with Cleardocs. We can provide you with all the documents you need to set up an Australian company and to register it with ASIC online.
You get to register the company with the name you want it to have – as long as that company name is allowed and available in Australia. Once you complete the question interface, you will receive:
the ACN by email immediately;
a link to download the legal documents including:
the Certificate of Registration; and
Company Constitution.
It takes about 20 minutes.
Read more: http://www.cleardocs.com/products-company-registration.html#ixzz2LzwIJmes
Setting up your Discretionary Trust through Cleardocs is easy. Once you complete the question interface, you will immediately receive a link to download your documents.
It takes about 15 minutes.
Read more: http://www.cleardocs.com/products-discretionary-trust.html#ixzz2LzvXesrb
***
So that's a quick answer, but that said, the DIY approach would not suit everyone. I agree, as you mentioned, a good accountant to ensure it's all set up correctly would be invaluable.
Thanks again.
Hi Katie,
First, congrats on considering buying your first IP.
I can't get my head around the apartment idea though, especially in a complex of 300. No scarcity value. Guess I just cannot fathom buying an IP with no room for manufactured growth either.
Not to mention your equity will always be at the mercy of the surrounding sales — including the distressed sales. So when one Owner in that complex has to get rid of their property quickly, guess what happens to the value of your unit?
We all invest differently, so it's only my 2 cents, but I would be looking for something less than perfect, something you could extend, renovate or develop. Likely not an apartment in a large complex.
dgirl
The house is a four bedroom home and has a run down double carport onsite, but no security.
Just thinking out loud… perhaps fencing the blocks in with a remote gate and turning it into a secure offstreet parking/garden area (for the tenants) would be attractive? On street parking is not hard to find in this area, so I couldn't rent it out to anyone else for this purpose, but the security of parking behind a locked gate might be attractive to tenants?
'…PLUS the #1 most active forum contributor will be upgraded to a VIP access ticket – meaning exclusive access to a private lunch with Derek Gehl at the event.'
'The 10 most active PropertyInvesting.com forum contributors in February will win a double-pass to attend to the Derek Gehl Mastermind event nearest them…'
Hi Mikal,
Thanks for the message.
In short; better than good and definitely helpful. Easily some of the best information I have come across for the local market. Only selling because it's time to start putting it all into practice.
dgirl
Thanks for the response Derek,
I spoke to the agent and the place is currently rented as a private residence (so I guess that answers the other questions).
The car spaces are rented individually to other people…
…so you think it is the zoning of the house (not the use) that dictates the type of loan?
Yes, it does help Derek — alot
In the above example (400K loan plus 125 LOC) would you suggest a 400K IO loan, with offset? Do they aim to pay down the 125K LOC?
Cheers
Thanks for the comprehensive reply Derek; it took me a while to read it all!
O.K. I was always of the opinion a line of credit was a dangerous thing! I never really saw it as a tool before. So I guess in your example it would be important that they only use the "line of credit" as a loan (not a true revolving credit facility) in order to keep it untainted and the interest deductible?
Just out of interest, to keep the funds untainted, can two (or more) separate lines of credit (to pay the costs on multiple IPs) be secured against the one PPOR?
Cheers
Hmmm… just thought that one through and think I may have made my own questions null and void…
In the above scenario, I imagine I can't even apply for a PPOR loan on a house in one state, while employed in another — I expect I would need a new job contract before I can apply for an owner occupied loan that is obviously thousands of km's away from my current place of employment. So it would have to be IP. Would that be correct?
Thanks for the reply Jamie,
The scenario I was thinking: say I am looking to move interstate, but have not yet secured a new job. I have found a property that I would like to live in — and would be interested in purchasing it as a PPOR but would not know about a job for a number of months. If no suitable job became available I would be happy to rent the property out and keep it as an investment.
Should I state the purpose of loan is for PPOR or IP? Any benefit going one way rather than the other?
Hi Engelo,
What's the US plan of attack? Buy, renovate, rent or buy, renovate, flip?
Cheers
Awesome, a rail line to the airport. Farewell, Tullamarine!
Now, if only Virgin flew out of Avalon all my travel dreams would be realised.
Any idea which 'burbs the rail line will service?
