Hello

Firstly, sorry to hear of your problems hlewishlewis.

gmh454. Surely the fact that the brokers failed to organise the finance, not once but twice, after assuring their client that it was in hand shows intention to defraud or gross negligence at the very least. hlewishlewis had had no intention of using “creative financing”.

Are brokers…[Read more]

Hello Michelle34

Do I understand you correctly that up till now you have both been paying 1/2 of all expenses including the morgage payments and that you both contributed equally to the deposit. Also that you have both been getting half the rental, if indead the property has ever been rented out.

If this is so, I am not sure what all the…[Read more]

Is it readable for the layman or do you need some accounting / legal background. [grad]

Can I get the ISBN number from you please?

Thanks
Elka

Exactly cbellesini. What’s more the lenders “share” of the capital gains (even if there isn’t one) is a guaranteed 10%+ per annum.

What also puzzles me is that the effective interest rate appears to start at 14% and then go up over the years even though the part of the interest that you are actually paying increases.

i.e yr 1 4%, yr2 5 %…[Read more]

Thanks Tyron. I will pass this on. Good point E.

Cheers [smiling]
Elka

Thanks Simon. I guess then the next thing I should ask him is what his time is worth. I assume it’s a time consuming job if your doing it for the first time.

After that I shall just drop the subject.

Thanks [smiling]
Elka

Hello Steve

I love this site. So much useful information is being shared so generously.

Please don’t change the format of the forum too much. I like the soft colour schemes and the general form of the threads.

Thank you for providing this venue. [smiling]

Elka

Hello Paligap

Michael is 100% right. I wouldn’t even think about going to court over this.

Having said that :

I assume there are no existing fences which are falling down? If there are then I think that the neighbours need to foot half the bill of repair / replacement..

If there are’nt, why don’t you just drop into your neighbours to say a…[Read more]

Thanks Redwing. He has an accountant as well so I hope the guy knows what he is doing and will recommend a schedule.

Cheers
Elka

Good points.

Thanks Terry
Elka

Thank you Gross.

And what is da

Want to learn [smiling]
Elka

Either my calculator or my logic must be in trouble.

Based on both of the above is it really possible that in the first year you are actually paying 14% interest and it only goes up from there?

original loan $80,000
interest paid…[Read more]

Hello Gross

Firstly I want to tell you that I think it’s very generous of you to take the time to share your knowledge with us.

The probelm is that I for one have never developed anything and so my questions will be very basic.

Am I right to assume that the term gross realization means the value of the property after the develepment is…[Read more]

Hello Terry

Thank you for your answer.

I have read my trust deed several times(good bedtime reading [sleepyanim] ) and it seems as if the trustee can do anything anywhere in the world, including going into parnerships, buying/selling shares, lending and borrowing and much more. It is so all encompassing that I still can’t figure out what could…[Read more]

I think Fern means…

one way to find out is ….. ask.

I don’t function well before my 3rd cup of coffee either. [sleepy2]

Sound like an exciting time ahead for you. Have fun.

Elka [smiling]

Hello Fern

Basically the margin scheme is about paying GST on the difference (margin) between the cost and sale prices rather than on the whole sale price. Lots of ifs and buts.

Here is a link to the GST margin scheme explination on the ATO…[Read more]

Hello Dave

To add my opinion [smiling] I would rent it out. You can afford the shortfall and now that you will be able to claim the interest on the loan as an expense this will become smaller after tax.

Good advise about a depreciation schedule.

As this townhouse was your PPOR (primary place of residence) before you started renting it out you…[Read more]

Thank you both for your replies. I have been offered shares through my broker as I have most of the other B & B shares and just can’t decide if now is a good time to buy into a residential trust.

Thanks again
Elka

Hello Terryw

But whose name actually appears on the title.

Is it Elkam (or Company XXX) ATF YYY Trust.?

I assume that the relationship between the person or company to the trust is documented on the title somehow to distinguish it from a personal ownership?

or it it just XXX trust.

Thanks
Elka

Hello Stuart

You wanted an emotional response so here it is… [biggrin]

Eh??? Laundry off dining room??? In this I agree with Mark, unless the dining room is part of an open kitchen and then it makes a bit more sense. However not if it is a formal seperate dining room.

The construction you discribe for the laundry is called a Europeans…[Read more]