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Thanks Terry,
In the following scenario
Property purchased our company name and/or nominees in the event we can’t get finance through can our nominee (a individual person) continue with the sale and our company exit from the purchase? Do you believe that double stamp duty be liable in this instance…considering this transaction is in NSW?Thanks Terry
Yes seems like it is dependant on which state your in doesn’t it? I’ve also heard about the need for a written agreement with the nominee before signing the contract. Perhaps worth my while seeking a second opinion?
Any other thoughts?Cam111
If you are inexperienced and wanting to start and want to get hands on with your first project perhaps looking for a joint venture project with a like minded ‘experienced’ investor might be a way to go so that you can experience and be mentored by someone who has done it all before. This would be a win win…hey! Obviously, having said this you must carefully form the joint venture contract to secure your interest.
Probably good idea to deal with someone in your area where you can gain local knowledge yourself. This would be a real life seminar where you will make some money rather than risking $5k or so on theory.
Hope this helps…good luck on your journey. [smiling]
G3
Our thoughts on the Collin Street commercial property deal are that it’s not much better than what you could get with the bank. There are better deals out there if your after a good long term investment for example we found a small one in Narooma, NSW.
After negotiating a new lease with the previous owner for 12 years and we now have it back on the market at a 9% net yield with the first 3 years rent paid in advance. We were able to manufacture this deal because after investigation we found that the owner of the property needed cash quickly but wanted to keep running his business from the premises.
The real estate agent failed to advertise the fact that the vendor wanted to lease back the property…it took a while but now we are able to on sell the property with a new 12 year lease in place at a great return for an investor and still pick up a nice little earner for us creating a win win win.
We are also just about to finalise a deal with a holden dealership in a country town who is in a bad position and wants to move to new premises. This we may have to buy two buildings to get this deal together but again we have found underlying problem that needs to be solved by talking to the tenants/vendors directly not the agent.
G3ipd
