Forum Replies Created
hi kingdavid
like it dazzling,your right if th enumbers stack up and you can make money, there is no point in beating around the bushes i would take the 34 k in cash and tell the old dog iton the table but you don’t want to get involved in some dutch auction take it or leave it your not giving any signed envelopes you have cash and you are willing to buy (cash always gets the agents blood moving) also dead line your offer ie you have 12 hours or your out of the race if the price is right you’ll get it.here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]hi cata
yes I agree hence the you will open a pandora’s box not only with the ato as you are moving towards asic and company legislation and thats why I have said it is a grey area And me for one, even thou I know about it wouldn’t recommend it there are alot of easier ways.
one is set up before looking.
It helps to know what is out there legal and illegal and the line inbetween
“with knowledge comes strenght” mao, he also said “power comes out of the barrel of a gun” so use knowledge wisely or it may be a pen not a gun that bring you down.
go to loan rangershere to help
If you want to get involved in some of the projects I’m involved in email to [email protected]hi vexil
I understand the question but it not a short answer.
and if you go down this little alleyway you open up a large pandora’s box of problems.
In short you use an overseas company that won’t giveout the names of the directors is usefull for some business dealing but not much good for real estate as no lender will lend you a red razoo.
In some ways its good to hide depending on the deal but if credit is involved at all then forget this track.
Not heard it called stealth business I just call it normal busines just a different vehicle for a different purpose sometimes you need to use very unusual tools to get a job done.here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]no problem dazzling
let me know when you come over this side.
if my little trip works out maybe going over to perth again soon.here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]sorry I only looked at the face.
are you around perth on the 15th or 16th this month.
add to my post perthees wantedhere to help
If you want to get involved in some of the projects I’m involved in email to [email protected]hi dazzling
To put it very simply its not legal but there are alot of things that are done that walk that very thin line and I’m not one to recommend something that is illegal and am not saying that it is a document drawn up by an accountant that is only registered when it comes into force not when it was drawn up but is dated when it was drawn up.
there are companies and trusts that are available that are clean skins that are 4,5,6,7 years old and if you go looking for them get one in a similar industry that you trade in as they carry any losses up to 7 years as long as they are in the industry that you tradin.
check with an accountant before doing anything on this front.
This is not advice so don’t pretend it ishere to help
If you want to get involved in some of the projects I’m involved in email to [email protected]hi len
I got my bat out for this one.
single house build and sell flick or ppor all are different.
builder/partner any cash from the builder 50/50 again different structure.
can you option the land to get the da thru (min cost).organise finance first to do land and build together or double valuations maybe required.
not one for buying out right and them re valuing unless you have change it in some form da, built or added value check out a couple of lenders different banks are better or worse in different areas nab are good with small developemnts put not on things over duplex, suncorp ok on dev sites but want 1.5 the value of the site but neg direct on the rate, mostly over 10 units.
bank west are grabing market share so shop around.
hope this helps if not.join a discussion group If in sydney There was one recently.
here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]Hi All
Now i’m confused and thats a bit difficult for me.Dazzling how you lost money from the guy next door doesn’t sound right.
Its your choice to sell and if he’s the highest money and you know him/her I would be having a beer with them.
If you got out of it what YOU wanted, hows the loss, if there was a loss its not his/ her fault.
As for the question.
There is one time that nominee is usefull on the contract and that is if is an option in which case you can sell the option to a third party and the transaction can go thru as normal this is not the case with a company ,trust or individual.
There are lots of ways of skinning that cat when purchasing that you can use and they all have there reasons for uses heres a few.
In nsw
1. personal cheque to the value of 2.5% with a note on the back of the cheque that the vendor must notify you of the account it is to be deposited in prior to being deposited.( this gives you about 3 days( or more if you stretch it) and is to small as a deposit and once they come back to you, you have your trust and company set up and they return the cheque and if you have worked quickly you will have an account also setup in its name so the deposit can be issued out of that account.)2. option for 2 months, with a 1% caveat.
I like this one but vendor hate it as they don’t understand, If the site is worth it, it may become something others get involved in and hence the structure is setup to reflect this.3. signed agreement for vendor finance back to the value between the purchase price and the bank lend signed between the two parties on the finalisation of the negotiation, this is not a signed contract but an at arms lenght agreement that both parties have struck.
hence its a commercial agreement and once everything has been settled and alls ok
if things go wrong ie gazzumping all of the above have you in the driving seat ( with the caveat the property can’t be sold without major cost to the vendor)
4.negotiate with vendor and get them to the throw the land in on the project if a development site and jv.sorry but I haven’t put in throw your 10% down and sign the contract as one of the above always works.
As for the name on the contract.
first understand what you want to do with this property buy ,hold, sell, build, or flick.
next get under the skin of the vendor understand his motives for sale,1 move to better place,2 holiday home and whats to get out,3 smack addict and comes in with two russian guys with bats behind or 4 a little old lady going into a nursing home.
for no 1 option 4 or 3 he gets the sale and his money back in bits
2. use 3 or 2 as you can caveat the holiday home.
3. would be my favorite and talk to the russians using a go between( just incase they hit me) oh and this is the same for a bank manager/mortagee inpossetion both use different bats, I would use option 1 or 2 and if a bank lend from that bank, nice and simple.
4. the little old lady doesn’t want the money so let me look after it, so 3 is best or 2.after this you know who your dealing with, how your dealing with it and the structure you are using.
then you can proceed to the contract.
One last thing it takes 2 days two have a company and or trust drawn up and into cbd sydney.
and at the end of the day if you used number 1 they can’t deposit the cheque. rip up the contract once you have set up the structure and get them to issue a new contract ( you arn’t paying for the contract the vendor is) in the structures name.
The property can’t be sold as they are holding a cheque with a contract issued to you so who’s in the driving seat.
I used number 1, 2 months ago and held a property for 3 weeks untill I did my due diligencies.and the cheque couldn’t be cash I purchased and got both cheques back total 20k and purchased using harrington waters(four4) trust and company and got the lend from nab with nothing hold the property.
wont tell you the other agreement that was also put in place you will need to read my book called GROSSLY MISUNDERSTOOD and for people that can find spelling mistakes I am willing that an options on the book max one per person.here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]hi all
yep to coastymike I agree to all you have posted except I don’t pay for some thing I don’t already know, and I am yet to be told something that I need to pay for.
I have multi trusts ( and types) within my structure and afer asking questions for 15 min with ed chans rep I didn’t get the answers, I wanted, so will find out morehere to help
If you want to get involved in some of the projects I’m involved in email to [email protected]hi all
has dazzling got all the areas covered.
didn’t think this post would get this far.
come on come on.here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]hi all
sorry but I think that this is not a trust but a structure and it is made up of multipul trust.
I am yet to hear from some one who has paid the money and got the trust documents and if its a structure you will not get them you will be required to join the structure.
there are many types of these structures
I am trying to get a understanding not what this does but what this is.
so if any one has someone whos paid there money posts.
If not maybe roy from gps or michael as he’s haveing lunch with ed, get a name of some one who has payed there money.
just because some one says we have a barrister and he has agreed with it well i can give you acouple of barristers that currently are in max security and not sure if I would take there advice.here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]hi roy
you should have been sent the link to become a member, as all people that come to the meetings get sent the link if a problem I will send the link to you.here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]hi DoneDeal
I call them foot soldiers rarther then bird doggers and its more correct with a foot soldier he finds the the required information or product and I pay for it don’t know if you need a licence to do that nor for that matter do I care.
but I do agree with quiggles if the was very good you would take it your self so I ask very specific questions that I need answering.
A deals a deal and not every one likes the deals that come across there desk and if dogging or soldiering is what you like all the best.here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]Hi nazzysmith0153
Have a read of the post ed chan or chan property investing trust.
If you can add anything let me know.
I am interested in what it is, not what it does.keep your hands in your pocket unless you know what your buying and ask to see the ruling and then check to see if the ruling was for the specific applicant rarther then the system or structure.here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]hi all
I have asked the office on the two phone numbers I have to check this trust there is another trust system not sure if any formites no of it called mci’s rome structure this is also a structure that was backed by some barristers that was supposed to have ato ruling in it favour the only trouble was that these are individual rulings so if you get or got into trouble they would have to get a ruling for you.
not sure if this is in that group.
I like different structures but I’m not getting the information as freely as I would think if this is so good for my business.
will keep trying,
mci rome is still running and I haven’t got involved.
maybe other people may have similar structures.
mci rome was a group of trusts under a unit trust and using overseas charity trusts, to hold, distribute and change directors in a limited company out of lichenstein(germany)( spelt wrong).
all looked good but not alot of control.
I would be interest in this trust but not to pay $300 to find out that its not for me.
from all accounts it was more a display of what this is good for rarther then what this is.
if interested I can up load at somersoft gps or investing gurus the 3 pdf powerpoints on mci rome it is a very interesting structure the trouble is I would not have the same interest as the ato would have.
or email me and I’ll send it to you my recommendation with all these structures is if your trust accountant either doesn’t like it ( in the case of mine0 or doesn’t understand it as with many you will need to explain it to the ato while the others are on there mobil from lichenstein( still spelt wrong).
I will keep an open mind until its is explain what it is not what it does.here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]hi choir
as you can tell I’m a quiet type so don’t give out my email much but here it is [email protected]here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]yes
spoken to a few of the people that I deal with and they have not heard of it.
wondering if there is anyone who has purchased ithere to help
If you want to get involved in some of the projects I’m involved in email to [email protected]hi AUSPROP
not sure of it being aloophole but If it is a unit trust the the end product is distributed to the trust members this is for me the norm and most of the developers that I deal with.
I am holding 3 units in the last development and have setup the same mirror structure for the development that settles on the 6th dec and have already organised the distribution of the end product it save gst, sellers margin and any capital gains tax, the structure must be setup as single stand alone structure so no cross collat and I have trusts under each section for the properties to go into.
Not sure if ypur accountant will understand but if he works with trusts he will have no problem.
I get the people that get involved in the projects that I get involved in to get their own separate legal and financial advice and mario( the builders) accountant that also does trusts has given my system also the green light.
It may not be what your system is and each is separate but it is available and is nothing dodgy about it, I carry multipul trusts and companyies for this reason.here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]hi debbrad
Sorry but how can you buy a property with a lease and you haven’t seen the lease.
example clause 3 says that they land owner payes for the relocation of the tennant to any where in Australia at the land owner cost.
Clause 4 the land owner payes the tenannt for any fixture fitted by the tennant at the current market price.
Clause 5 The tennant get the last 6 months free rent to find other accomodation.
These are not uncommon clauses.
I just had a lease to coles that had the builder was liable to 500k cost if the construction was not completed on time and the da was being sold with this lease in place and I wouldn’t buy a dog kennel if it was leased with out, not only looking at the lease but getting a copy and if you don’t understand it getting a solicitor to look at it.
so for this seller not wanting you to see it on face value theres a rat and you need to find the rat either get rid of it or it will come out to bite you.
I would go to your lender and get them to do the valuation with and without the lease.
They will give you the land valuehere to help
If you want to get involved in some of the projects I’m involved in email to [email protected]hi vyvyen
little bit of advice
If you are going to live on beans to get this house and its going to be your ppor make sure you get a fixed interest lend for 10 years a couple of interest point movement and you haven’t got any beans to eat and as its your ppor you can’t claim any losses to tax and you can’t sell it back into the market because the market will have the shakes so less people will be buying.
go out on a limb for a ip as any losses can be written off to tax but not your ppor as it has at all times to be.
A secure ie have enough to carry a 10% interest rate ( we have been to 14% and I remember it)thats 98k at 7% and 192k at 14% so unless you are going to save 100k on eating beans your on the quick slide down the tube.
B.affordability its all well and good to like 1.4 mil properties but you need to cover them and mr packer isn’t relying on eating beans for cover his loans.
C find a property that you can easily afford to pay for and invest the rest in properties to give you cash flow to purchase.lot of people have dreams,
This may be your dream house the trouble is that dreams can change while your in the dream,
This then can turn into your nightmare the trouble is this will be reality not a dream.here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]
