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More advice from my (NSW) solicitor and accountant – that if you buy a going concern, then there is no gst applicable – this will only apply to commercial rentals if they are fully let – the best kind.[
]Have u checked on those selling fees? I don’t know of any agent that will sell a property for $500k and only charge $10k commission – or did I misunderstand. I know of someone who recently listed a property for $239k and will pay about $8k comm.
Recently had joint meeting with my solicitor and accountant, who advised that the easiest structure was a unit trust, as it has the basic set up ready to go, and joint ventures are usually project specific and are much dearer to set up.
However, the determining point for me was that trusts can’t borrow – jv’s can.[]
this was NSWThis should be a case of the bank being sure of the title holder being correct. This is their problem for not taking full due diligence. This is the same as someone taking your cheque book and writing out cheques, which the bank honours – very few cheques these days are examined for correct signature – the banks decided that the number of frauds detected wasn’t worth the time, and therefore cost, involved in having someone verify all signatures to all cheques.
Your relative’s solicitor should be talking of suing the bank for the costs involved in their not performing due diligence. I can imagine that he has suffered enormous emotional worry from this.
Pls – tell us which bank????
My contribution to the which bank query elsewhere on this forum is the situation which happened to us this last week. We had confirmed settlement for wed last week, which was delayed from wed to thurs then fri, with a definite ??? for monday – delayed till a definite wed- then papers received, but lo and behold, they had discharged the mortgage on our ppor not our ip!!! so it was definitely thurs now….but the adelaide bank finally came thru on friday – the day my a/c went od- $50 ref fee they are going to have to reimburse me, and $110 late settlement fee they are going to have to reimburse our purchaser – not from us, but from another deal they were waiting to settle at the same time as our purchase!
Guess who we won’t be using again?[]Hey, Paul.
Nice to hear you are trying so hard – I’m sure you will make a go of it.
But, you forgot to mention what city you are in – just so that the closest broker can help?[]This rent seems high for Rocky – is there body corp and on site management?
Have you thought that this valuation may be a blessing in disguise? Maybe you can argue the price down – even if you think the place is worth $130k, you now have a professional opinion to say it’s not – maybe the price can come down to $120K or $125k.
If you don’t want to do this, get a property report from realestate.com showing recent sales and argue your point with the bank.
Either way, good luck….pls report the outcome.[]Hi, Paul.
All is not lost. As long as you only have/had defaults, and were not made bankrupt, then you can find a lender who will help you out. You will have to wear a higher rate, but it’s still a start.
Why don’t you post your email address, along with your city, and I’m sure that one of the many finance brokers who contribute to this site will contact you.
The best thing you can do is to ask for help.
Go get ’em[]Hi, Soma.
Have you thought of selling your home? With the cash from that, you could buy quite a few cash flow +ve properties?[][]
Self managed super funds CAN NOT borrow – damn damn damn!! So many people could make a living if they could use super funds to borrow to invest in residential real estate. The only exception to the borrowing rule is a certain type of share warrant, which is guaranteed – and therefore not such a great return – bummer![xx(]
Say Steve, why don’t we start a petition to the government to allow release of super funds to invest in real estate, which could only be sold to invest in more real estate, otherwise it would have to return to the fund? With over 7,000 looking at this site, you could start a ground swell…..[8]You’re getting the hang of it here – it may be a case of the worst house in the best street.
Also try thru realestate.com.au for areas near where you live – search within your price range, and just above as well as just below.
Be prepared tho’ as the agents sometimes can’t keep up to date, and the properties may be already sold, even tho’ still on the net.
Good hunting![]Don’t think you could let them build, as any building belongs legally to the owner of the land. It would simply be a starting point for someone to get equity before getting a regular loan.
hmmm this has started (continued?) the brain ticking[][]
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