Hi Raj

You can take out a loan under joint names with a spouse (so for instance – have you as both applicants on the loan application) but just yourself on the title of the property and therefore the person claiming 100% of the deductions. Is that what you meant?

Cheers

Jamie

Agree with Corey – business can be done from anywhere these days BUT if you need face to face, Pete’s your finance nerd.

Cheers

Jamie

Which lender are you with Tugger?

How much are they going to sting you for those break costs?

Cheers

Jamie

Agree with Corey.

Set yourself up with a good team of professionals that you assemble (not a one stop shop) – finance person and accountant are the most important IMO.

Absorb as much info as you can. Read up – forums like this are a great resource. There’s plenty of good books as well.

Cheers

Jamie

Corey Batt wrote:

Fundamentally, any good investment doesn’t require these shenanigans.

Spot on.

Just had a similar conversation with a client recently.

The property was coming with rental guarantees, free legal advice, etc.

If they need to thrown in so many sweeteners then you’ve got to question the quality of the investment.

Cheers

Jamie

Hiya

The percentage ownership on title dictates who can claim investment expenses. So if it’s 50/50 – the claims are 50/50. If it’s owned 99/1 then claims are 99/1.

What’s best? Depends on what your accountant advises. Where are you based?

Cheers

Jamie

CharlieX wrote:

I’ve been interviewing many now, no mentor yet just want to split just the upfront commission during those two training years.

Hi Charlie

I don’t think you’re focusing on the most important aspects here. All your concerns stem from the money you suspect the mentor would make – you should focus more on trying to find an excellent mentor to take you on. I would also lose the term “interview” – the good mentors in this industry aren’t being interviewed by potential new brokers. They don’t need to mentor – they choose to.

Cheers

Jamie

I’m not quite following.

Are you talking about the MFAA certified mentor thing?

If so – my understanding is that you don’t have to use one that’s sat down and done the MFAA course. There are other requirements that have to be met from memory – such as minimum number of years in the industry and a certain amount of loans written. I can’t quite remember.

Mentoring isn’t money for jam.

Cheers

Jamie

CharlieX wrote:

do the maths, 20 mentees x $1000 per mentee = $20,000 per month. why anyone not want to be a mentor, that’s more than a professor gets pay at the top universities in the world? I have heard of many say they don’t do it for the money, yet they are collecting from their starving students.

Because the excellent brokers are likely to make more than that actually broking.

Having to deal with mentoring 20 brokers would be a nightmare!

Cheers

Jamie

Hiya

You either extend the IO term or refinance to another lender.

Cheers

Jamie