Thanks jnb, is it necessary to setup a new trust for each property. I thought you could have multiple properties under one trust?

Jnb, Im thinking of opening a trust with a company as trustee, Do you find it complicates things? Everyone i talk to says its really complicated. My only problem is i have already purchased the property so i don't know how hard it will be to put them in the trust.

I've always put new kitchens in my IP's. I am a cabinet maker so for me doesn't cost me much at all but the first thing people want to see is the kitchen and bathroom. Doesn't have to be flash, just clean and practical.At the end of the day it might even attract a better tenant.

Hi Jnb,Don't forget you will most likely need more funds for the kitchen, for example – applainces, plumbing, tiling, electrical. The $4000 IKEA kitchen is more likely to be around $6500. Still worth it in the long run

Thanks for the info everyone. I've spoken to the solicitor and has informed me that before the vendor gets a cents all outstanding bills will be paid for and anything left over will be handing to the vendor. The rates weren't paid for nearly 3 years so it's not a bill i want to receive!

I agree with Solomon10, If something should happen to the new property the bank can only sell that one particular property

Thanks for clearing that up Ten burner, but now that i've read the link that  Terry posted i am confused. From what i can understand the council has the right to sell the land after a certain amount of time? Is this right or have i read it wrong?

Hi SenajavI've purchased a corner block  in Laverton last year and thinking of doing the same. Problem is Laverton is still 10 years away. You really have to buy, sit and wait it out.

Hi Johann,
I’m sorry to hear the bad news. What kind of business is it?

Regards

Joe

Hi Alex, I’ve got a couple of properties in Laverton and in your boat. I’m also thinking of building 3 town houses but I think its best to wait another 5 years or so. Still needs to pick up a bit more and clean itself up.

Thanks Jamie and Dustin for the advice. I wasn't sure if there was any benefit crossing the loans but you've cleared that up for me.

That's a real shame. You are one of a few people that can actually explain a concept without causing a headache. Looks like i will need to look up to Boris for answers.

Terry, are you based in Victoria? I would honestly pay top dollar for your advice. You make it really easy to understand, even my dog gets it

And i found out the agent altered the contract himself! Is that legal? Since when is a real estate agent also a solicitor?

How much does an auction cost in Victoria? And do you still pay auction fees if the property is passed in?

Thanks everyone for your help. I called the agent today and simply told him i refuse to pay the additional costs so i'm no longer interested in the property. Get a call back 10 mins later, his solicitor mate can do it for free as he owes him a favour . Had the license agreement checked out by my solicitor and once i got the green light signed…[Read more]

My solicitor seems to think the vendor should foot the bill as they are the ones that want the license agreement. We just wanted a clause in the contract stating we can access the property during settlement. I will most likely go back to my original offer and start the work after settlement. I haven’t signed so I can’t see why I can’t pull out.…[Read more]

I agree with Terry. 3 meters is a lot of land. I wouldn't be suprised if your neighbour knows and just never said anything.

Thanks for the great advice every one. I’ve had two dealings with loan market and they seem as if they don’t know much or want to benefit just themselves. Is it possible to use a broker from interstate or do they have to be close by?

Dangermouse, I'm in your boat! Accountant has told me to setup a trust for my Investment properties. I think it's a good idea but it is so confusing. You don't want to get it wrong cause it could really cost you.