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Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of JoshJJoshJ
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    @joshj
    Join Date: 2005
    Post Count: 13
    February 7, 2008 - 10:29 pm

    Thanks alot Terry. I really appreciate the information it has made things alot clearer to me.

    BTW, are you a member of wealthy affiliate? I used to go there and it was great. I have outgrown it, but it let me hit some record days doing internet marketing.

    Profile photo of JoshJJoshJ
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    @joshj
    Join Date: 2005
    Post Count: 13
    February 1, 2008 - 5:10 am

    1) So I would have my business as a company. And a discretionary trust for properties.
    I will then be able to protect myself & property from any business problems? And still be able to get negative gearing benefits?
    (this situation seems perfect to me)

    2) if I put my business into a company structure it will get taxed at 30%. Does this mean I will get taxed again for income tax if I keep the money?

    Profile photo of JoshJJoshJ
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    @joshj
    Join Date: 2005
    Post Count: 13
    January 31, 2008 - 9:46 pm

    BTW, hello Terry, I met you before. I'm a friend of Amit.

    Profile photo of JoshJJoshJ
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    @joshj
    Join Date: 2005
    Post Count: 13
    January 31, 2008 - 9:45 pm

    Hi Richard,

    I read your message: "If you are merely looking for Asset protection and are not too worried on covering any negative gearing shortfall"

    I want to offset negative gearing.

    I agree, I need a new accountant. This firm is new for me and hopeless! The $50 Indian guy I used last year was better :-(

    (The accountant is actually in the firm that Rick Otton uses, so I was hoping he did the hard work and found someone good)

    Profile photo of JoshJJoshJ
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    @joshj
    Join Date: 2005
    Post Count: 13
    January 31, 2008 - 7:26 am

    That doesn't suit my needs at all.

    Profile photo of JoshJJoshJ
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    @joshj
    Join Date: 2005
    Post Count: 13
    July 25, 2007 - 10:49 am

    I rang these guys 3 times and spoke to their new accounts person. Never returned my phone calls. The 3rd time the secretary was pretty rude about me asking why I wasn't getting any calls back.

    If this is how they run their front end, I think I'll give them a miss.

    I heard they were good, but I guess they market the best with seminars, etc.

    Josh

    Profile photo of JoshJJoshJ
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    @joshj
    Join Date: 2005
    Post Count: 13
    September 5, 2005 - 10:26 pm

    Well I have to give her some money, so I guess I would have to buy. I can’t see any other choice.

    But she will likely carry the rest so there would be no money down. Unfortunately I do not want to use all my borrowing capacity for this deal.

    I could probally find a tenant-buyer first and then proceed with the sale.

    My 2 problems in this circumstance are:
    * Using up my borrowing capacity
    * Payments on a mortgage would be quite high for $480k, would I be able to cover it with the tenant-buyer

    Profile photo of JoshJJoshJ
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    @joshj
    Join Date: 2005
    Post Count: 13
    September 5, 2005 - 3:46 am

    Well $550 may be alot of money for people to be paying. But for another it may work. You can make it more attractive by offering rent credits or any other sweetner you can think of and it may suit them.

    I guess you should work out what you need yourself, then try and create various scenarios that you could offer.

    Profile photo of JoshJJoshJ
    Participant
    @joshj
    Join Date: 2005
    Post Count: 13
    September 5, 2005 - 3:29 am

    You can always try it, why not?

    You could add $50 a week to the rent and make the option $430k on a 2 year option. That seems reasonable to me.

    What would you need to know?

    Josh

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