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  • Profile photo of leoauleoau
    Member
    @leoau
    Join Date: 2005
    Post Count: 21
    November 25, 2008 - 10:43 pm
    C2 wrote:
    Does the other person want all the money or would they be willing to take a percentage plus weekly/monthly payments etc?
    You could be in a sticky area if this is a defacto relationship and even if everything is in your name they may be able to claim 50%.
    Also are you looking at borrowing 50% of the total price or 50% of what is owed on the property to pay the other person out.

    All good points, and we have thought about them. It is 50% righ away, not weekly repayments, and I am borrowing half of market value less outstanding mortgage. And it is not a default relationship. :)
    And equal contribution all the way…

    So, looks like there is no way for me to keep the property but increase the mortgage and claim the increased interest?

    Profile photo of leoauleoau
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    @leoau
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    November 25, 2008 - 10:23 pm
    keiko wrote:
    I don't see why you can't up the loan take some equity out and pay the other person. but prob run it past your accountant

    I've got just a few thousand left on this mortgage. I claim this interest as a loss. I will need to redraw 200K against this property to pay the other person up.
    So, if I do, tomorrow I will have to claim interest on 200K+ which will makes the property negativly geared. In this case, ATO will ask me questions and possibly audit.

    Profile photo of leoauleoau
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    @leoau
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    November 6, 2008 - 11:01 pm

    If I refinance the investement, and start claiming the increased interest – will ATO ask me what the hell is happening?

    As I said it is a positively geared property, and I need to redraw 200K, so, it will be significantly negatively geared one – will ATO start questioning me?
    I am probably being naive here, but can I claim that these 200 K are for further property investing, hence this redraw and losses are business related?

    Profile photo of leoauleoau
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    @leoau
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    November 6, 2008 - 10:58 pm
    eddiec wrote:
    Have you considered using a discretionary trust to buy half of the interest in the property? The trust can borrow and claim the interest and will be assessed on half of the rental income.

    Perhaps, we should have orginised it 10 years ago, but it was not done.

    Now the other person just wants his half. The property was and stays under my name, like it was before, all 100% of it.
    Or are you saying to register a trust and transfer it into trust?

    Profile photo of leoauleoau
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    @leoau
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    November 6, 2008 - 10:53 pm
    Terryw wrote:
    legally you maybe acting as trustee for his share. Has he been declaring the income in his tax return?

    No that person never claimed anything, and in every legal and tax way it is under my name and is mine. The other person doesn't exist.

    Profile photo of leoauleoau
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    @leoau
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    October 5, 2005 - 5:55 am
    but this becomes a problem when trying to sell because the Council has not issued a permit.

    What kind of problem this may create if/when I sell? They don’t even have the plan of the property. It is not recorded anywhere on title how many bedrooms there are.

    THe project starts in 2 weeks if you have any info/ideas PLEASE tell me now. I spoke to the council people. They ALL give me different instructions.

    Profile photo of leoauleoau
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    @leoau
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    September 28, 2005 - 11:54 pm

    Hi,
    Thanks G7, really appreciate.

    GelF – you’re right, most of the people knock down walls, I want to add value by increasing the num of bedrooms, compromising kitchen space. I’ll try to compensate this by building a nice kitchen – top modern finish, good appliances.
    For a 3 bed unit it’s not overcapitalizing (I hope).

    Profile photo of leoauleoau
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    @leoau
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    September 28, 2005 - 12:31 am

    Thanks for that.
    The property will be changed from 2 to 3 bedroom one. Where do I change this? Is it recorded anywhere? From what I understand it is not recorded on the title of the property. SO, if it’s not council, then who? What government body records/looks safter this?

    If I sell it tomorrow as a 3bed place – I am not going to have any probs with this?

    Profile photo of leoauleoau
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    @leoau
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    September 22, 2005 - 2:22 am

    CYA =?

    Profile photo of leoauleoau
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    @leoau
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    September 22, 2005 - 1:57 am

    Thanks for replies guys.

    … As for your door opening, I seem to recall from your previous post that it is load bearing. This is where you need to be careful. Not hard to do but you need to follow the right process.

    Yes it is a load bearing one, but it’s not going to be a problem.
    When you say ‘to follow the right process’ – do you mean exactly what? I am not removing it, just create an opening through there.
    How do I check that the guy is licenced/insured etc? Should the have like a reg number or licence number? What do I look for on their letterheads, apart from ANN/ABN numbers.
    ANy help will be greatly appreciated.

    Profile photo of leoauleoau
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    @leoau
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    September 20, 2005 - 3:03 pm

    mate, I’ve had quotes for plumbing in the area of 2-3 grand all the way up to 5-6.

    Profile photo of leoauleoau
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    @leoau
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    September 20, 2005 - 5:47 am
    Originally posted by APerry:

    Hi Leoau,

    Assuming the units are in a Res 1 zone, you should not need a planning permit for this. The relevent part of the planning scheme is Schedule 32.01-3-6. You therefore should not have to advertise your proposal.

    You’ll probably need a building permit, but these can usually be organised much faster. I’m no expert on this part of the process, so i can’t tell you too much more.

    Good luck

    Alistair

    Res 1? How do I find this out? The unit is in Clarinda (Clayton South), Melbourne.

    Profile photo of leoauleoau
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    @leoau
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    September 20, 2005 - 3:32 am
    Originally posted by Celivia:

    I’m surprised that it is all gonna take this long!
    About the plumbing… is it a big job to have it moved to the new kitchen area?

    Celivia

    Depend if I do it nicely or cheaply. I can cut through the concrete, move the pipes, reconcrete again, quite expensive, couple of grand. Or I can run a pipe from the new location to the old, but make them of different level, ie lower part in the old location, and higher in the new, so the water runs down.
    It won’t look as good – it’s right next to the front door, so a pipe of about 3-4 meters will be sticking out along the wall.
    I am prepared so save some money this way.

    Profile photo of leoauleoau
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    @leoau
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    August 1, 2005 - 5:59 am

    Gentlemen,
    I do appreciate the time and effort you put into replying to me. Thank you.
    My question was not about morality of ‘dumping’ my creditors, but rather about consequences in doing so for my future borrowing ability.
    Without telling the whole story of my life, I’ll add this. I tried to pay my debts off. All of them. Initially I wanted to go into Part 9 Debt agreement, but it is the same thing for the lender as the bankruptcy itself.
    Then after getting the job, I approached every creditor, made some informal agreements with them. They freeze the interest and I repay them gradually (mind you, I have paid hips of interest by that time). 2 months later after I started paying as per our agreements, one bank decides that they ‘are not a charity’ and don’t lend the money without interest. And I was as back to square 1 – my repayments barely covered the interest only, so I would have to be paying till the rest f my days. 2 more banks sold the debts to debt collectors – they ‘could not’ find any records of me making the informal agreement!!
    So, do 2 defaults equal to bankruptcy or not?

    Profile photo of leoauleoau
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    @leoau
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    June 1, 2005 - 2:43 pm

    thank you for replies.
    I have another 5 or so entries like that. I did not apply for those loans. Could someone simply trying to stuff up my credit rating?
    I am going to write to Baycorp about this. What’s the procedure and timeframes of removing this bull* from my file?
    What do the bank look at when they assist my application any way? What if did apply for the loans, got them and repayed?? Credit file doesn’t say that they were declined.
    Please help!

Viewing 15 posts - 1 through 15 (of 15 total)