I have never heard of an agent charging to do a rental appraisal.  If an agent is suggesting that you pay for them to come out and have a look then run the other way.CheersK

I know that in the NT you need Body Corp approval to remove or alter any load bearing walls.  You don't need approval to put up walls.But, as per the other posts, check your local Council.CheersK

Trusts aren't really water-tight asset protection vehicles.  Once upon a time they used to be but Courts are finding more and more ways to look behind the structure to the trustees.I would think that if you attempt to buy a property AFTER you have received notice of litigation against you, that is, you have been put on notice that you may have to…[Read more]

Worst case scenario – you could be made to put back up what you pulled down or take down what you put up.  Although I have never heard of this happening.  Someone please correct me if they have heard otherwise.The more probable problem you will face is if/when you go to sell it.  I can't imagine there will be too many buyers who will want a pr…[Read more]

For a lawyer, call Sean Ryan from FRS Legal.  His number is 08 7129 3700.  Very knowledgable, great bloke.  He is the Property Law lecturer for the Property Investment course through TAFE.  I use him.You don't kneed an accountant in Adelaide if you don't live here.  Just use your regular accountant.  If you don't have one, find one nearer to where…[Read more]

You can set it up yourself but as a lawyer my advice is …. don't, just don't.There are so many issues that need to be taken into consideration.  $2000 is nothing.  Getting it wrong (and there are so many things to get wrong) will cost you a lot more.Again, just to recap  – don't.CheersK

You are a painter.  Why not paint the undercoat yourself?K

Hi MarkCertainly one of the more subtle spruikers we have seen on the forum for some time …I would think that seasoned investors would be very wary of anything that promises a guaranteed rent.  Most people on this forum know that the "guaranteed" rent is built into the purchase price.Also, offering to pay outgoings for a period smacks of…[Read more]

Hi againSorry.  I meant to put this in my above post but got distracted.This clause is actually a very poorly worded clause.  That clause is essentially an extended cooling off period. As I said above, a purchaser is under no obligation to advise of the reasons for not proceeding with the contract but rather can just inform you that pursuant to th…[Read more]

In fact, a purchaser relying on a clause such as the one you have quoted doesn't have to give a reason at all.  They can just advise that they are terminating the contract under that clause.CheersK

Thanks for that.

As a solicitor I can confirm that unless is it specifically noted in the contract it is fraudulent.  The intent is for the bank to be misled so that the purchaser can obtain a benefit (extra finance).  That clearly makes out the elements of fraud in every state and territory.As for putting a solicitor on a retainer for being honest, I would ex…[Read more]

HiI'm doing some developing in the Adelaide Hills and would be keen to get together and swap tips.  PM me and I will forward you all my details.CheersK

I rent my own "home" from our Family Trust.  I don't have a PPOR at all.  My accountant and the ATO have no problems with this arrangement.  There are however very specific reasons that we do this.  They are detailed in the post below:https://www.propertyinvesting.com/forums/getting-technical/legal-accounting/4323748?highlight=trustYou should pro…[Read more]

Hi Aimhigherthis was discussed on this forum recently.  Here is the link:https://www.propertyinvesting.com/forums/property-investing/help-needed/4324090Having said that, I have noticed that valuations are coming in VERY low at the moment, so if all three valuations come in low then there may be a few bargains out there.  I will say though, banks c…[Read more]

About 4 years ago we bought an IP in Mt Isa.  We sold it 12 months later, mainly because the property management side of it was a nightmare, but also because prices stopped rising.  We thought that the market had hit its peak.  Over the next two years prices in Mt Isa doubled and have increased more in the last 12 months.Who knows what the ma…[Read more]

Hi TonyIt is unusual that the convenants expire in 5 years.  Usually they are permanent.To answer your questions in order:1.  If the covenants do expire in 5 years then there is no reason that someone would not be able to build units on the site, depending on the development plan.  Usually local development plans stipulate minimum sizes for un…[Read more]

Hey Woogy, I'm with you.I bought my first house in Adelaide in 2001 and at the time I thought we had bought at the peak of the market.  Everyone was saying that prices were only going to go down.  Seven years later and, despite prices having gone through the roof, people are still saying that the market is going to crash.I'm not saying that p…[Read more]

Hi God of MoneyI am a trustee of several trusts including "The Sxxxxx Family Trust" and "The Wxxxx Family Trust".  Should the Sxxxxx and the Wxxxx families back me up and pay the indeminty in case I get audited and/or end up in court?It's just a name.  That's all.CheersK

I am also a full time investor.  That doesn't mean that I have retired, it just means that my husband and I have been able to quit our full time jobs and concentrate on property.  We have a combination of rentals, land, and building developments.  I love property so I do most of the work (looking for deals, sorting out finance, bookkeeping etc) an…[Read more]