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  • Profile photo of MarkyMarkMarkyMark
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    @markymark
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    January 6, 2004 - 6:21 am

    Hi still_in_school,
    I thought that this was the case. Just thought I would put it out there. Thanks for your reply. I suppose the first one will be in my name.

    Profile photo of MarkyMarkMarkyMark
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    December 19, 2003 - 1:44 am

    Still_In_School, can you explain how this avoids rent reliance? I thought rent reliance was when the bank will not lend you any more because all of your income is coming in from rent. Hence be considered too reliant on property market fluctuations.

    Thanks

    Profile photo of MarkyMarkMarkyMark
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    December 18, 2003 - 7:28 am

    You could make an offer subject to your inpection and full satisfaction, stipulating a time frame, they may be happy with that.

    Regards

    Profile photo of MarkyMarkMarkyMark
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    December 18, 2003 - 1:07 am

    Hi JB,
    Thanks for the comments. I do admit that the answer to your questions at this point is no, but this came as no surprise to me. Offcourse I am getting a professional to help me with this, which has always been the intention. I went into researching what structure I need with my eyes wide open about the complexity. My aim is to be able to work with the professionals who will set this up for me, rather than them saying sign here and here and there you go.

    Through my research I found that some attention was paid to the affordability of the structure in relation to your investments and personal circumstances. I think it is prudent to investigate this before setting up a full-blown great structure that ends up stripping away profits. However, in saying that, this may simply be the cost necessary. If that’s that case I will need to plan accordingly.

    Thanks for the food for thought I’ll add it to my growing list of things to consider [:)]

    Profile photo of MarkyMarkMarkyMark
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    December 17, 2003 - 11:47 pm

    Well actually I was going to say that you recommended that he buy me a beer. [:D]

    Ones thing for sure, if I play my cards right I’m confident that atleast one of us will get a coldy out it atleast, even if I have to buy it. But dont hold me to that, will you [:D]

    Maybe a silly question but what does atm stand for?

    Thanks

    Profile photo of MarkyMarkMarkyMark
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    December 17, 2003 - 2:24 pm

    Thanks Terryw,
    Definitely sounds like the go.

    Profile photo of MarkyMarkMarkyMark
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    December 17, 2003 - 2:21 pm

    Thanks for that melbear,
    I did a unit of law in Uni, it was fascinating reading over the various cases from the past. It really highlights the risks. Thanks for your suggestion I will definitely look into this as an option.

    One thing though, I would need to distribute any income out of the trust otherwise this would get hit with 48.5% tax if the funds went undistributed. But then that is probably going to be cheaper than the costs associated with the company. It seems that this will just need to be timed it right.

    Thanks again

    Profile photo of MarkyMarkMarkyMark
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    December 17, 2003 - 12:46 pm

    Thank you both for your recommendations. I am going to send them both an email tomorrow.

    You are both obviously mortgage brokers, are you both also active property investors yourselves? (If that’s not a prying question)

    Thanks again.

    Profile photo of MarkyMarkMarkyMark
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    December 17, 2003 - 12:41 am

    Hi,
    I can totally relate to your situation as a few years ago I was in uni as a mature age student and I was facing similar issues.

    My advice is to use this time to learn everything you can and get your plans completely sorted out regarding property investment.

    The second thing is to think creatively. Why not create a business. I did this when I was in uni and I had no money at all. I then used my business experience on my resume. Therefore I leveraged it as much as possible. I didn’t make a huge amount of money, but I think that directly related to my skills as a business person at that time.

    You see the great thing about your position is that you can adjust you lectures and tutorial times to fit things in.

    Other things that worked for me (although allot of work) was, a part time job (hospitality), or see if the uni will employ you as a tutorial assistant I was getting paid $30 per hour at my uni for this, and yes I shoved it on my resume at the end.

    Maybe you could then take any money you make and put it in an account like Citibank. I use AMP, they pay 5.05% interest paid monthly, you will need to link an external account to AMP so that you can make withdrawals via ATM. ANZ have one specifically for students so there are no charges.

    Sorry this has turned into an essay. Its good to see that I did learn something at uni. [:D] .

    Regards

    Profile photo of MarkyMarkMarkyMark
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    October 4, 2003 - 5:54 am

    I was speaking to a broker the other day about using the FHOG as part payment for an investment property. He was saying to me that the “bank” will not accept this on an investment property. However, I could apply for the FOHG after I had made the purchase as long as I was intending on moving into the property within 12 months of the purchase.

    So if this is true you would have to have the deposit and closing amounts to go through with the purchase anyway.

    About the ethics part, in my opinion it would not be unethical to use this money to buy a property if you were not completely sure that you were going to live in it, but it would be wrong to not give the money back if you did not move in after the 12 months. Also, I dont think dishonesty is a very good wealth building strategy, it would probably end up costing more than its worth.

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