Check out the vendor finance website for a listing of solicitors in all states and territories…

Cheers
Mel

I think for No. 1 the land value is apportioned across the blocks, and if you sell the new house you will pay CGT on all of that.

If you don’t want to pay CGT, move into the new house, and sell off the front house…

Cheers
Mel

Sonja

If you’re going to deal direct with your bank – make sure you get someone who does have discretion – they do exist. Just go higher I guess…

there is not much point trying to explain it all to the branch manager if he/she cannot make the decision and has to refer it higher – or just say no!

Cheers
Mel

fjifcm, following on from Acey’s points, you could then offer the properties as security for the trust to borrow 100% loans. This will aid in your asset protection, as your properties in your name are now pretty much fully encumbered by the bank..

Cheers
Mel

LifeX

An offset works in a similar way to a LOC – I don’t think you would want to have both. I guess an advantage of an offset account over a LOC is that it is generally a cheaper interest rate (0.1%).

Cheers
Mel

That’s a good point Chan$.

So we say thankyou to Guru Muppet for posting here also[biggrin]

Cheers
Mel

Thanks Chan$. I was hoping I might get different coloured stars – but not to be[ohno]

Cheers
Mel

James

I’m afraid that the tax lien properties are an American ideal. I have however seen a council sell off some properties for unpaid rates, which I guess is similar. However, there were only about 4, and at least one of them was paid up before the auction.

I think you need to get in contact with Real Estate agents, and maybe some bank…[Read more]

Hi

You count the deposit as an asset because it’s showing how much you put into the deal yourself. The cost is obvious I would think – to show what you paid.

If you didn’t have the down payment in, you could work it out by subtracting the loan balance, but it’s simpler to be able to look at it in the one line – esp as there are various…[Read more]

Why are you paying the lawnmowing fees already?

I would say to the tenant that it will be an extra $20pw in rental to cover lawnmowing. If they are willing to mow the lawn themselves, then there is no increase.

I seriously don’t get why you’re paying for it now…….

Cheers
Mel

Sam, for the first home buyers to get the discounted stamp duty, I believe Mr Egan suggested they ask their vendors to ‘rip up’ the contract and do a new one. This says that if contracts had already exchanged, they did not get the discount.

I would say that this is the same in your case. ie, you got in first![biggrin], so no stamp duty on exit…[Read more]

darlen, why don’t you contact Mortgage Hunter?

He rents to uni students by the room in Newcastle, and has them lined up waiting. He charges half rent to keep the room for the student for the next year, and I think most of them take him up on it.

As for individual locks – I think that’s a must!! Cable tv – not so important as internet for Uni…[Read more]

Alan

Instead of being up for all the transaction costs (CGT for the trust and therefore YOU), stamp duty on buying etc. etc., is there anyway that you can make use of the equity, and invest the money in such a way that it returns you $$ per week, and makes you not so reliant on a pension?

You could also ‘rent’ the house from the trust – thus…[Read more]

Good call magpie.

Milly, the advantage in magpie’s suggestion is that if you sell off your current house and move into the new one in the ‘backyard’ it will be CGT free. You might be able to sell it and lease it back from the owner for 6-12 months while building the new house if you need the money to do so.

Re Marc’s comments – I’m assuming…[Read more]

Hi guys

From what I have picked up from Russ’s posts, this is his first deal – other than his PPOR. As he states he’s on a pension, he obviously doesn’t have any disposable income to spend on a high growth -ve property. I reckon he has made a great start. I see that he’s also found a second property.

Once he gets his 10th, I reckon he might…[Read more]

kc26, if you search for Jan Somers you might have better luck[cap]. Building Wealth through Residential Property and Story by Story (can’t remember that exact title though).

Cheers
Mel

No idea where he is, but Bruce Whiting from http://www.mintgroup.com.au does investing and accounting (that is he talks to the Kiwi accountants) on both sides of the Tasman

Cheers
Mel

Hi Ace and welcome

Do a search for posts by Summo – he organises a Adelaide Investors Group meeting. You could meet up with them for a start…

Cheers
Mel

I think Rick Otton sells the signs – from a post made by Steve a couple of weeks ago….

Somebody else knows the manufacturer in that post too. I’ll have a quick search for it….

Found it!

https://www.propertyinvesting.com/forum/topic/9287.html

Cheers
Mel

Originally posted by Aceyducey:
The appointer only appoints the first Trustee – who then controls what happens in the Trust. So it’s not that important. We tend to not be the appointer in our vehicles.

Acey

Everything I have read contradicts this comment.

Quoting Dale GG in Trust Magic, p26 (available from http://www.gatherumgoss.com):

The…[Read more]