Sorry, can’t help with the banks inspection. In ACT we don’t sign contracts until finance is in place, and all inspections done, so have never had ‘cooling off’ period.

Cheers
Mel

Inna, why don’t you, develop, draw equity, rent out for CF+, develop new one, draw down equity, rent out for CF+ etc.

This way you have income, and some growth in equity.

Kids are taxed too highly, but you can still give them (I think) $700 ish each year. You can also have a company as a beneficiary, and pay only 30% tax. yes, you’ll pay your…[Read more]

Hey Rags – is that how you are achieving? [] LOL

Jackie, you could do as MiniMogul has done, and buy 4 or 5 properties in NZ, that will provide a nice positive cashflow?

Once you’ve got that income happening, you might then be able to get some finance against them.

Or search for some here in Aus that are in the cheaper price ranges that are…[Read more]

Hi Diane

On a 80% of value, the bank should lend you $72K. Oops, just noticed I said $82K in my first post.

So the $12K would be what you could get from them, less costs of course. It may be enough to purchase a property worth about $50-60K, but you might need to put in some of your own money if you want an 80% lend on a higher valued…[Read more]

Hey SIS, I don’t see how that can be true for yours? surely you should have many loans etc. listed? What’s the go?

Cheers
Mel

I would say that it is a ‘capital’ cost, and therefore only deductible from the sale price when you sell – and seeing as no property was bought, I still think the answer would be no. Along the same lines as a trip to purchase an IP is not claimable – unless it is your ‘business’ – and have fun convincing the ATO of that!

Cheers
Mel

Brandon, the CGT will be calculated pro rata based on the time it was a rental vs the time you lived in it. It may not be worth it. Guess it depends on your financials, and where you are living now etc. etc.

Cheers
Mel

John, it depends on what sort of trust.

Family/Discretionary trusts cannot distribute losses. HDTs can if they have issued units, but not if they are acting as discretionaries.

Unit trusts can distribute losses, although I think technically you borrow the money to buy the units – or some such. Check that out with your accountant.

Cheers
Mel

I think that really depends on which country you want, as each country seems to have different structures available.

Cheers
Mel

1. Absolutely you will need to count the interest on ALL borrowings.

2. Steve and Dave did a lot of Wraps, and so got deposits from their buyers, which helped to fund further purchases.

Cheers
Mel

Hey Philip

Where’s that from?

Cheers
Mel

Ken, a lot of what you two are discussing is personal preference.

From a pure $$ point of view, I think you can probably rent a house for less than it would cost to buy that same house in Sydney.

If you did go down this path, then the money you have could definitely start your positively geared portfolio, which hopefully would go some way…[Read more]

Ozboy, you can edit your posts if you are logged in. You can edit or delete. It’s at the top right of your post.

Cheers
Mel

No probs Chan$.[] We only signed up on the interest free deal – paying monthly. We couldn’t have afforded it all up front either. However, we justified it to ourself by saying if we learnt enough to do one good deal, we would have more than paid for the course. We did a couple of good deals, and one not so good, but we still came out well in…[Read more]

Clay, Are Option contracts similar to flips?
Short answer – No.
Decent answer.

Flips are a strategy of buying and selling prior to you having to settle. This can be done with a standard contract, or an Option contract.

An Option contract is a device that may help you avoid double stamp duty if you intend to onsell. The other reason that I like…[Read more]

OK Jack, I guess I understand a bit more of where you are coming from if you paid up and have recieved ’nuff all.

If you are interested in seeing the DVDs PM me, and we could perhaps come to an arrangement.

As James said, there is good info, and if you take on board the info, and ask ‘HOW can I do it?’ and ‘Do I REALLY want to do that particular…[Read more]

If you go to borrow the money agains the property, the bank will probably want a new valuation before they lend it.

At 90, a bank will happily lend $82K. You could use this extra to do the carport etc. and/or use what’s left to put down the deposit for the second IP.

Cheers
Mel

Celivia, I don’t know. I would think not, but the best person to ask is an accountant or the tax office. Friends will only have opinions, as I have []

Cheers
Mel

Bruce Whiting, from the Mint Group.

http://www.mintgroup.com.au

Cheers
Mel

SIS, you come back and say that you don’t care about the asset protection after you have been sued!!

Public Liability should/will only cover you if someone is injured on your property. There are many other reasons soemone could sue you. You could be in a car accident, etc. etc. etc. ad infinitum. If we become more like America, there will be a…[Read more]