Terry, I think you might find that there will be a summary sheet in future versions.

I massacred Fudge’s spreadsheet and sent it back to him. Part of that included a summary, but we have to work on making it so that it works for everybody. Because Fudge’s strategy is quite not unique, but not ‘universal’, we need to have a think how to accomodate others who have a different strategy.

If you and anybody else want to give examples of what should be in the summary page, I’m sure Fudge would be more than happy to look at it.

Cheers
Mel

At about the time my sister and her husband were buying a PPOR, my folks were looking to buy a house on the South Coast – their ‘retirement house’. I tried (in vain) to get my sister and her husband to buy the one down the coast, and my folks to buy the one they wanted up here.

Even did heaps of numbers (i’m a numbers person) for them to show how much better off they would be taxwise, and how much quicker they could pay the house off, but no, brother in law wouldn’t be in it.

Funny that the house my folks bought has gone up (conservatively) 250%, and my sister’s house almost 200%.

Cheers
Mel

Hi Richardo, welcome to the forum.

I would suggest that the first thing you do is sit down and write out a plan for yourself. Work out such things as the cashflow you want per week/month etc. Then work out how much equity you want, how much cash etc.

Then start talking to friends/family who might be interested in investing with you.

Cheers
Mel

Andrew aka RentMaster

Your apology is accepted[]. I only hope that you have to retract it next weekend.[]

All I can say is – ‘go you good th..’, no, I mean ‘go the southern hemisphere'[]

Cheers
Mel

Yes Pebbles, definitely try to hold for 12 months. If you sell for less than that it’s not acutally CGT, it just gets straight out added to your income. Ouch![]

Cheers
Mel

Hi C2

I think that’s where we see the beauty of trusts!![][][}][]

Basically, the Taxman says you owe me $x (or more likely $xxxx[!])! You say – I don’t have it! You do not ‘own’ the assets in the trust, they are held for the beneficiaries (as long as you aren’t the only beneficiary). As the trustee has discretion (discretionary trust only, not unit trust) as to who gets ANY money at ANY time, you cannot count on receiving any income.

If you have to go bankrupt because you cannot pay the taxman (which is something to avoid if at all possible), then for whatever period, make sure that you do not get any distributions, as part of that income can be taken by creditors during the bankrupt (non discharged) stage.

The taxman becomes just like any old creditor.

Cheers
Mel

Hi C2

In regards to the taxman deciding not to sue, and just ‘going away’ I don’t believe that he (it must be a he!) works like that.

The taxman will assess/audit you, and if they say you’ve done the wrong thing, they will impose a penalty. I do not believe that they care whether or not you have the money to pay it back, or if their penalties will send you bankrupt[xx(] (it is a government bureaucracy after all!)

They just say, pay up, and if you don’t, we’ll charge you penalties of 11 or 12% until you do. I’m not sure how long they then give you if you haven’t got it.

I hope I’ve answered your question, if not, post back.

Cheers
Mel

Towlie, it depends on what you want to achieve. If you are going to be buying lots of properties, I would seriously consider your structures – ie are trusts going to be good for you etc. etc.

If you have a discretionary or hybrid trust, you can both be beneficiaries, and decide who gets the income at tax time. You can also add any kids as and when they happen – makes it easier in the future!!

If you’re not ready to go the trust route, put it in your name – your positive properties should cover any loss (hopefully).

You could do Tenants in Common 50/50 if you wanted to as well.

Cheers
Mel

Don’t forget yours Muppet – at 259!! And I think the 15 should be 51, or 52 now as Castle has obviously posted again.

You’re right though. It’s quite interesting that only senior (with respect to no of posts, not necessarily knowledge!) people have posted (with the exception of the ‘young at postings’ Shaun and Castle.

Cheers
Mel

Hi all

With regard to Foxtel, I would consider paying the ‘install’ fee, which basically allows it to be wired up to your house – and stays with the house, but for the actual subscription – if the tenant wants it they can pay for it.

We have a unit in a block of 119 (actually it’s four blocks with a courtyard in the middle) and the quote from foxtel to make it accessible to individual units was something like $80K! Thankfully the body corporate agreed that not at this time!

Cheers
Mel