Forum Replies Created
I guess that’s one way of putting it SF. Although if you start up the trust by transferring/gifting/selling a lot of assets to the trust it may have cashflow from day one…..
Cheers
MelMalachii/Yack
There MUST be other companies out there that do this sort of thing – esp seeing as I got a letter in the mail last week from someone I refuse to pay (NII – Henry Kaye) saying that they were going to send a collection agency round…..
Maybe if they do contact me I’ll put their details up here? Depends how good they are of course[biggrin]
If you do a google search it should come up with some?
Cheers
MelHiya Gatsby
Guru is o/s for a couple more months I think! Family weddings or some such, plus a long holiday. He occasionally pops in though, so he might get your message…
With regards to solicitor, the only thing that you may need them for is to explain the mortgage docs to you, but I think your broker (if you use one) or yourself easily enough could read through them for the fine print.
I’m doing well. I hope your job isn’t still as wearing (fat chance I guess[biggrin]).
Cheers
Meldaaussie, can’t help too much except to say that Martin Roth and Chris Lang (?) have recently released just about the only book I’ve seen on commercial property. Maybe it would clear a few things up for you?
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MelMichael I disagree. Tony’s six needs are quite different to Maslow’s hierarchy of needs.
I would also go so far as to say that Tony’s ‘theory’ is not a ‘needs based motivation theory’
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MelDaniel, learning 30% from one of those courses I would have thought was really quite valuable, and possibly worth the price…
Unless you just picked a figure, and perhaps you only learnt a couple of things, and obviously they weren’t enough for you to keep the package and pay the dough[biggrin]
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MelWallFlower, I know of at least one forum member who asked a question about a service, and had a PM from another member offering his services. So it does happen, and it may not necessarily be the people who actually post on here. There are many members who merely read and do not post, and may well be approaching others soliciting for business via PMs.
Hasn’t happened to me (yet) though.[thumbsupanim]
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MelHi all
I can’t see too much that is wrong with the deal Stu outlined. The investment loan is at standard rates, and the non deductible debt is at what I guess you could call a honeymoon rate. I think that’s easy to justify.
It’s the ones where the IP loan is inflated – to 8% vs 4% for the non deductible debt that I don’t believe would pass. How could you justify 4% on a stand alone basis? You can’t – not from a major lender in this climate…..
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MelClinton, I’m not a broker, but from what I’ve read on here and other places, Lo Doc loans can be quite competitive, sometimes lower even than standard variable. Contact Simon – he’s excellent![specool]
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MelOriginally posted by kay henry:
What if I end up signing up for a 5k super secrets of the super rich course??Kay, I reckon you’d be safe – i think the course cost is $6 or $7K!!![biggrin]
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MelHi Richard
Thanks heaps for that – I think that statistic is a real credit to your organisation and how you guys process applications etc.
What a shame I saw that you’re not looking for any more investors[glum2]
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MelRob, I would argue that it does have to be a split, not just for your accountant.
If you are paying extra off the loan (even P&I means paying extra), then the ATO (so I believe) will see it that you are also paying down the IP portion too.
ie. if you have $90K owing, borrow $10K for the deposit, with a split you would have the two loans, and pay extra off the $90K portion. If it is not split, and you pay $1K extra in, the tax office says you will have paid $900 off the PPOR, and $100 off the IP bit. Nightmare, and certainly not what was intended….
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MelSIS, I think the odds of St George being taken over were NAB about 2 years ago (?). I bank with St George, and was talking to my manager there then, and there was some restriction in place until mid year (maybe 2002, my memory is fuzzy) such that no takeover until after that. He was fairly confident that it would be NAB, but then things happened with NAB, and maybe St George is safe now…..
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MelSonja, I don’t know anything about leasehold land in Aust other than in the ACT.
Do you know who owns the land? I’m guessing that it only has potential to become yours, if the owner is willing to sell it. they may not be, they may like the income (?) they are getting by leasing it (do farmers do this?)
In regards to buying it, I guess you would be buying the improvements only, and paying rent for the land. Once the lease is up, you may have to take the improvements away – so if it’s not a long lease, or won’t be renewed (or sold to you) I would be wary….
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MelI thought it was quite common for businesses to be sold in this fashion? So yep, it’s a goer if the buyer/vendor understand and see the benefits to themselves…
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MelNewgen, I don’t think they are ‘defined’ seats, so you might be able to pick another one up from the organisers?
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MelNegative gearing can have NO limits, IF you are able to access the increased equity, and invest in other options that return good cashflow – like Mezzanine/2nd mortgage funding etc. etc. Or perhaps into share trading or some other strategy.
That’s how I’m working it anyway – I had a thought to find CF+ places, but they’re a bit more work, and essentially I am a very lazy person[thumbsdownanim
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MelHi betterlife, welcome to the forum
I agree with Athena that you probably shouldn’t make any decisions quickly. If you sell for $250K you are looking at a big loss when taking into account purchase/selling costs etc.
If you can rent it out for enough to keep paying your ‘loan’ off, then do that for a bit. If you pay the same amount of rent where you are going to live, then you are probably in the same position as if you were staying in your place. If you pay less for rent – you are in front[biggrin].
But either way, it’ll probably give you breathing space to make a decision. Who knows, you might decide that having an IP is great.
Regarding Centrelink, Marc1 has made some good posts about benefits and limits and stuff – I think he works there and knows who to talk to. Maybe contact him or have a look for some of his old posts before making final decision.
Cheers
Mel1Hot, I never discount others opinions/strategies, but I would advocate not to sell (personal opinion of course).
Chris, do you wish to get into property investing? You are in an awesome position to do so if you do.
The one thing that will be involved is CGT if selling your house – unless you lived in it first, and have been out of it less than the 6 years. It sounds like that could be the case, so selling might be the go – although check with your accountant as I’m not sure how the demolish and build scenario would affect that?
If you don’t want to return to Sydney, then maybe you are best to sell, and buy the house you want in the sun, and maybe invest the rest into properties that will help your cashflow in retirement. Perhaps also up in the sun, rather than in Sydney if you don’t wish to return there, or hold any property there.
Cheers
MelDoesn’t the State Gov keep stats on the average results for the QCS?
In ACT when our HSC equiv results come out, there’s always a graph produced in the paper showing the averages, the tops and bottoms etc. etc.
Cheers
Mel
