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Hi all,
Update: I have taken some advie & increased the offer. The problem: I still couldn’t get her to answer my calls, so I sent her a text message offering her $1000.00 to move by 20 December (I even made sure by saying 2004!) She has now responded and she is pretty much out of cash leading up to Christmas, as well as being 2 weeks behind in her rent. Needless to say my offer was somewhat perfect timing. She’s going looking for a place tomorrow (now that she takes my calls) and we’ll sort out the details as we go. I’ll keep you all updated.
Thanks again for the help, thoughts & support.
Cheers,
Nath[biggrin]Ienz,
You’ve misread the topic. I’ve purchased a property to renovate & sell. To generate cashflow, to buy longer term assets. It’s somewhat difficult to renovate with a tennant in the unit. I was asking for any advice (yeas legal) to get her to leave.
Tennants are great, for cashflow investing, I’m trying to build a cash base to purchase more property. Chicken & the egg.Cheers,
NathHi All,
Just a thought, but we have them from time to time. How about the best of both worlds?
Buy the property in a trust (with a corp. trustee. The trust is to be discretionary make sure of it). One of the benficiaries of the trust could be a company.
The method in the madness- By distributing profit (a trust “must” distribute all profit) to a company you enjoy a flat tax rate of 30%, plus franking credits, plus the flexibility to distribute elsewhere (people), should circumstances permit.
The one catch is in a “closely held group” there must be a physical cash must flow. Not just an accounting adjustment. However this can work with a loan back to the trust (from the company). Inerest bearing.
Ok from here on I would say you’re armed with the right questions and thoughts, go find an appropriate accountant(s).
Please don’t forget, you are taking on a project that has BIG tax saving if done correctly. Pay an accountant, we’re worth the 6+ years we studied for. We don’t just charge heaps for the fun of. Last peice of advice, use the service wisely, they are your advisor, not your book-keeper. Keep smiling and good fortune.[biggrin]Cheers,
NathLifeX,
Just for those reading this topic literally. I WAS KIDDING. Option 3 will alway end in tears, generally not the tears associated with joy either. [cry]
Cheers,
NathHi all,
Again, thanks for all thoughts.
LifeX. The next one was done a lot more smoothly (paid the owner $2750.00 for 11 weeks of relocation costs) while we are doing the same. Paid by cheque to the agent (with receipt). Just about too easy.I guess from mistakes comes some form of wisdom. Not to mention the steepest learning curve of all. Lucky the stakes on the first one aren’t high enough to break the bank. Joint Venture, it spreads the risk.
Cheers,
NathHi all,
Thanks for your thoughts. It’s nice to know your not alone sometimes.
Here goes:
Immortality: Hmmm a little to time consuming one would think. Plus the loss of time (and $) along the way. The term runs out in March 05 maybe it’s easier just to sit it out, It’s just, time is money, and the rest we all appreciate.
Derek: Nothing, she’s saying the tennant has every right to stay, she’s on a fixed term tennancy. ie too hard.
LifeX: Nice thoughts, I’ve found it hard to sweet talk, when I can’t talk to her…. Option two in SA doesn’t seem to exist, as the tenant is able to stay the full terms. And well option 3 looks sweeter & sweeter by the day[biker]
Luckyone: The contract’s done, it’s signed sealed & delivered. However next time… It’s funny how much you learn when you make mistakes.[angry2]The one positive I found to date has been since I plan to move into the property, there seems to be a clause within the residential tenancies that allows (providing you can demonstrate it would create “undue hardship”) a landlord to terminate a fixed term tenancy. Any help with this would be appreciated.
Cheers,
Nath
