Hi Hengjin

We have the Massive Passive Pack and I'd probably go with it as it has the most up to  date information.

If I was starting out into Lease Options and Sandwich Lease Options, I'd be after the most comprehensive, Australian based, reference resource I could find.  May I suggest you have a look at what else is is available.  So far I haven't found anything that compares but you may   I hope this helps.

Cheers,  Paul

Hi McHenry

We've found both Steve's Wrap Kit and Rick's Wrap Pack to be excellent resources. I guess we're biased towards Rick's product because that's what we started off with and we've stayed with Rick as our mentor now for 5 years.  However if you're being offered Steve's Wrap Kit second hand, I'd advise you to grab it, if you a serious about getting into Vendor (Seller) Finance.

Both resources have comparable information. Of course there are a few small differences, eg. property first or buyers first, but these aren't too important when you're first starting off. I guess the greatest challenge with the Wrap Kit, is that Steve's not selling it anymore. Quite a lot of promotional information on the Wrap Pack is available at
http://www.marketerschoice.com/app/?af=751132

We have about half a dozen lock boxes.  We find them invaluable for showing properties, i.e. we sit on the balcony, enjoying a coffee and the property shows itself.  So far, nobody's stolen any of the houses or anything in them   I hope this helps.

Cheers, Paul

Hi David

There is a line of legal opinion that goes; if you or any entity, has a legal interest in a property, then you or the entity have the right to sell that interest.

There are lawyers in each state of Australia that specialise in this area of property law and, depending what state you're in, I'm sure there are people on this forum that can direct you to the approriate solicitor.  Good luck.

Cheers,  Paul

Hi Jayman

I agree with Scott, i.e you are liable to pay stamp duty on the option consideration, not the strike price.

As regards your business idea regarding options, you may find this thread interesting:
https://www.propertyinvesting.com/forums/property-investing/general-property/4324130

Cheers,  Paul

Hi Jeff

We're over on the East Coast and we still use Warren because he's excellent.  His details are:

Warren Black
Level 18, 152-158 St Georges Terrace
Perth WA 6000
Tel:  08 9288 4596
Fax: 08 6270 1000
Email: warren@taxintelligence.com.au
Web:  http://www.taxintelligence.com.au

Cheers,  Paul

Hi Watson & Richard

I'm currently in the process of getting a low doc from RAMS.  Unlike my previous low docs with the old RAMS, the new RAMS is insisting that our ABN, that must have been registered for two years, must also be registered for GST.

With such a competitive product, I can see that a lot of ABN's are going to become GST registered

Cheers,  Paul

Hi Barts78

I have to agree with units4me wholeheartedly.  I also thought how much I enjoy having my property managers to deal with such "interesting" requests, without me knowing anything about it

Cheers,  Paul

Hi Paul

$400 per week = $1,733 per month,  If you use a property manager, lets say, less 8% = $1,594.  Less costs for insurance, council rates, water rates and maintenance = $???.  But because your question is about negative gearing, lets keep your figures as you mentioned.

Let's say your accountant works out that you have an annual loss on the IP of $10,800, i.e. $900 per month.  This $10,800 loss reduces your annual taxable income by $10,800.  Now depending what marginal tax rate you pay, your tax bill will be reduced by what you would normally pay on $10,800.  If, for example, your marginal tax rate is 40%, you would save $4,320 in tax payments, i.e. 40% of $10,800.

There is also a way of getting this tax saving each month but ask your accountant about this.  Good luck.

Cheers,  Paul

Hi Tony

Yes we also use Loan Alert for second mortgage carry backs.  It works well.

Cheers,  Paul

Hi Tony

We use LoanAlert for our Instalment Sales Contracts but it's not really suitable for Lease/Options (Rent To Owns).

Just about every property manager has specialist rental property management software and should be able to handle a Lease with an Option.  However there are specialist property managers for Rent To Owns.  One we know, whose been doing it for a long time is:
Joseph Scarcella
0408 423 885
http://www.primerealestateagents.com.au

I'm sure there are more and the other vendor financiers on this forum will be able to recommend them but Joe is easy to talk to and should be able to head you in the right direction.  Good luck.

Cheers, Paul