Forum Replies Created
Anyone who sets out to commit a crime like for example bagsnatching should, if death is a consequence of the act, be held accountable for a murder rather than manslaughter.
Even someone with half a brain ought to be aware of the possible dangerous consequences of their proposed crime.
Idiots who commit such acts should get life and not just get off on a 3 or 4 year sentence
‘because it was an unintended accidental outcome of their smallish crime’.Society is just too lenient. Steal money and you get ten years, kill someone and get off with 3-5 years.
And do-gooders, please spare us the usual excuses about the person’s disadvantaged childhood.
Pisces
Dear All
Such top quality info, and so much to digest!![cap]
I’ll speak to our friend, explain the ins and outs of all your replies, and keep you posted.
Once again, thanks BILLIONS!!
Cheers
Greg FFor heavens sake Kay, I was joking just as George was.
Pisces
>>I have just recieved an email from a company called Contrabart, they have approached me about purchasing my property.
They mentioned a deal of 80% cash and 20% trade dollars.<<I have just had a rather disturbing thought.
If what Ginamarree says is to be taken literally i.e. that it is Contrabart which actually wants to buy your house there is big danger.
It looks like a good lurk to me.
How are we to know whether the people who run Contrabart (or any other such company) aren’t printing some free money for themselves thus allowing them to purchase property at a discount ?
Mysta, any comments ?
Pisces
Wow, a 7% fee. That is a lot more than credit card companies charge.
It may perhaps be a better idea to see whether you can trade in something else when you buy or sell.
Pisces
I have no idea what exactly is contained in the wrappack (Steve hasn’t given me one yet so I really am not in a position to recommend it as yet [cap] ).
If what you are referring to relates to keeping track of the rent (or ‘occupation fee’ if that’s what you like to call it), I cannot quite see that using accountancy software is required at this stage (unless one has quite a number of properties to keep track off).
If it relates to issuing notices to the occupier
it is (in my opinion) better to let a solicitor handle that.At least when someone receives a letter from a solicitor they are more likely to take a lot more serious notice of it.
Pisces
In your particular situation I cannot quite see why you would make it so complicated.
If your mother simply borrows some money against her house and lends this to you to assist with the deposit then you will avoid stampduty having to be paid twice. Once when your mother buys, and again when the property is transferred to your name.
If you are a first homebuyer there may even be no (or a lot less) stampduty involved and you will at least avoid the stampduty otherwise payable by your mother by leaving your mother out of the picture.
It would however be a good idea for your mother to have a proper mortgage arrangement drawn up so she is protected (remember, anything can happen).
After all, it is only fair for your mother to be protected. You wouldn’t want it any other way anyway would you now ?
If you and your husband are entitled to the
$ 7,000 government grant it means that you really have already got a deposit of $ 15,500 to start off with.Regards,
Pisces
>>You can wrap anything<<
Yeh, my wife always wraps my lunch for me. [fez]
There are many ways in which people approach vendor finance.
They load the selling price, they charge a premium on the interest rate, some do a combination of both of the above. Other arrangements may involve having a balloon payment after a number of years (which basically forces the wrappee to refinance – let us just hope that the property has gone up in value.
Others again have a scheme whereby the wrappee occupies the property whilst paying a higher than rent occupation fee with the wrappee, after a number of years, sharing the ownership of the property with the wrapper and the wrappee, after
a predetermined number of years, having the choice to either pay out the wrapper and become the owner outright or the property being placed on the market with the profits being shared between the two parties.Hope this helps.
Pisces ( a non-wrapper though it looks like that will be changed shortly). (You all have finally convinced me [fez] )
Hi Glenn,
Cannot say that I have run into any Namibians though there are quite a large number of (white) South Africans living in Sydney (which appears to be their favourite destination).
Many have done very well here in business, some of them have even managed to create big empires.
Basically, I would think, because somehow they were able to bring money with them (which makes it so much easier than having to start from scratch).
Many of the African countries don’t appear to allow money to be moved out.
I have heard some amazing stories about that. People who have worked hard all their lives, providing employment for many people yet not being allowed to take more than a paltry sum of money if they decide to move on.
One party decided to solve the problem by smuggling out gold by exporting ladies clothing on metal hangers which actually were made of gold with a layer of zinc on the outside. They were caught !!
What is the situation in your country ? Free to bring money out ?
Regards,
Pisces
Be carefull. Someone listed as a member may not accept more than a small number of trade dollars on a particular purchase.
The tax situation also looks a bit complicated to me. I don’t think that the taxation department will for instance allow you to pay your tax in trade dollars. [cowboy2]
Pisces
>>Just think of a wrap as selling a house with a 30 year settlement<<
It doesn’t have to be a 30 year contract of course.
If you select the right kind of buyer they would able to obtain finance from a mainstream lender (like a bank) within a couple of years if they happen to have a default which presently prevents them from obtaining a loan immediately and provided such a default will be removed from their credit file within that period of time.
Another type of wrappee may not have sufficient deposit to obtain a loan though, after some time has elapsed during which the property’s value may have increased, they may be able to qualify for a loan from a bank.
It is very important, the way I see it, to be very selective with choosing your wrappees as at some stage the mortgage insurers will limit the number of properties you can buy by applying a cap on the maximum loan amount they would want to be involved in with you.
If you find yourself in such a situation there are two solutions :
1. to get one or more of your wrappees off your books (and at the same time thus realising your captive profit) so as to make room which enables you to make another purchase.
or
2. to obtain a loan from a lender who doesn’t use either GE ot PMI as a mortgage insurer.
Pisces
Waz11, I suggest you go and see a solicitor who is familiar with wrap contracts.
One such person is Mr Cordat who, I think, trades as Cordato Partners and who has an office in Barrack st, Sydney.
I understand that he has prepared contracts for several of the big wrapping boys.
If you go and see him with the details he will prepare a suitable contract for you.
Make sure you ask beforehand what the costs are if he were to act for you.
I would be very hesitant using a solicitor who doesn’t know the first thing about wrapping unless of course you can supply him with a sample contract.
Pisces
Hi George,
You said : “im not Steve but maybe I can help – just send me that urgent email and i’ll see what I can do………….hehehehehehehe…………….”
I can hardly do that now can I considering the fact that my complaint was about you. [cowboy2]
Pisces
No offense PurpleKiss, I just don’t like the colour you used to dye your hair.
I liked you much better when you were a redhead.[inlove]
Pisces
>>If you look around you can pick up houses for free! Its the transport and relocation process that’s a killer! Reconnection of plumbing, power site cost etc.<<
I happen to disagree with you there Mysta.
When one wants to shift a house one has to be rather selective.
You don’t accept a house just because it is free. There is a reason for that house being free, the reason being that in all likelyhood the house is too old to be any good.
What is the good of shifting an old house if it is unsaleable ?
If I were to want to do such a project I would be looking for a house which is a modern house i.e. not more than say 20 years old.
One quick way to judge is to see whether the house has aluminium windows. Also a garden tap often carries a year stamped on it so that will also help you to decide the age of the house.
A brick house of course isn’t suitable as it cannot be shifted.
Yes, it does cost perhaps $ 30,000 to shift and thence you need to get a bricklayer in, and a painter and a carpenter and possibly a rooftiler and certainly a plumber.
So the total cost is going to be sizeable.
However, it gives you the opportunity to get a lot more bang for your money than having a new house built. If you are smart you only select a house if it is quite large.
Pitfalls ?
Plenty. For one thing, is the housemover experienced or will he take your money and leave the house sitting on the road halfway between the place where it came from and where you want it to go.
Or he may damage the house during transport and the risk is yours !!
Other pitfalls are that not every house is suitable to be shifted and then there is the fact that one also needs council approval.
It definitely is a good way to get value for your money though it isn’t easy to find a suitable house.
I would expect to pay up to $ 7,000 but only for a good house !!!
Pisces
Steve McKnight
I sent you an urgent email tonight.
Unfortunately it finished up at [email protected] and, as you are aware, that email will not be read under your present system.
If you aren’t able to recover this particular email would you please contact me to supply me with a different email address so that I can resend this urgent email.
In any event, please let me know whether you have been able to recover it.
Regards,
Pisces
Hi Just Allen, Derek and all
You guys are amazing. I really appreciate the quality of the information you’re all providing. I’ll pass on the Qld info to our friend, and let her choose what she wants to do from here.
I’m still hanging out for some comments about the type of legal structure we follow (as per my previous posting) if we continue to set up a “partnership” (probably the incorrect legal term) and start by investing in a modest IP
Cheers
Greg F
CheersGreg
Hi Greg,
Ooops – Should have been ‘Home Start’ – some state governments have a home ownership scheme that may apply to your lady.
As I said somewhere else First Home for me was a long long time ago, and kids are not yet old enough to own house so the detail is but a ‘blip’ on my investment/home ownership horizon.
I am a little confused now – initially I thought you were wanting to wrap ‘her into a house’ (Is that a suitable description?) but now I sense you are wanting to create a business relationship with her joining you as a wrapper.
Once again I am on shakey ground but Centrelink have fairly rigorous (well I hope so as a taxpayer) checking processes which include both income and assets thresholds at levels determined by the ‘pension’ in question.
I wonder have these issues been fully explored and the possible ramifications been fully (and carefully) explained to the ‘lady’?
Sure, we (those on the forum) can appreciate the advantages of not being reliant on a ‘pension’ but here I suspect we are talking about someone from a very different generation who may fear being without the certainty of the meagre pension she is currently getting.
That’s about it for me – wrapping is another ‘blip’ not on my horizon.
Derek
[email protected]
************************************Hi Derek and ALL
Thanks for your comments on the impact of buying investment properties on our friend’s Single Mother’s Pension. We’ll research the limits and make sure we keep within them.
My wife and I have a genuine desire to help our friend. We made it clear that we would help her wherever we could, letting her choose either to:
1. Buy her own house OR
2. Go into a Joint Venture/mini-partnership with us buying an investment property, ploughing the +CF profits back in to save up for our second joint purchase (my wife and I already have 16 properties, so we’d keep investing in our own right as well as cutting this win-win deal).When my wife and I spoke with our friend she made it clear that, although she’d ultimately like to own her own house, she’s happy to wait and continue to enjoy her Rent Assistance until her financial position is stronger. In other words her first preference is to invest a small amount of her $20,000 and slowly build up her real estate equity, now she knows she can buy any number of IP’s and still qualify for the FHOG.
Can you tell me what sort of LEGAL STRUCTURE we should look at if we’re going to start by jointly buying our first joint purchase of a modest IP around $60,000 in WA.
Given that my wife and I would be providing the bulk of the money, it can’t be a 50/50 partnership (more like an 80/20 partnership), and I’m unclear whether “partnership” is the correct legal term/structure.
If we want to cut an 80/20 deal, given that we’re not yet ready with a Family Trust, nor do we have any experience with wrapping (that’ll come in time) what legal structure should we explore? What other problems do we need to guard against to ensure genuine win-win outcomes?
I hope I’m being clear enough with the question I need help on:
Q: What legal structure should we explore?Cheers
Greg F
CheersYes it is a workeable strategy.
Pisces
I cannot help you to website addresses though I can tell you that the Australian Bureau of Statistics collects (and distributes) such information.
Usually there is a charge for a report.
Nevertheless, you can go to the office of the ABS in the maintown of your state and read the reports free of charge in their libary.
Pisces
