Forum Replies Created
Cheers
Great, well it seems like a good idea to me. Thanks for your help Terry.
True. I would certainly use a conveyancer and could ask them. I never thought of it like that. I could get them involved earlier than I might usually.
Thanks for the responses.
The properties are in QLD so it would fall back on finance I would assume (without any other clauses nominated).
Although not sure if you could just pick which property you want to get in such a circumstance and then consequently turn down the other properties on the basis of not being able to get finance.As for the people being effected, I suppose its a point of view, I would see it as more of them at least having an offer for a potential sale than no potential sale.
I would like to get legal advice but I’ve obviously got to weight up the cost in doing so.
Wow thats great.
Thanks for that!
Brilliant. I do actually understand it a lot more now.
Thanks very much for your help.
Thanks guys.
I can certainly see the pros and cons more clearly now, thanks for the summaries Terry.
I find it hard to understand how you can control a company but not own it though.
For example if the properties are owned by a company, someone (or some individuals) must then own that company in turn.I have a few properties in my own name and was just wondering about the cons mainly. But I think the pros of owning in my name suit me more, at least at this current time.
That and the whole controlling a company and not owning it confuses the hell out of me.@mattsta Yes that’s correct. Like a company, but probably more with a bucket trust company attached to it to reduce exposure/risk.
I really don’t know too much about it I’m mainly going off memory form a fair while ago. It wasn’t until I heard it at a property seminar again recently that it got me thinking.A few public speakers I’ve listened to recently, like Dymphna Boholt. I also thought it was something I read in one of Steve’s books.
Nice thread.
I have owned one of my properties now for 6 years now and I understand that as it was my principal place of residence that it is CGT exempt for this time.
(Although perhaps not the first 11 months as it was rented when I purchased it and didn’t move in until after that, just a side note not the point/question).I have heard that this 6 year period is renewed if you move back in. Is this correct and how long do you have to re-occupy the residence for?
Same (similar).
Would be great if there were a thread on here regarding accounts who specialize in property????
I’m not in the same area, currently Sunshine Coast, QLD. But it shouldn’t matter too much where your account is in Australia as tax is predominately at a national level and not state.
Especially when you’re investing in multiple states.Thanks again.
Conferring with my professional body is definitely something which I will consider. I should have probably mentioned I am only a technically a graduate architect at the moment as I haven’t registered and I work for a firm.
The Strata Search sounds like a good idea and something I will most likely do. I may see what the Real Estate agent can supply me with first.
crj in response to the “lay people” term I couldn’t think of a better place to ask such a question. As most of the people on these forums seem to know what they are talking about, but more importantly actually have experience (and are doing etc).
It sounds as though my only issue MAY be surrounding my professional body and any regulations they may have. (Although I personally at this time may not be obligated in anyway.)
Thanks for the input guys.
Special levies is a good point. I am only accustom to body corporates with 80 or more units so I have never really seen high levies.
Ill just have to hope that special levies for a block of 8 units isn’t or wont be too excessive and that most of it will come from the sinking fund?
Information I can probably get before the purchase?
Hi Dave,
I would be interested to know how things turned out for you with this property?
Thanks,
Ollie
