Forum Replies Created
Sorry BGN quick question.
Can we assume that your organisation holds a Real Estate Agents License in each State that you promote these properties in ? It is just you mention that your commissions on NRAS are structured the same way as your other property.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Have you consider providing some form of Vendor Finance or second mortgage carry back?
Might open up a different category of potential buyers.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Mick
That's the million dollar question and something i guess we do for a living.
Trust me your average Bank will have no idea and even if they did it is not in there interest to protect your position.
Most Bankers have cross collateralising your loans as part of their KPI performance indicators (Trust me i have been there and done that for a very short time when i arrived in Oz) and their bonuses are based on how much of your security they can tie up.
I built my portfolio on a mixture of both positive & negative but now thanks to good capital growth and us paying down the majority of our debt they are all very very much positively geared.
Drop me an email and i can send you an article i did on cross collateralising and the reasons why you don't want to go that route.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Claimed proportionally from the date the property became available for rent.
As Derek said the form is fairly easy to complete yourself.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Future, the August edition of Australian Property listed the Top 100 Australian suburbs and cost $8.95.
Might be worth a read.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Totally agree with the others.
Still have Richard Lipsey's Mastering Economics book i studied for 3 years.
It is 5 inch's thick and all we use it for know is a door stop.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Terry, i hear the waiting list is a long one to become a Tenant.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
If you have booked in to see an Accountant he is probably only going to charge a hour or so for doing the Tax variation so i would get him to do it for you.
At least start yourself on the right track but remember you need to do a variation each Tax year.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Each Council will have its own professes, fees and charges for such activity.
Brisbane like many Council's allow Private Certification so why not just give a surveyor / town planner a call and get them to give you a quote of the costs involved in the area you are interested in.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
If i fall on hard times i am moving down to Vic and renting one of Jac's properties.
She sounds like the dream landlord.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Mick
I have to say i couldn't disagree more with the Margaret Lomas recommended set up and loan structure but in saying that i am not a fan of cross collateralised loans.
Why give lenders that much control over your portfolio.
When they decide they don't want to led you any more money then 'here endith your investing',
I started building my portfolio in 1996 and certainly not every property was positively geared.
Structuring your lending correctly from day 1 will put you in the best position to go forward and acquire multiple properties.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Smart the NAB Choice package is par for the course.
Personally i don't like to recommend the IP loans are with the same lender you hold your PPOR.
Even if you do go with NAB make sure they don't cross the loans as they will certainly try to.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
If you mean the Depreciation then No you don't pay that back but if you mean the Capital allowance claim then the cost base is reduced by the amount claimed.
i.e purchase price $300K and you have claimed 10 years worth of Capital Allowance at say $40,000 your cost base would be reduced to $260,000 for CGT purposes.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Trust me gives you choice but that's about it.
The choice to go away where and within reason when you want to. (Ignoring kids being at school, their friends etc etc) to shop where you want and freedom but you can get bored very easily doing nothing when everyone else is doing something.
What you normally do is after 6 months of doing nothing is start your own Financial Planing / Mortgage Broking business and try and help others to achieve financial freedom through property. You then end up working harder and longer than you did prior to before you were retired but i guess the difference is you tell yourself you can enjoy arguing with Banks all day long.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Songrad
Yes certainly for the year going forward.
Why wait until post June 30 2013 to claim your deductions.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Jannazo
Wow sounds very expensive to me and cant see why it would that more complicated than the average SMSF.
Then of course you have to find a lender that will lend to a SMSF for a NRAS property.
They are around but they are not thick on the ground.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Agree Fatman love the Hunter.
Just about to list my mother in laws property in Merewether.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I don't think there is any issue in rushing in as long as you have performed your due diligence on the area before you do.
Check out the August edition of Australian Property as it had their top 100 suburbs around the Country.
Thee was from memory a few suburbs in the top 20 in WA.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Bruno
Remember you need an Accountant that suits your investing so if you decide to set up a SMSF choose one that can Audit the Fund at the same time.
Not all Accountants specialise in all areas of investing.
For the right advice it might be worth travelling as the cost of the trip could be Tax deductible.
That's why i have mine located on the Gold Coast !!!!!!
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Agree with Terry.
Spent a few hours with a Barrister many years ago over the weekend of the NRL Grand Finals and he charged us $17,000 for his time. Thankfully the project earned us 10 x as much as his costs but still not a bad hourly rate.
Think twice.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
