Forum Replies Created
Sure feel free to bounce the odd question off me.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Shawn
If you were in Brisbane and I had a bit more time on my hands i might volanteer.
Apart from the distance one question i would ask you if you were a student of mine is how do you think you are every going to do a deal if as you say you are broke?
Even if you use a Call Option on the property you are going to need good financial backing to achieve Title and be in a postion if needed to settle on the deal, pay the stamp duty, Govenment and Professional services fees etc etc.
The biggest deal we have done here in SE netted us $1.7M but i recon we needed to have on hand $250K to be on the safe side.
Whatever they tell you at a seminare it is not all roses and skittles.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Taxdiva
Yes as long as you have minimum 28% of the purchase price as deposit and sufficient to cover acquisition costs and sufficient income generated from employment / rent there is no reason why you cant be over and over again.
Course you do need a new Security Custodian Trustee for each property and that can get faily expensive.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Yes Title is the defining way to dictate deductions however it also dictates how the gains get apportioned.
We will assume that you want to do it that way for a reason.
Remember what looks like on paper a loss today can in 5 years be a substantial profit.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
As Terry mentioned a Trust structure is probably certainly worth considering especially if you intend to do it a few times.
We have many a client who do small development style projects and there is a couple of ways around it with the financing.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
arope,
Why not just contact Jamie who has already responded to your post and has considerable experience in the matter and get him to organise it for you. It is impossible for any of us to give you a recommendation without knowing all the pertitant facts.Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hey all
Downloaded Skyfire and all fixed.
Can get into PI.com from the Ipad.
On reflection still think the slightly bigger screen on the Samsung could have been the way to go.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Legal costs for the conveyancer are considered a Capital Item for CGT purposes however legal cost incurred for advice on the mortgage or loan documents are consider a borrowing expense.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Jamie
Yes Skyfire was the way I was going to go.After that i am told my 16 year old we will jailbreak it.
Sounds like an old 70's movie to me but i am told all good.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Matt
When i try to open up PI.com on the wife's new Ipad it says i cant open up the site becos i need Adobe Flash Player.
Then when i try and download Adobe Flash i am told that i cant download it for an Ipad.
Anyone used Skyfire and if so can you log into PI.com with it on an an Ipad.
No problems accessing PI Com on the Iphone but need my magnifying glass with every post.
Any ideas?
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Same seems ridiclous although i am no tech expert.
Thankfully i have teenage kids to help me with that.
Just a matter of finding them on a good day.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Ok thanks Terry.
Bought the wife an Ipad for our trip to Canada in a fortnight so she could Skype the kids.
Cant even get PI.com loaded in as it requires Flash and cant seem to find an acceptable alternative.
She wanted Ipad so it could go with her iphone. Wish we had gone the Galaxy route now.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Terry yes depends. We have rolled over a couple of nurses into SMSF (Suprised as Qld Health is almost broke) but teachers are a wee bit harder.
Public servants dont even bother.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
PFranky
It will vary from lender to lender. Some lenders will offer maximum 5 years other will go to 15 years straight off the bat.
In most cases we find that on expiry most lenders will roll the IO period over subject to satisfactory conduct and all other matters being equal.
Like everything there are lenders that lean towards investors and lenders that dont.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Not sure why you would want to suggest a client go lodoc when they have said they have 1 years Business Return.
Lodoc post NCPP is aimed at clients who havent done their returns not clients who cant get the numbers to meet lenders serviceability.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Terry he also has changed his name on a couple of posts hence i have reported the posts.
Me things Ray or whatever his name is has finger in many pies.
On a separate matter. How did you download Flash Player on your Ipad. Did you use Cloud or similar?
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Ray,
Registering for GST is not based on having an income of $75K + but having a Gross turnover of $75K+ and there is a big difference.Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Regretfully Terry even post Howards Choices legislation certain Governement employees are restricted and cannot set up their own SMSF and have their employer contributions directed towards their own fund.
Some employees allow you to transfer the majority of your Employer Super Fund balance to a SMSF and as long as you retain a minimum amount still provide you with related insurance benefits which can be cheaper than taking out your own.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Josh
Welcome to the forum and i hope you enjoy your time with us.
Hate to say a Financial Planner is not legally able to provide you with Credit advice unless they are Licensed to do so as this is the domain of us mortgage brokers.
Yes in the main when calculating your servicability a lender will take your net income and add upto 80% of the assumed rental income of the property being purchased. Then in turn they will subtract the interest they will charge you on the loan (usually calculated at a higher rate to allow for interest rate movements) other monthly loan / credit committments and an allowance to cover your general monthly living expenses.
This will indicate to the lender the amount you can borrow assuming everything else is equal.
By the way most mortgage brokers can provide advice by email and in fact i very rally get the opportunity of meeting up with my forum clients as most are inter or intra state or evern overseas.
Hope this helps.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Absolute pleasure Ben.
Great to have really nice clients like you and Jac on board.
Makes the whole job really worthwhile.In regards to IP 2 Ben some good regional buys around. Nothing to stop you thinking about interstate which certainly could be a wee bit cheaper than Qld at the moment.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
