Forum Replies Created
I am with Paul we transact all of wraps under a similar entity.
Ensure (and i think you are already doing so)that you deal with a good independant broker who is not only experienced with wrap finance but also company structures and trust borrowings.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
This is a standard development clause that any developer would use.
Merely enclose a condition that gets the vendor to consent to you preparing and lodging at your expense and application for a Development Approval.
Ensure that the clause allows that the Vendor will sign all necessary documentation in relation to your lodgement.
Of of course you don’t want to tell him what your doing then that is different.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
To counter the 11 sec rule we decided to look for properties in Qld where we could onsell under a License to Occupy Contract with a ballon payment similar to shared equity shceme.
Having bought and onsold 6 in the last month we are finding that the +cash flow is still there you just have to adapt to the market.
One of the pluses is that you get your cash flow each month and your capital growth at the end of the contract.
With every problem there is a solution waiting to be found.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
You will claim your input credits each quarter for the amount paid out on construction or other expenses.
The sale price will include GST calculated using the margin scheme and then of course you will have CGT on the profit.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
http://www.investorsdirect.com.au/newsletters/082004/trust_magic.htm
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Hi Indigo and welcome to the forum.
The answer to this qwuestion would lie in the conditions of the Lease Option.
Normally in most Lease Options or Installment Contracts the express permission of the Seller is required for the property to be sublet.
We include this clause in our contracts and it would need to be a very good reason why we would ever allow it.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
seanlisa
I think cameron has misread your post.
“We own our home outright. We would like to buy an apartment to live in, but keep our house and rent it”
In this case under the purpose test the loan will be for a PPOR although an investment property maybe used to borrow against and therefore the interest will not be tax deductible.
I assume that the house in in joint names ? Transferring the property by way of sale to a Trust is a consideration however bear in mind the costs involved in doing so. From the date of transfer you will also trigger a CGT clock meaning if you sell the house in the future you will be liable to pay tax.
As you PPOR it maybe a matter of simply selling it now and borrowing again once you have your apartment for an investment property.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Don & Liz
Obtaining a loan in the US is not that difficult dependant on a couple of things.
If you want to obtain finance you need to stick to a couple of basis rules.
To often we see clients who have purchased the property for cash then look to refinance which is classified as a “cash out refinance” and in some instances reduces the LVR available.
Secondly many lenders are State specific. Whilst the Patriot Act obviously covers the whole of the US its interpretation vary from Bank to Bank and from State to State.
Then there is the type of property clients purchase. Purchasing just for yield expecting to obtain finance when you get home will just not work for some properties.
With one of the big UK buying groups which we arrange finance for we tell the clients upfront what types of property they should look forward for and some of the issues with regards to seasoning etc.
The US is a big Country and for those wanting to still buy in NY State for the attractive yield we hope to able to launch our Vendor Finance facility on multi dwelling properties which at present cannot be financed in NY State for a Foreign Nationals.
We are trialing this in the UK at the moment with some good results and with the monthly repayments being in the country which you reside. We have talked to some of our LLC vendors and they are happy to take the currency risk and have repayments set in Australian Dollars for Australia buyers.
Watch this space in the New Year.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Guys dont even have enough for a quorum yet common Qld where are you all.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Do a search under the ASIC website and especially the Scams and Investment rip offs section and you will also find some interesting reading.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Bill
The ATO will work out the square metreage area of the block then apportion a value to each block. If one side of the duplex is more important than the other then you could argue the increased value of this area.
The land value as apportioned will become your cost base when calculating out your GST under the margin scheme. As each stage progresses you will make any input credit claims for the costs of the construction and then on the sale price be responsible for paying GST on the margin. (The difference between the sale price and the land component.
You in turn will calculate your profit and calculate your CGT or Trading profit. You will only pay Tax if you sell the property.
Any property you retain will be not be taxed.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
You might like to look at Bill Buddy which we use for all of our installment contracts
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Great in theory but again doesn’t ask you half the questions you need to make a accurate calculation.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Dr x (Xena) from the forum is from SA and i am sure would like to swap ideas with you on investing.
Have a look in the members section and send her a PM or email.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Great deal Amanda Mr Carmody is going to love you too
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Not an accountant but am in Brissie and maybe able to help you.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
landt
If you are British Citizen (Don’t feel ashamed I am too) then you will be able to borrow upto 100% of the property.
If you want to give me some details i can put you in touch with a couple of good folk over there.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Delboy
Based in Brissie as you now but would be happy to be involved in someway.
I have done one or 2 developments and wraps in my time and financed the odd deal or two.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
We completed over 80 wraps with NAB which was done at National level in Melbourne however in saying this they wanted our development business and was almost a condition of each loan.
If you ask the average branch then they will say no and probably not even understand what you are taking about.
The other wraps we have completed through one of the other majors who again don’t accept them unless their is other business involved.
CBA certainly don’t take them.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Loan Alert is not too bad.
We did the first 100 wraps on an excel spreadsheet one of my parterns put together.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
