Forum Replies Created
I Geo,
I think Auckland, and yes would fly over and incorporate a buying trip in the process. All seems good, but just wanting assurance from anyone in this forum.
I was listening to a advertise CD they put out in Kiwi Property Investor (Apr 2004)
Their site is
http://www.richmastery.co.nzThanks
Michael Maddy
[email protected]
Canberra, AusHi Staffreid,
Give Aust Central Credit Union in SA. PM me for more details, but they were extremely helpful and lent way more than what my currently ANZ lender would.
Michael Maddy
[email protected]
Canberra, AusGrong,
Did you get the elec vers of the game of richdad.com? I have the orig board version, but would be interested in the elec vers for one player games.
Michael Maddy
[email protected]
Canberra, AusTerry,
Does this mean you would be able to claim tax deductions through your trust on interest, as the property is income producing?
Michael Maddy
[email protected]
Canberra, AusGilad,
Although I don’t exactly know your situation, one way may be to access your parents equity in their home. Firstly to get the deposit, take a loan from you parents. They tap into their home equity, of which the repayments will come out of your eventualy rent CF (this is why it is important to +CF). Secondly, then apply for a loan through one of the lenders. (Suggestion buy Mortgage magazine), as you may have probs getting finance from one of the big 4, but others (such as credit unions), are more willing to take up loans.
You could also put a proposal to your parents (or anyone for that matter) and go into a 50/50% arrangements, with the understanding that the deposit component will be paid out of rent cashflow, by yourself (that second job), or out the capital gains once you sell. If you wrapped the property (the maybe the 1st home buyers grant) may contribute to part of that.
Once again, without knowing your whole situation, I could just be telling you to suck eggs. Hope this might give you a few ideas. Suggest you purchase Steve’s tale from trenches. Some excellent stories and solutions to invest in.
Michael Maddy
[email protected]
Canberra, AusThanks to all,
Starting to get the info into some sort of perspective now. Terryw, many thanks for your specific info, that’s was exactly what I was after.
What I did come across in searching for a solution to my trustee challenge, was the possiblity of having a solicitors firm act as an independent trustee. They have established a “Trustee Company”. I’m also thinking this would provide more legal strength in the courts if something happened down the track. The website I saw this on was http://www.fmlaw.co.nz in Trusts.
Is there anyone who might be able be able to add some light to this, especially if they are doing this now.
Cheers
MichaelMichael Maddy
[email protected]
Canberra, AusHI Terry,
Gets complicated doesn’t it? OK so as a sole beneficiary, I’m single and have not kids/other halves etc, is a trust worthwhile at this stage? I plan to buy numerous properties this year.
Do you know anything about the implications on the trustee in regards to their financial implications in the future.
i.e. If I was to appoint my father as trustee, he is on a pension, I was thinking this might effect this in some way (assest assement and all that).
Secondly if I appointed my mother (they are not together now), would it effect her later when she herself goes to buy properties?If you don’t know, no probs, I’ll keep looking on the forum. Excellent site.
Many thanks
Michael
CanberraMichael Maddy
[email protected]
Canberra, AusThanks Terry,
This was what I was concerned about. I guess I am looking to get the best of both worlds. i.e. Some sort of protection from the trust, and at the same time not disadvantaging the trustee. Following the model in Wealth Guardian, I was considering setting up a $2 company and apoint the director (me) as trustee later down the track once we have purchased a few properties, and the CF allows for the extra expenses of having a company.
As I understand it, having both the trust and $2 company will entail two lots of expenses, making (in the beginning) the who project CF negative.
Michael
