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redwing
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December 13, 2005 - 2:47 pm
RMG accounting are very good and pro property, contact Patrick or Phillip.
have a look at their web-site if you are interested..
RMG
Site
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
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redwing
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December 13, 2005 - 5:40 am
Try E-Bay..cheap and dodgy..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
redwing
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December 13, 2005 - 12:12 am
Thanks Samson
“Money is a currency, like electricity and it requires momentum to make it Effective”
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redwing
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December 13, 2005 - 12:03 am
Hi Timber..
I believe The purpose of the loan on property A is not for investment purposes (payind down the loan on Property so ‘not’ tax deductible..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
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redwing
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December 12, 2005 - 6:57 am
Originally posted by Cabo Wabo:
Good people,
I’ve some more trust questions. I thought i knew the answer to some of these q’s but i’m doubting my grasp of it all, so i’d like to here you guys answer these questions.
Please answer them if you can, as the sooner i get this stuff straightened out in my noodle, the better.. (please itemise your answers if you could as this is specific stuff).
I’ll have a crack at it- what kind of trust though (i’ll assume HDT)..cata or coasty mike would be your best bet though..
When a corporate trustee instigates property being bought for a trust:
1) Who legally owns the property?
The trust
2) Who’s name is on the title?
The trustee’s
3) In who’s name is the debt? That is, does the bank lend to the trustee or the trust?
Bank lends to you, you buy units in the trust
4) I am director of the corp trustee. When i garentee loans with banks when acting as director, if the trust goes bust, and the pty folds, am i liable for the debt?
You sure are..hence the Guarantee…
5) If a trust is deemed a property trader
and as a result GST applies, who registers for the GST? The trust or the corp trustee?
? HDT may not be best option to trade in properties..speak with the experst regarding best options if this is your strategy
6) Who is the property trader? The trust or the trustee?
The owner of the properties
7) If a trust is a GST registered property trader, does all profit that comes out have GST applied irrespective of who it is distributed to?
Can a corp trustee be a primary benificiary of its own trust? I’ve been told the ATO frowns on this.
I believe it can be..
9) How, if ever, can a GST registered property trading trust (say that fast..) take advantage of the CGT benifit?
Hope you can answer em. thanks.
Tried to..as best I could, like i say there are better placed people and it may be better contacting them direct and explaining your strategy
PS don’t forget to itemise…[biggrin]
Cabo Wabo
“Money is a currency, like electricity and it requires momentum to make it Effective”
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redwing
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December 12, 2005 - 6:47 am
Too far away..
Tried to find the book to purchase of Martins, but I’ve had no joy..any ideas where to locate it?
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
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redwing
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December 10, 2005 - 12:13 pm
macquarie no-doc has other features as well doesnt it?
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
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redwing
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December 10, 2005 - 12:10 pm
Thanks for that guys..
hopefully we’ll get some more links from Steve, Brent and The Team here at PI from time to time. I for one would enjoy it.
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
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redwing
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December 10, 2005 - 12:03 pm
A good chippie never goes astray katfrat..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
redwing
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December 6, 2005 - 8:28 am
Just throwing this up again for input.
Biggest Problem in WA is getting tradesmen though.
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
redwing
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December 6, 2005 - 8:24 am
Interesting to look at whats happening at the WA Turf club as well..then there’s Burswoods plans..
Amarillo etc etc..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
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redwing
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December 6, 2005 - 4:49 am
I was going to say it seems like an asset rich cash poor situation, but with the wage being drawn from the interest account and the part time wages i would say not?
What are their goals?
Great position to be in though
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
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redwing
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December 6, 2005 - 4:40 am
Originally posted by carl_vic:
Hi guys
Just a quick one; I intend to buy my next property in a trust structure which at this time has not been created. The right deal may show up at any time and require a contract to be signed urgently. Would I be right in saying that the trust must exist at the time the contracts are exchanged or else I cannot use the trust as a nominee on settlement?
Thanks,
Carl
Just the other day I overheard a REA in WA tell a client that they could not put “or as nominee” on their contract.
However, as with Dazzlings post i have heard of people inserting this as they did not want the neighbours who were selling or a vendor to know who was actually buying the property.
Guess we all agee its best to have the trust established first though if you are going down that path youwill obviously want to use it at some stage so its not wasted money.
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
redwing
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December 5, 2005 - 3:52 am
Originally posted by coastymike:
Cata,
You like to “but and hold”. Sounds like some sort of kinky sexual fetish to me.
[biggrin][biggrin]
Thanks for the laugh to start the day..
I prefer to ‘Buy’ and Hold as well and found Peter Spanns story interesting, wherein he one day sat down and worked out how he would’ve done with his properties if he held them; or at least one every now and again rather than “tricking n flicking” them (Reno and Sell- thereby giving him realised profits to move onto the next)…the end result was that he would’ve been better off holding them or at least one every now and again.
Agree with Dazzlings post of two steps forward one step back and I’m sure we all know people who regret selling a certain property as they now look at its value, or a property they ‘could’ve bought’ but didn’t years ago.
However, I’m sure many people have used Momentum of the Market to buy and sell a few properties and rapidly move forward, then change their strategy as the Market changes…
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
redwing
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December 5, 2005 - 3:29 am
Originally posted by calvin@thirty4:
TO answer your question, Redwing, yes he does creat a new Pty Ltd for every purchase! Mind you he is a developer, and it seems to suit his urpose!
For every development he does he intends on keeping one or two units for himself. So perhaps that is the answer, he sells off most the assets once development is complete and then closes off the Pty Ltd?! L
ike I said, I haven’t got all the facts as yet. Until I do I’d suggest following Cata’s advice. I appologise if I led any-one astray!
Thanks Calvin,
I just found it curious as to how you could put XYZ PTY LTD without it being in existence and how you could be sure that the name would be free.
I find it all interesting how other people work their deals, learning the hows and why’s from those actually “doing it” is alway a worthwhile exercise IMHO.
I’m just trying to work out if he sells one or two to himself or another Company he owns, or he keeps them in the original Company structure rather than close it down and the pro’s and con’s within that process.
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
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redwing
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December 3, 2005 - 8:43 am
Thanks jenwren
Seems the PITs is for NSW and you can use an IT for Vic and presumably other states.
I found the start of the audio very funny Jenwren ;o) the rest I found pretty interesting. Seems Ed Chans group does about 50 -60 trusts a month of varying types and their main focus is property and relevant taxes, structures and seminars.
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
redwing
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December 3, 2005 - 7:59 am
You should be able to pick one up from REIWA themselves for about 50c..I dont know of anywhere you can download any Australian RE forms?
Or if you’re on friendly terms with your local REA…
“Money is a currency, like electricity and it requires momentum to make it Effective”
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redwing
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December 2, 2005 - 6:33 am
Originally posted by calvin@thirty4:
Hi
Yes Dazz,
hellman Posted – 01/12/2005 : 18:08:33
Dazz – how???
I have recently met a Developer here in sunny Port Hedland who buys exclusively with the “and/or XYZ PTY LTD” and then he puts in brackets (to be incorporated). He does tell the REA that he is going to set up the Pty Ltd once the offer is accepted – no point in spending the $1200 if the offer falls thru.
So far, he is very successful!
Does it really matter? If you sold, as long as you are happy about the end sales price, what’s it matter? You got more or less what you wanted – you can’t keep or don’t want the place! Why “Tear up the contract (or O&A in WA)”? I don’t get it! [blink]
Cheers
C@34
Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas Edison
How does that work Calvin as the XYZ PTY LTD name he chooses may be taken already if not registered? (if you’ve gone through the process of registering a company you know what i mean)
I would prefer to have it set up first before making anoffer, if this guy does a different Pty Ltd for each deal then it wouldn’t matter?
Just trying to understand the logic here..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
redwing
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@redwing
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December 2, 2005 - 6:27 am
Buying the IP in the right structure in the beginning is important..you need something flexible as your strategy and personal situation changes over time…
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
redwing
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December 2, 2005 - 6:08 am
Maybe speak to some of the other Bird Dogs/Foot Soldiers or Jobbers out there for specefics DoneDeal..You will also have to work out what you are going to charge for your running around and how you will hold these properties for potential buyers
Haven’t heard of anyone doing any Bird Dogging in Darwin, however, I’m sure you’ll be cheaper than a buyers advocate. The biggest thing will be selling yourself to Investors and establishing that you know what your doing to them IMHO..
I’d say go for it though and good luck..maybe contact people such as DD as well for some advice.
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator