Total Members: 159,380

Saskatoon

  • Saskatoon replied to the topic forming investment groups in the forum No Subject 21 years, 5 months ago

    Hi Ms Elvis.
    I think that the very least you would need will be a full Joint Venture agreement, legally signed and witnessed. I have seen examples on lawyer’s websites, but haven’t kept the URL’s…
    Elysium-M mentioned a trust structure – research the kinds of Unit Trusts. One of these may give you and friend more flexibility.
    Avoid a…[Read more]

  • Saskatoon replied to the topic Anyone used Chris Batten’s services? in the forum The Treasure Chest 21 years, 5 months ago

    Hi Maximus.
    Haven’t used his services, but bought the handbook ‘Investment structures 2002’ which had been recommended by forumites. I found it very useful, and cheaper than paying for discussions with solicitors & accountants!
    Terry

    Terence McMahon
    HomeWin
    Finance

  • Saskatoon replied to the topic Refinancing and Structuring advice…….please in the forum No Subject 21 years, 5 months ago

    Hi Gavalynn.
    I agree with Andrew (of course!), but be careful if you are talking to bank staff about finance structures. They know about their own products, but may not be investors. I finished up explaining to our ‘personal banker’ what a trust was and why we were using one.
    Terry

    Terence McMahon
    HomeWin
    Finance

  • Saskatoon replied to the topic taxation lawyers in the forum The Treasure Chest 21 years, 5 months ago

    Hi dosser,
    why do you intend to use a tax lawyer rather than a tax accountant?
    From my readings on this, and the Somersoft forum, other forumites haven’t mentioned using lawyers except for conveyancing. There are lots of resources about structuring your finance if you do a search.
    What about Steve’s ‘Wealth Guardian’, or visit…[Read more]

  • Saskatoon replied to the topic MCI Technologies in the forum No Subject 21 years, 5 months ago

    Hi degsamillion.
    The Australian MCI Technologies that I have received glossy brochures from is a company selling computerised share trading software.
    From what I have read in the Aust. financial press it would pay to be cautious with any of these systems. Not implying dodgy, but there are a number of trading systems, and apparently some are better…[Read more]

  • Saskatoon replied to the topic refinance investment property -legal or not? in the forum No Subject 21 years, 5 months ago

    Hello Nghia.
    There should be no problem using the equity in your IP for a deposit on a house to live in. Note that the interest on the loan will not be tax-deductable, as the loan will not be for investment purposes.
    You should be able to increase the amount of the existing loan with your current lender, rather than refinance with…[Read more]

  • Saskatoon replied to the topic investment team in Adelaide in the forum No Subject 21 years, 5 months ago

    Hi Xenia.
    A lot of other Aussies don’t know of Saskatoon!
    It’s a long story, but I met my future wife on the station when catching the train to Vancouver :-).
    BTW, Robyn wasn’t fazed when I mentioned lease/options! She has been quite efficient in three settlements.
    Terry

    thanks saskatoon, i will try your conveyensor on my next property deal…[Read more]

  • Saskatoon replied to the topic investment team in Adelaide in the forum No Subject 21 years, 5 months ago

    Hi Xenia.
    I use David Hilton as my accountant.
    He is a property investor too:
    DHC Group
    Level 6, 24 Victoria Sq., Adelaide
    8218 4888
    My conveyancer is Robyn White
    360 King William St
    8410 9149.
    Have heard positives about Margaret Duncan for accountancy, but don’t have first hand experience.

    Haven’t needed a solicitor for property yet!
    Usual…[Read more]

  • Saskatoon replied to the topic Tax Strategies – your comments please in the forum No Subject 21 years, 6 months ago

    Hi hwd007.
    Who told you that the ATO will fine you?
    Why don’t check with th ATO directly – phone or use their website. Besides I believe that your 15-15 variation can be varied :-) during the year.
    Terry

    Terence McMahon
    HomeWin
    Finance

  • Saskatoon replied to the topic number crunching help in the forum The Treasure Chest 21 years, 6 months ago

    Hi Cherie.
    I use property analysis software purchased from the Somersoft web site http://www.somersoft.com. Other investors also seem to find it very good.There are also free spreadsheets that have been posted by forumites, but I haven’t used them.
    Also look at what info. Steve has on this site!
    Terry

    Terence McMahon
    HomeWin
    Finance

  • Saskatoon replied to the topic property purchase with Self Managed super in the forum No Subject 21 years, 6 months ago

    Hi Little Mermaid,
    can I suggest that you borrow or buy “DIY Superannuation” by Austin Donnelly. Since you have already started the process this book should give you more knowledge to help you achieve your goals.
    Terry

    Terence McMahon
    HomeWin
    Finance

  • Saskatoon replied to the topic Joint ventures in the forum The Treasure Chest 21 years, 6 months ago

    Hilary,
    your last comment has me puzzled. Our family trust has borrowings, i.e. the trustee co. has borrowed for the trust.
    Did you mean that a super fund cannot borrow?
    Terry

    Terence McMahon
    HomeWin
    Finance

  • Saskatoon replied to the topic First timer – looking to buy! in the forum The Treasure Chest 21 years, 6 months ago

    Sorry, in my last post I meant to write what Terryw wrote, having used exactly that method – before finally paying off the home loan!
    I was thinking of an immediate strategy whilst you do your research (assuming you don’t have your savings in an offset a/c); e.g. can you redraw on your home loan? If so, how much, how often, what charges (if…[Read more]

  • Saskatoon replied to the topic Joint ventures in the forum No Subject 21 years, 6 months ago

    Hi New Investor.
    You should pay Michael for his great answer :-)!
    It is important to have all the legals done to protect your own assets.
    Also, while doing research look at unit trusts as a possible structure for your situation.
    Terry

    Terence McMahon
    HomeWin
    Finance

  • Saskatoon replied to the topic First timer – looking to buy! in the forum The Treasure Chest 21 years, 6 months ago

    Hi Andrew.
    While doing your research put your cash into an offset account against your home loan. This has the same effect as putting the money into the loan itself, but avoids redraw fees and limits. It means you have instant access to the funds for investment, and also your investment monies are kept separate from your home loan (simpler…[Read more]

  • Saskatoon replied to the topic Business Structure with other interests in the forum No Subject 21 years, 7 months ago

    Hi Dave.
    Generally speaking keep your property business in a separate entity from your other businesses. I agree with Michael’s suggestions as a starting point (and maybe a finishing point :-) ).
    I don’t see how you can ‘convert’ a partnership into a trust, or a company, for that matter!
    Do a search in the archives for info about using trusts for…[Read more]

  • Saskatoon replied to the topic what can investors get tax deductions for? in the forum No Subject 21 years, 7 months ago

    Hi fullout.
    Keep in mind that most of these deductions might only be claimable once you have already have investment property. Expenses incurred before purchase may not be claimable!
    Terry

    Terence McMahon
    HomeWin
    Finance

  • Saskatoon replied to the topic capital gains in the forum The Treasure Chest 21 years, 7 months ago

    Hi youngie.
    Also note that the CGT would only be payable on the amount of CG from when the house ceases to be a PPOR (including the six months grace period?), so if it took even longer to sell then there would only be a few months CG to calculate, almost certainly not 40-50K!
    Terry

    Terence McMahon
    HomeWin
    Finance

  • Saskatoon replied to the topic 50% House Purchase with Lease Back in the forum The Treasure Chest 21 years, 7 months ago

    Hi Dan260.
    A couple of thoughts:
    you will effectively be entering into a partnership with the vendor, presumably as tenants in common. I tend to be very cautious about partnerships, particularly when you are jointly and severally liable for debts!
    What happens if you have differing ideas about what should be done with the asset?
    What if he sells…[Read more]

  • Saskatoon replied to the topic can IP help reduce existing home loan in the forum No Subject 21 years, 7 months ago

    Hi Cris,
    following on from APIM’s helpful answer. I would be cautious about how you do your accounting with the split loan.
    The ATO is not happy with any capitalised portion of interest in split loans being claimed as a deduction, and I believe there is an appeal going to the High Court. See a good accountant who understands property…[Read more]

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Saskatoon

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