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I think it is a bit clear now.
If the property is under discretionary trust
If I am personally get sued/bankrupt, the creditor will not go after the asset that held under discretionary trust. if that is the tenant trying to sued the house owner, which is the trust, then most likely, the landlord insurance will cover the cost to its limit. The tenant will not go after me as personal.
If the property is under my personal, the landlord insurance still do its job, but the creditor will go for everything I have. It doesn't matter for what reason I am sued or bankrupt.
On the tax saving point of view, I really need to work out which is more beneficial. End of the day, they are different topic. I just trying to be a tight ass to save some pennies i guess.
I have another question. An Account can set up trust, a solicitor can set up trust as well. Is it possible for a solicitor know the tax law as well as property law? Is it conflict of interest to do both?
How does everyone's professional work together?
a lawyer charges every phone call, email they make. when we first rent our shop, we didn't know it is different from residential rental, we wanted to change couple of things in the contract, it cost us $500 for the phone calls charged by the lawyer.
We do have some trusts that set-up by accountant. I am not sure it is easier to get a solicitor to do brand new one. or go back to fix those up.
Thanks Jamie, I am in Sunshine Coast.
Benny wrote:Hi Shelby,Re Bellbird Park, I don't know it at all, but when a demographic says the average person makes $500 a week more, that is a huge difference, and would have me more comfortable re "ability to pay rent". And unemployment way lower too? But then, it is only a unit. Less chance of Capital Growth I would think, and then there would be more expense with Body Corp fees so the return won't be brilliant either.
I'd say keep looking. I spotted a house sold at auction in Kingston a few weeks back for early two's ($215k?) – with a flick of paint and little else, it would have been a $250k+ property, and able to be rented for $300+ per week. THAT is more the kind of property that would set you on your feet. I'd say keep looking…. Don't be in a rush to lock one in. There will be other bargains coming along if you are looking for them.
Benny
I have a friend build a house there, it seems a good neighborhood. But at the same time, other building projects are coming up, people with big land are splitting the lands( can't remember the name for it.) So this makes me think and think again.
Benny, would you say Kingston or Woodridge will be more likable than Eagleby?
I am more keen to buy in Logan with a potential to build granny flat to increase rental return.(although I am not relying on that, just a tick if comparing with other suburb)
Hi Paterson00 and Freckle
Your spreadsheet looks really good. Would you mind email me a copy? or where I can find something like this?
Thank you so much!!! It seems like I am in the right track re: reading all the stats. Just need more research!
The house in Eagleby does need some reno, but this maybe why the price is a lot lower than the other area in the same suburb.
I am limited to what I can spend around 200K. Can I be the pain to ask you why not those 2 areas? is it because they are in their top peak, not much grow in the future? or they are just not a good area to live in( people not likely to pay the rent, troublesome area in terms of crime, negative influence to drive poeple out)?
I am looking at them simply because theiy are in between Brisbane and Gold Coast, price is affordable to me and the rental income is ok.
Thank you so much guys!
Great advice!! I have more study need to do.
