Forum Replies Created
Hi Francis
I’m no expert but have been getting set-up for investing over the past few months. I, too, am using equity in my PPOR to finance investments. I have set up a line of credit specifically for investment purposes and will use this to pay deposits, solicitor fees, stamp duty, etc and will get a bank loan for the balance therefore the interest charged to the LOC will be tax deductible.
Hope this helps
ShelleyAnother website is owner.com.au
ArthurK
I know exactly where you are coming from. I was once in your position getting more and more frustrated with each phone call to agents.
Have you considered using an agents buyer. It takes the stress away from yourself and they have the expertise and contacts to be notified of listings before they even reach the net. Yes, you pay a fee for this but I am more than happy knowing I can sleep at night whilst they do all my ground work. If you are interested in purchasing property in Vic I can recommend Metropole Properties. Check out their website http://www.metropole.com.au. or PM me for more info.
Regards
ShelleyJack Hu
Start asking questions like that and an agent will probably hang up or walk out on you. They wouldn’t bother wasting their time.
Regards
ss2306If you live interstate you might want to consider using an agent’s buyer. One that is based in Adamstown near Newcastle is Hunter House Hunters. You can check out their website. I personally have never dealt with them although have had a telephone conversation with them. I live in Singleton, 1 hr from Newcastle but do not know which areas are good in relation to growth and rental returns.
Something to think about.
Regards
ShelleyHi Maria
I use Edward Chan from Chan & Naylor Accts in Sydney and have just set up a trust structure through them. Very professional!! Check them out at http://www.chan-naylor.com.au.
Regards
ShelleyHi Shackles
Depends on which state you want to buy in but if considering Vic I can thoroughly recommend Metropole Properties, in particular Jack Henderson who is their buyer’s agent. I am currently working with him in order to find my first property and have found him to be very professional. You can check out http://www.metropole.com.au.
For any more more info feel free to PM me.
Regards
ShelleyAlso check where sewer lines run to make sure they’re not through the middle of the block
Thanks Woodsman
I don’t really know her mortgage or even debt details. Market appraisal happening tomorrow. I don’t want to pry too much into her personal liabilities but thought from the limited info I have given a few might have some advice. She doesn’t know I have done this. I am just trying to help her out as much as I can.
I am sure she would have thought about consolidating debts and even renting but ultimately the maintenance is an issue too so she has come to the conclusion it is time to move on.
The question being what is best to do with the $100K left over?
Thanks so far.
Woodsman
I should have added that she is struggling financially at present and by selling her house this pressure would be released.
She is thinking of buying a smaller house, maybe a duplex with not much upkeep required and only a $160K mortgage which should be more manageable.
Hi Woodsman
My mum wants/needs to sell for a few reasons.
She currently has a mortgage for her PPOR, a loan for the coffee shop, $5K she owes me from when she set up the shop, credit card debt plus a couple of others I think. She hasn’t told me every debt she has but has said that if she gets what she wants for the house she should have all debts paid off with around $100K left over.
She has also come to the realisation that because her house is situated on a small amount of land she can’t keep up with the maintenance and only getting one day off per week she just needs to relax and have time to herself on this day rather than mowing, etc. Both my sister and I agree with this as we tend to do the mowing, whipper snipper for her!
Why don’t you set up a line of credit using the equity in your home and then draw the $30K from that?
Hi
Your right! More of an accounting question. It is a good idea to set up a trust for asset protection but also with a HDT you can personally claim any losses with a negatively geared property.
Using the search function look up trusts as there are and have been many posts on this subject.
Hope this helps.
ShelleyCarlin
Which state are you from? If NSW I can recommend speaking to an accountant Edward Chan from Chan & Naylor (www.chan-naylor.com.au).
I, too, was/am like you not wanting to start investing until I had the right structure in place. My husband is in the highest income bracket but myself in the lowest. We are in the process of setting up a Hybrid Family Trust to get the most tax savings. Edward can help you with your decision.
Hope this helps
ShelleyI’m not sure if this is the southern suburbs but I deal with Edward Chan of Chan & Naylor.
http://www.chan-naylor.com.au.
Very professional, helpful and up-to-speed with HDT and IP’s.
Hope this helps
ShelleyWhich state are you looking to purchase? If Melbourne, I can recommend metropole.com.au.
I am currently dealing with them in order to buy my first IP and so far fantastic service and communicaton and well worth their fee as they know more about the area than I do.
Regards
ShelleyI am currently dealing with Bill Zheng from Investors Direct. Very professional and helpful.
Look up http://www.investorsdirect.com.au
Regards
ShelleyLook up previous posts in this forum as I am currently undergoing the same and have posted a topic and there are plenty of others that have done the same. You will find some of the answers that you are looking for but most importantly make sure you have an accountant who understands trust structures and invest in property themselves. Don’t get too stressed and confused as I have.
Hope this helps.
Shelley
Jay
Yes, I was in a position to settle on this property but at the last minute the seller pulled out due to major family problems. The house was a estate and I think the kids are squabbling over it. Anyway, it seems that all has turned out for the best as I have now redirected my interests and think I am on a much better path now.
Thanks for your reply.
Regards
ShelleyI am currently dealing with Bill Zheng from Investors Direct and have found him to be very professional and helpful.
Look up http://www.investorsdirect.com.au
Shelley
