Thanks for all your advice.
I am going to get some reading material on the Company/ trust issue and study up.
Yes, I’m seriously considering another accountant!
Although it’s hard when he’s friend!!
Cheers

Suze

Lifexperience
“Anyone know any good techniques to find and set up good private deals in country areas”

That’s the secret we all want to know[strum]

Suze

Hi Lifexperience
My acc. recommended that as I am a sole trader,I need to set up a trust for the PPOR and a company for the IPs. He said that you have to decide weather to do investment properties or developments. If you want to do both he suggests you form another company so that the Ips don’t get “tainted” by the developments, therefore…[Read more]

Hi all
Why don’t we all meet at the property and conduct our own auction? No agents fees, no marketing. Who’s bring the wine?

Suze

Hi lifexperience
I’m new at this too, but my understanding is that it is better to have all IP’s in the company name.Later you can transfer 1 at a time into a trust.
If IP’s are in the company, you are paying the company tax rate and also if something goes wrong the bank can’t take your PPOR.
I am seeing my accountant next wk to get a structure in…[Read more]

Hi Yack
I’m deciding on which kitchen company to go with for a do up in Kerikeri, NZ. I have 3 quotes, 1 is $1000.00 less than the other 2. Big decision. Go with cheap or quality for an extra $1000.00?Also have to decide whether or not to put in an ensuite.
Looking through the papers, but will have to wait untill the do up is sold b/4 any more…[Read more]

Your cheque should be made out to the vendors solictors trust account. He holds the cheque until the offer is accepted or goes unconditional.
That’s what I do, then there is no arguments if it falls over.

Suze

Thanks for you thoughts.I personally don’t like the wrap thing, BUT I can see where it could be useful.
I didn’t know that ESC had had bad publicity.Have’nt been in this game very long. Good to know though,I don’t feel so bad about the scalding!!

Suze

I wanted to go , but it is booked out! AND I was coming from NZ.

Suze

Beer
Sounds like a good investment to me. I think you have allowed too much for maintenance in you cals though, especially as it is a brick building. Usually allow 5% of rent per yr.which would be $450. Also if you did up the units you may be able to increase the rent.
Cheers

Suze

Thanks for your help.
I’m aware of these seminas that call you constantly for you to sign up. I just thought it may give a couple of tips. Received the semina details today, and there is no mention of ‘Ron Le Grande” only “A legend in real estate, Dr.Albert lowery, New York Times best selling author of “How You Can Become Financially Independant…[Read more]

For info on nz, go to [email protected]. I find this site useful to get current population and employment prospects. Especially helpful if buying in out of the main stream areas.
Good luck

Suze

i am in the same situation except I own one! I bought it June 2002 from an ad that said they would be ready in sept 2003, only to find out that they won’t be ready until Dec 2005! Mine is a studio apt in the old Northern Roller mill building in Emily Place. They are using the facarde & building 60 apts all with a carpark.I have paid 20% deposit…[Read more]

Thanks everyone. Great advise. Yes I bought it in dec 2003 as a private sale, so the price would have been 640,000 to offset agents fees and he would have got it too as there was a lot of interest.
I think I will keep it as I only have to pay 350.00 per month to top up the mortgage, and then i can use it as equity in another positive cash flow…[Read more]