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  • Profile photo of TC62TC62
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    @tc62
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    The long answer is Yes you can! It would be deemed as capital improvements to the property in the form of a fixture and you would propably even be able to depreciate it as well. A quick call to a Quantity Surveyor such as BMT Tax Depreciation in any one of their national offices will give you the answer real fast!
    CHEERS!
    TC

    Profile photo of TC62TC62
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    G'day Sparkys.
    At $4000 and 6 weeks for a Cert IV in Property (Real Estate) sounds like you want to do it in SA. I have completed the Cert IV for the knowledge and can tell you categorically that the ONLY true way to learn the tricks and ropes of a REA is to be one. I did for a few months, listed and sold a few houses, and I learnt more in 1 week in the field than my nearly 7 weeks to complete my Cert IV.
    Honestly, you would be far better off looking for a traineeship with a REA and get the Principal of the Agency to pay for the course and then teach you everything they know.
    The other significant problem you will face will be Licensing – particularly with anal OCBA if it's in SA. New legislative reform in the Real Estate Agents Reform Act 2008 has completely changed the complexities of who can be a REA and the requirements to do so. Issues such as RLA No.'s to be displayed on all advertising, photgraphic ID and NPC's (National Police Check). In my humble opinion, save your time and money and look for the knowledge from forums sach as thisand the marvels of the World Wide Web!
    CHEERS!
    TC

    Profile photo of TC62TC62
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    G'day Oeb!

    Alright, some curve balls but here goes.
    Firstly, if the money is not in dispute as far as being given to you then the now ex Mother-in-law is within her rights to place the caveat on the title.
    Secondly, a caveat can only be removed by lands title office by either the complainent and/or a court order.
    Thirdly, you can sell a property with a caveat on it providing there is a provision in the settlement documents that will allow the caveat to be discharged prior to settlement – giving a free and clear title to the purchaser. Or, you're lucky enough to have a lawyer/conveyancer overlook the caveat when representing the purchaser but, this is a very big longshot!
    Lastly, if you are on talking terms weith the exMIL may I suggest you open a dialogue with her in regards to legally assuring her financial interest by ensuring her loan/debt/gift is to be duly paid out during the settlement process to allow you to sell whilst she is protected. You would do this in the form of an ex-parte agreement which would probably require a lawyer.
    I hope this has been of some benefit to you!
    CHEERS!
    TC

    Profile photo of TC62TC62
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    Hi Nonnie.

    You are not the first to ask about Whyalla and it leads me, like every other time, to ask,"Why Whyalla?"
    I work regularly up the golden triangle of Whyalla, Port Augusta and Port Pirie. About 5 years ago the locals in Whyalla were saying' "the last one to leave please turn out the lights!" Alot has changed in this time but Whyalla as a functional rural city is still contingent on the resource boom and SA is nowhere near as grand a boom as say WA. Having said all that, it is a steel mining town and as long as BHP BIlliton keeps chalking up ticks in the steel mining column, Whytalla will be steady. Again, why Whyalla?
    If you're after cheap or inexpensive why not have a look at Adelaide – a major capital city that won't live or die by the resource boom. You can buy Torrens Titled house & land in Elizabeth (checkout Davoren Park – a craphole but real cheap at sub $180K) for under $250K.
    Adelaide's south will afford you H&L under $250K that are one street from some of the most beautiful beaches this country has on offer (ie Port Noarlunga Beach was voted the cleanest beach in all of Australia in 2010)
    <moderator: delete advertising>
    I hope this has been of some help!
    CHEERS!
    TC

    Profile photo of TC62TC62
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    Here is his personal email: [email protected]

    CHEERS!
    TC

    Profile photo of TC62TC62
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    Hi again Akuma.

    Tort breaches is the Civil equivilant of a Crime. In other words, let's take the Tort of Negligence: whereby a crime as defined under the Criminal Code has not taken place but, rather, a Civil crime or tort, whereby due to ther negligence (or in your case Fraud) someone has been harmed and has lost health, money, future, etc. In other words, for you, because of the fraudulant action of the investment company (the Civil crime or Tort) you have suffered as a result and the compensation allowed (because they can't jail the offender) is made through fiscal or monetary Specific and General Damages handed in judgement by the relevant court. The matter of Civil Torts are handled seperately to any criminal proceedings this company may face from state or federal police or ASIC.
    No secret handshake needed (LOL) just tell Anthony that his mad lawyer mate TC from Sth Oz said to help!
    CHEERS!
    TC

    Profile photo of TC62TC62
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    Hi Bardon

    You can apply an Lease/Option to Buy contract into place for just about any residentail property.
    Over simplifying the process, the Vendor or a Buying Agent finds a Purchaser who agrees to buy the property at an agreed price in todays money at a date further down the track, i.e. H&L worth $500K. The Vendor agrees to sell to the purchaser the property in 5 years time for say $550K. The Vendor draws up 2 main docs – a contract to purchase and a lease agreement. So, for the next five years, the tenant agrees to pay an agreed amount for rent plus outgoings, and usually has a percentage of the rent taken off the final purchase the longer they rent the property. The purchaser also usually pays a deposit (condideration under contract law) of upwards of $10K – the more the better for the Vendor because it makes it more difficult for the Purchaser to just walk away. The deposit is always non-refundable.
    Option Agreements, if done legally correct and are drafted honorably between both the Vendor and Purchaser, can be very good. They allow the Vendor to have their mortgage commitments met by the rent and they will still walk away with a tidy lump sum at the end of the contract term – good for Vendors in financial strife. It allows a Purchaser to commence buying a home without the need of a traditional bank loan – this is also why most Option Agreements i've ever done are for 5 years – because if the Purchaser has a bad credit history, after 5 years they usually have a 'clean slate'. The Purchser's rent money is not dead money because a percentage of the rent is coming off the final purchase price at the end of the Option term. The only real big downside to the Purchaser is if they simply cannot get the home loan at the end to finalise the Option Agreement. If this happens, or the Purchaser defaults on the Option Contract, they lose the lot – ALL the money they paid in deposit and rent and the property itself! The downside for the Vendor in all this is, if the capital growth in the property is high then they are literally doing themselves out of potentially tens or hundreds of thousands of dollars. Confused?
    <moderator: delete advertising>
    I hope this has helped.
    CHEERS!
    TC

    Profile photo of TC62TC62
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    Hi Akuma.

    I am a lawyer and would suggest, based on the information you have provided, that you must speak to a lawyer. Your situation sounds complicated but with the courts and ASIC already involved I am under the impression that the company in question dealt fraudulantly with you? Under the Corporations Act 2007 and the Criminal Code (Cth), no company is allowed to profit from fraudulant dealings and you would have recourse through the courts and legal system should this be the case. You also may have civil claims for Tort breaches.
    Try and find a lawyer who will give you a free 1st interview or simply ask for one. Most good lawyers are prepared to give you the 1st half hour for free. Should you have any problems then you could contact a mate of mine, Anthony, at http://www.legalandfinance.com.au who should be able to steer you in the right direction. Just tell him TC from SA sent you – he'll understand.
    I hope this is of benefit to you.
    CHEERS!
    TC

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    Hi Yobbo

    OK, do NOT pay this rabbit!
    I am a lawyer and I suggest you pay a visit to the ACCC Australian Competition and Consumer Commission. The ACCC is the federal government's watchdog and the ACCC police and enforce compliance with the Trade Practices Act 1974. As per your description of above you were 'diddled'. No one who is licensed or certified in Australia is allowed under the Trade Practices Act to do such a sub-standard job as this plumber you describe did. If you have no luck with the ACCC, still do NOT pay and let him take you to the Small Claims Tribunal in your state. You can represent yourself without the cost of a lawyer and simply tell your story in detail to the court. If what you have described above is accurate, this plumber will be hard pressed to convince a court he did a fair and equitable job for his fee.
    I hope this helps!

    CHEERS!
    TC

    Profile photo of TC62TC62
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    I don't understand alot of the lay public who don't understand the enormous benefits of utilising the advice and help of professionals – particularly when they're free of cost and obligation. Look at Mortgage Brokers for instance: must be licensed, have the required educational qualification and stick to strict codes of conduct. They're FREE people – use their experience, knowledge and advice and then decide whether you can do better yourself! What does Robert Kiyosaki say in 'Rich Dad, Poor Dad': POOR DAD listens to friends and relatives RICH DAD listens to experts and follows their advice.
    There! I've had my 'vent' for the week folks!

    CHEERS!
    TC

    Profile photo of TC62TC62
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    I like how you think Derek.

    CHEERS!
    TC

    Profile photo of TC62TC62
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    Yeah, heard this same <moderator: delete language> in the 70's, the 80's the 90' ….. There will always be doom and gloomers and if I had chosen not to buy because of other people's indecision based on their inbuilt fears, apathy and procrastination I would not have achieved financial independence as a result. Anyway, what are the alternatives? Shares? Managed Funds? Do nothing? Mmmmmmm…..

    CHEERS!
    TC

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    Just sounds like all the same <moderator: delete language> you get from all those east coast wealth creation companies like ABC, Premium Finance Services, Ironfish, Optima Equity Solutions that fly you interstate to flog you one of their investment properties. BTDT, not interested!

    CHEERS!
    TC

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    G'day Lamp.

    NRAS is magic!
    It's a government scheme that provides an investor with a financial incentive of more than $91000 over 10 years TAX FREE!. Often, NRAS makes it possible to turn brand new properties into cash flow positive properties, including all the running costs associated with the property whilst receiving $35 – 45000 of tax benefits each year. What's not to like?
    However, there are strict criteria's with regards to the rent you can charge. The government just doesn't give out that kind of coin because they're nice politicians. NRAS was fundamentally developed to allow certain properties to remian affordable to certain demographics so usually the rent you can charge has to be at least 20% under market. Check it out, do the maths, but it is the closest you can get to a rental guarantee without paying through the nose to get it!
    Hope this has helped!

    CHEERS!
    TC

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    G'day Judd.

    Yeah Interest only and offset accounts rule for IP. Terryw has given you sound advice so get rid of your existing P & I loan on the IP and make better use of your money!

    CHEERS!
    TC

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    Hi Daniel.

    Yes the plan sounds fairly solid but don't know your level of purchasing power ie borrowing capacity. Anyway, I live in Adelaide's southern burbs and lived over 20 years in the northern burbs. Now, are you looking for cheap or inexpensive? If it's cheap, checkout Davoren Park – ex SA Housing Trust semi-detached (duplex) house and land but they are all Torrens Titled and can still be bought for under $150K (but these are usually terribly rundown Daniel) but there are some real diamonds in the rough that are still sub $180K. Now what is interesting about Davoren Park is when you have the opportunity to buy 2 semi-detached homes that are joined together. You can usually buy both for under $350K, bulldoze the lot, and build 2 new free-standing homes that will be on seperate Torrens Titles. Because the 2 blocks are already a Torrens Title you do NOT have to subdivide. Just need to get Council approval for the construction of 2 new homes and it is extremely unlikely Playford Council will knock you back because they just love more money and improvements coming into the area.Worth a look!

    If it's inexpensive, look in areas such as Elizabeth Downs. These are free standing Torrens Titled for usually under $250K. Now let me stress this: just about ALL the ares in and around Elizabeth and parts of Salisbury are significantly lower demographics and often do not attract the greatest of tenents and there are some VERY rough areas out there. Don't talk with local real estate agents as they will just want to flog you a property. Talk to people in the area or have a look at some of the bigger shopping complexes such as Elizabeth Shopping Centre or Munno Para Shopping Centre (both adjacent to Main North Rd).

    Don't waste your hard earned money on $4000 renovators courses. If your going to sink that kind of coin into learning a skill you might as well get a qualification to boot! Check out WEA or simple Google it and learn from government approved and recognised courses that will lead to qualifications and certification. Then you can do it yourself properly and be able to earn an income by helping others. Just a suggestion Daniel.

    <moderator: delete advertising>

    I hope the above helps Daniel and I wish you every success in your investing future!

    CHEERS!

    TC

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    G'day to All!

    My name is TC and I live in beautiful south Adelaide on the beach. I'm a lawyer and heavily into property investing. At my age (nearly 50!) it's good to come to forums like this to impart my accumulated knowledge for the benefit of others.
    Ask, if I have answers and can help, ye shall receive!
    It is truly a great feeling helping others with what has taken a lifetime of trial and error and yet, receive no financial reward.
    Nice to meet all you folks!

    CHEERS!

    TC

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    G'day Judd!

    Have you ever heard of a family pledge?: Most people haven't so here goes!
    A family pledge is where, for an example, a young single or couple are trying to buy a first or subsequent property but either lack equity in an existing property or simply don't have enough of a deposit. Here comes the magic of a Family Pledge. In the above example, young people have older relatives such as parents, uncles and aunties who usually have good equity in their PPOR or an investment property. Going guarantor is not the best way to go because if the kids default then the parents and reli's can end up sacrificing or losing what has taken them all their working life to own – their home. A Family Pledge completely avoids the need for guarantors! Instead, what the parents or rel's do is 'pledge' at least 20% of the purchase price in a short-term loan (if they need to borrow) and usually for no more than 5 years OR, they put up only 20% of the equity in their home or IP. This structure does many amazing things for ALL concerned.
    1. The parents or relatives are NOT responsible for the whole debt and their liability is restricted to only that 20%. If the kids default, the lender usually negotiates a personal re-fi with the family 'pledger' and go after the kids for the rest.
    2. The banks like this structure because it means that the kids have instant equity in the property of at least 20%, giving more flexibility and room to move if the 'wheels fall off'.
    3. But here is the KICKER Judd – NO, I repeat, NO LMI Lender's Mortgage Insurance! The LMI on just around a $300K home loan will start at about $8500 BIG ONES!

    There you have it Judd. I hope this bit of info is helpful to you. <moderator: delete advertising>
    Good luck with it!
    CHEERS!

    TC

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    G'day MrMonopoly.

    Q1. A. YES!
    Q2. A. YES!
    Q3. A. NO, but i'm sure someone else will help you with that!

    PS: Have yourself a great time in the UK.

    CHEERS!

    TC

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    The long answer is YES!

    CHEERS!

    TC

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