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Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 1, 2005 - 7:08 am
Hi Baloo
I beleive that insurance doesn’t cover earthquakes as they are rather common (theres been 2 since I arrived), but I will ask around.
Hi Devil
It is boiling hot here. Hotter than Thailand at the moment. Sometimes reaching 40 degrees.
I have collected a few pamplets and will look for links to houses for sale so you can see a few pictures.
Terryw
Discover Home Loans
North Sydney
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 1, 2005 - 1:36 am
Hi Sonja
Looks like we will have to wait a bit longer to see what happens.
Terryw
Discover Home Loans
North Sydney
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 1, 2005 - 1:11 am
Kendo
Yes, that is what happened to one of my clients.
But things in finance change rapidly, so this policy may not be around. The good news is that if the LVR is 80% or less, the banks can do it without insuring the loan, so can get around this LMi hurdle.
Terryw
Discover Home Loans
North Sydney
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 1, 2005 - 1:05 am
If you borrow 100% and put the cash into a offset account, this will give you maximum flexibility. Tax wise if may be the same as borrowing 80% anbd paying a cash deposit. But if you were to use the cash for something else, then the tax deductions would rise automatically (more interest would be charged if money withdraw from savings account).
If you pay a cash deposit you would not have this flexibilty.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
August 1, 2005 - 1:01 am
It will be hard to do I think. Most people can’t understand the concept initially.
I think all you have to do is to explain that you will give them a good price for their property, but you cannot pay it all now. You will pay them by installments instead, and you will give them a good rate of x% of the oustanding balance. Compare this to the rate they would be earning if they put their money into a term deposit.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
July 31, 2005 - 12:29 am
You can do it, but it wouldn’t be tax deductible.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
July 30, 2005 - 1:04 pm
Best explained with an example?
eg Your house is worth $100,00. Your borrow 80% ($80,000) from the CBA – this is the first mortage, and then you borrow some more money from your father in law, say $10,000. This is secured by your father in law taking out a second mortgage.
If something goes wrong, CBA will come in and take possession. Since they have first mortgage, they have first priority. They sell the house, and your poor old father-in-law gets his $10,000 if there is anything left over.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
July 30, 2005 - 12:56 pm
I think the minimum wage is around $35,000 pa plus commissions.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
July 30, 2005 - 12:49 pm
TMA
I have also heard that if your company is incorporated in Victoria, then it is possible to sell a proeprty by transfering the shares in the company without incurring stamp duty. Apparently doesn’t work like this in all states however.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
July 30, 2005 - 12:46 pm
Do you have the spare cash? If so will you need it for other non investment expenses? If so, then you should probably borrow, if not why not use some of that cash.
On the other hand, you can always borrow as much as possible, then put the cash into an offset account – just in case you may need to access it later.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
July 30, 2005 - 2:32 am
Some ways you could do it include:
-find a money partner,
-wrap so you get some deposit money
-lease option so that you get the option fee
-wait for capital growth
-save like made
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
July 30, 2005 - 2:27 am
I7ve browsed thru the pack. it is all good info, but I would suspect it is fairly hard to implement.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
July 30, 2005 - 2:26 am
There may also be problems getting finance. There are some special funders out there, but the majority are worried about site contamination etc and won’t touch these.
9% yield does seem rather low for the risk.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
July 29, 2005 - 11:52 am
Try the Department of Gaming and Racing (NSW)?
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
July 29, 2005 - 11:51 am
I had a friend who had $130,000 owning on credit cards. Her husband was not aware. I help her reduce this down to about half of that and told her to cancel her cards. Told her husband to make sure she does too.
The next thing I know she has come back asking for help again as she had gone and bought her daughter a new car, bought another property and taken a trip to America.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
July 29, 2005 - 11:44 am
Originally posted by Celivia:
“Most of these people can not buy a house. They have bad credit, bankruptcy, Divorce, self employed etc. You may be the only one willing to give them a chance to own a home.”
Great to see such good samaritans on this forum.
But…I wonder what will happen to these desperate people if they won’t be able to close the deal… this will probably be the ONLY chance they’ll ever have to own a property.
DO you just say: “Don’t worry, I’ve made MY money?”
What happens to that win/win ideal now?
So the option holders will lose their initial ‘option consideration’ or premium, as others call it, because it is non-refundable money.
But what about these extra payments every week/month they hand in towards their purchase. Is this refundable money or will they lose these credits as well?
Celivia
Celivia
I’ve got one of those tenants now in my lease optioned property. The lady had some problems and is now on a disability pension. She is still paying the rent, but will be unable to cash me out in the near future. The proeprty is still going up in value, I am still making money, and she will eventually be able to cash me out, or just live there for 25 years and get to buy it from me for $1.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
July 29, 2005 - 11:41 am
Bill
I have done 3 outside of my state. Used a real estate agent to find tenants etc.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
July 29, 2005 - 11:38 am
I agree with Gross, the two are completely separate ‘things’, not affecting each other.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
July 28, 2005 - 11:53 pm
20% PBT is not much. Is this amount common with Franchises? I guess there are less risks then starting up on your own, so the expected rate must be lower.
And is this assuming you don’t work in the business and are paying someone a wage to run it?
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
July 28, 2005 - 11:38 pm
I am not really retired, but I quit my ‘job’ when I had just enough money coming in to cover the basic living expenses.
If it doesn’t work, you can always get another job.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au