Hi TrevorCouple of small things potential investors should also be aware of with investing in the USA;1) property managers who collect the rent and keep it for themselves.2) property managers who charge you 4 times the normal rate for repairs (created by tenants)and more often than not the job is substandard if it is actually done at all.3)…[Read more]

As you would earn income in the US then you would need to file both an annual Federal and State tax return.  US interest expense, depreciation, water tax , sewer tax, city tax, school tax, pick up dog litter tax  county tax and local city fines for not mowing grass, fines for not removing snow from footpath, fines for having uneven floor board…[Read more]

Hi TerryI guess the problem I have is that tax law in this country now seems to be made on the run (TA's are effectively press releases)by some pinhead in Canberra who is using their value judgement.It seems the best course of action is to always get a private binding ruling.  (for those that reckon its only an opportunity for the ATO to say no -…[Read more]

Flash has addded the other issues of finance tax and insurance let alone FX fluctuations to PM. But even volume (we have 26 rentals) wont save you, it just multiplys the problems.

Hi BenderHave no doubt in certain markets and parts of the US PM is a challenge.From my experience (also clients) the whole rental system is different there than here and NZ.  The remote managment compounds the problems as even if you are on the ground (as friends of ours are in Alaska) it sometimes requires almost a daily input which for me…[Read more]

Hi JebroWe recommend a partnership of unit trusts over a single unit trust when you have unrelated parties and there is a possibility of building a capital value of the underlying business (that can be sold in the future).  The reason is a sale of units from one unit holder to another puts the seller at a disadvantage tax wise as not all of t…[Read more]

Hi FiskiUsed to live and work in Bunbury 10 years ago just when the harbour from was being redeveloped.  Would love to see it now.Can recommend solicitor Peter Ray (can't remember the name of the firm) in Bunbury (I understand he left a top tier firm in Perth and moved there for lifestyle).  I used him for myself and many accounting clients at t…[Read more]

hiTo claim the PPOR exemption i think you will find that you actually have to live there.  Seehttp://ato.gov.au/individuals/content.asp?doc=/content/36883.htm&pc=001/002/026/017/005&mnu=1051&mfp=001/002&st=&cy=1I don't know where the 6 months comes from probably a corruption of the old Sec27AAA (now 30 years old) which mentioned 12…[Read more]

Hi FiskyRead the deed (they are not that hard to understand) and if still not satisfied the go back to your accountant and have them explain your fathers intentions at the time (there ought to be a file note).  If a cock up was made go to the solicitor that drafted the deed and have it amended.good lucktony

Hi

Take care as the ATO has very quickly withdrawn this ruling.

When I read the ruling it was quickly pretty obvious some pinhead in there issued this ruling without doing any research. This issue has clearly been dealt with by case law.

When these sort of conflicting ruling come out it doesn’t suprise me of the resulting confusion and anger…[Read more]

Hi Martin

Welcome to remote management. I didnt think it should be any different to the way we remotely manage our properties in NSW – however it is. this is even though we (Aust and USA) speak the same language as often the same words have different meanings. This is still the case with having the leg up of my wife who grew up in California,…[Read more]

Hi Luke

Have used a couple of PM’s.

Cannot recommend Toni Santiago (also known as Gernie Property Management) as she and her offsider Dave will take your rent and, put simply, keep it for themselves…..

Cannot recommend Di Brown. Whilst her heart is in the right place she should not be in business for herself. ie unaccountable to…[Read more]

Hi Anthony

Buffalo has become a renters market due to the influx of investors (local, interstate and O/S) rehabing existing housing stocks over the last 12 to 18 months.

The PM’s have been using this as an excuse to have you spend thousands of $$ to make your empty property more attractive to renters. The reality is most of the full time PM’s…[Read more]

Hi Jeremey

From memory the franchisor of Destiny is Margaret Lomas. And it is my understanding the franchise model is a that of a mentoring role wrapped around property as the vehicle to financal freedom.

What I do know is some people can do it on their own to start with and some need a guiding hand to kick start things. Over time they either…[Read more]

Hi Artaud

Live in Newcastle and doing 2 residential and a commercial developments in the suburbs of Merewether and Wallsend.

Residential is around $1000 per sq m. includes fees, the NCC BASIX and the new 2005 DCP stormwater requirements but excludes the usual floor coverings, window coverings, light fittings, driveway and landscaping..

I’m…[Read more]

Hi Frank

PM for a WNY accounant and attorney I have used and can recommend. I do have a NY City contact but they are very very expensive.

Suggest run a search here and on somersoft for structure as one size doesn’t fit all.

Regards
Tony

Hi Solomon

Hope your enjoying yourself – it does take courage to push yourself out of your comfort zone.

From experience it doesn’t matter if the property is in Alaska, Nebraska, WNY or country NSW. What does matter is unless you can get the rent collected and paid to you by your PM then remote management takes on a whole new meaning.

Regards

Tony

Hi Kim

Suggest you start with the Margin Scheme. Refer to ATO webpage

Good luck

tony

sme

feel free to pm me

regards

Tony

I wouldn’t know Dale GG if I fell over him, however as in introduction to trusts his book is (as I said earlier) a good little read. There might be something in the repetition which makes me think of another author who has pumped out 6 best sellers that all pretty much say the same thing (one Robert Kiyosaki) but then again a monkier like “stuck…[Read more]