With areas like Picton etc, you will not find “cheapies” as such, it will cost you $200-$300k for starters.

But I agree it really is a good area for capital growth.

WHJ

I have a friend who is a real estate agent in country NSW and has been telling me exactly the same thing, people are ringing up asking the expected rental, size of the block and confirming the asking price, then making an offer.

She can not believe they are not even interested in inspecting the property, it is all on the figures. I guess a few people will be stung and pay too much or buy in a town where there isnt a strong rental market.

But good luck to them, I really like seeing what I am buying.

WHJ

Hi Little Mermaid

In NSW you can not use “and/or nominee”, so the name you put on the Contract for Sale can not be changed.

So if you purchase the IP in the companies name you can not add the words “as trustee for …..” after the company, it cannot be owned within the trust structure.

However is Qld, (I think) you can. So, you should purchase the property with “and/or nom.” on the contract for sale and then have the trust setup.

I have setup a few companies over the past 2 years and on one occassion it only took 4 hours for everything to be done. There are many companies in Sydney that specialise in this, the one I use is Patricia Holdings http://www.patricia.com.au

I would suggest you advise your accountant you want one setup straight away and you might be able to avoid any problems

Happy Hunting

WHJ

Hi Anthony

Of you want some real general information in an easy to read book NE Renton has written a couple of books on trust.

I have read “Family Trusts”, which did have some useful information.

WHJ

Hi DJ

Most banks will offer a discount, however it does come down to your negotiation skills.

Don’t take an internet site or what you are told by a telephone banker as finality, that information is just the banks standard policy.

If you have a personal banker, talk to them – they understand there is less “risk” for them having 12 months of interest in advance and the use of the money for that period.

Besides ask and keep asking, they will eventually say yes, and if not (if possible) change to someone who will.

WHJ

Hi Willi

This is what I think, I’m not a solicitor and if I am wrong please someone let me know, but from my understanding, you can not undertake to or sign any agreement on residential property that you do not own.

I really dont think you could get a solicitor to draw up that sort of a contract even if it falls outside the constraints of property purchasing.

I really think it would be too involved and too expensive to be of any benefit.

If you have found someone who is really interested in purchasing a property under vendor finance and they agree on the property before you purchase it, you really shouldnt have too many problems.

whj