[Alliance_22Participant@alliance_22Join Date: 2009Post Count: 9]

January 21, 2009 - 11:48 pm

SteveMcKnight wrote:

Hi,

The problem you have is that a change to the title usually attracts duties.

However, (I think) in WA and Vic you can transfer the property to your spouse's name for 'love and affection' (that is – $nil) without any stamp duty applicable.

Worth a phone call to your solicitor though to find out.

– Steve

Thanks for your assistance Steve! I definitely will give my solicitor a call and find this out. By the way, I love your book, and I'll be getting all the other ones written by you

Cheers,
Alliance_22

[Alliance_22Participant@alliance_22Join Date: 2009Post Count: 9]

January 20, 2009 - 3:52 am

Terryw wrote:

You can then move out and rent it for up to 6 years and still maintain the CGT exemption.

Does that mean i have to privately rent it? or can i still use an agent if i was to qualify for CGT exemption?

Thanks for your advice Terryw

[Alliance_22Participant@alliance_22Join Date: 2009Post Count: 9]

January 20, 2009 - 2:47 am

Thanks jwishart77,

That was very informative and you have some great ideas too. Basically, the scenario is that i will have 12k or so freed up shortly, its been in a termed deposit of 8% for 6 months or so, and instead of putting that back in for another few months of termed deposit, i thought perhaps another type of investment would produce better results. (Mind you the 8% is now 4.99% termed… so its not that good of a return)

[Alliance_22Participant@alliance_22Join Date: 2009Post Count: 9]

January 20, 2009 - 2:19 am

Jins13 wrote:

Doing your homework is very important but at the same time I think if your parents are happy to help out why not utilise them so that you can free up your cashflow and use the funds to help pay for another IP. Mind me asking for what you paid for your property are you still contributing money out of your pocket if you still rented it out?

Our Parents have actually helped out with the initial Deposit, which have saved us about 20k initially. We settled on the price of $340k and even if we rent it out at $375/w which is the average price of the area, we will still need to put in approximately $500 to cover for the sum of: Mortgage repayment + strata + Fees + Council Fees etc (So all up equates to about $500 a month)

Thanks again for the input!

[Alliance_22Participant@alliance_22Join Date: 2009Post Count: 9]

January 19, 2009 - 11:22 pm

Sorry about that, i should be more specific

Currently my partner and i are living with our parents, and we have not rent the unit out just yet. Initially we were going to be living in it long term, but i have found Steve and this forum, and have changed our views on it.

Yes i think we do need to occupy it for 6 month first before we can rent it, so we're trying to see which would be most beneficial; Rent or Sell (a few things needs to be fixed up so it can sell for more)

Thanks for the lightning reply!

Alliance_22

[Alliance_22Participant@alliance_22Join Date: 2009Post Count: 9]

January 19, 2009 - 9:23 pm

WJ Hooker wrote:

Forget what you have read in the books, its all fairy land stuff, even  Steve McKnight admits his book is not possible nowadays.

Hey guys,

I just bought Steve's book, and about 1/5 of the way into it. I think it really helps to open our mindset. However, if the above statement is true, then does he have a book that is more updated for today's strategies?

Thanks all