Forum Replies Created
It’s like with many other professions.
How can you be certain your solicitor isn’t dragging the procedures, all in order to get more billable hours?
How can you be certain your mechanic isn’t neglecting certain aspects or inflating other issues so he could profit more from you?
How can you know your tradie isn’t working slower than he can or recommending work or repairs that aren’t needed?
Etc etc.
The answer to all of the above is trust.
Either you deal with people you trust or you don’t.
Gut feeling plays a big role here.
One can’t be a solicitor, a broker, a mechanic, a tradie (etc etc) all at the same time but if you really think it’s best, you are most welcome to become a broker. There is time and money needed to setup and also on annual basis + 20-25 hours CPD training p/a + some lenders are not fond of brokers submitting their own loans but hey, it can be done 😊
My suggestion? Interview more brokers and see which ones you feel will serve you best.
Good luck! 👍😎
Ethan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
Old issues of Australian Property Investors come to mind.
Real estate agents in that suburb might be able to provide such data as well.
How far at the past are you interested in?
Ethan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
Not a fan of uphill battles with councils, tbh.
Can the land be subdivided?
Ethan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
Hi Suri,
If I were you I would visit real estate agents and get from them estimations for vacant lot with plans, off the plan and established. That should help making the decision how to proceed 👍😎
Once you know the above, would love if you’ll share it here.
Hope this helps?
Cheers,
EthanEthan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
Agree with the above.
I get why the broker wants to avoid time wasters by locking them in with $1000 fee if not proceeding. It’s steep and we don’t do it but I get it.
That said, there’s probably nothing there that says you have to accept his suggestion to x-coll. So you can simply go back to him and let him know that you want to proceed but as standalones. He may object (don’t know why, but saw it happen) but doubt he’ll outright refuse. Bottom line is that he can suggest whatever but you’re the client and you’re giving him instructions. Not the other way around 👍😎
Please do come back and tell us how it all worked out.
Best regards,
EthanEthan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
You can also get in touch with the building inspection company and discuss concerns and urgencies with them. Good luck! 👍😎
Ethan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
Instead of asking us to provide you with a full list, how about you let us know what you included and we’ll add what we think is missing? 😉
Ethan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
Not if you sell it to a trust first. Main residence won’t apply to trust owned property.
Another option is to sell first one after subdivison and then sell it after 3 months, CGT free potentially. The second one can then become main residence.Interesting ideas, thx! 👍😎
Ethan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
one way is to sell to a related entity just before sub division
Alright, but still… once the subdivision takes place, at least one of the lots is subject to CGT, right?
Ethan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
Tall order.
It’s basically a finance deal (presuming you will eventually buy the property). Definitely buyer will want to make a healthy profit. Taking into account purchasing costs and opportunity cost, you might find that it won’t be cheap to buy back the property…
Which suburb is it in?
Will you be renting it?
Ethan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
Hi Terry,
Are you happy to share an example how tax could be eliminated in such a scenario?
I understand that one of the blocks will be considered PPOR (so no tax there) but the other surely will be considered IP so tax will be payable?
Thanks,
EthanEthan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
Hey mate,
Am certain there are a lot of things you should look out for 😉
It’s definitely one way to go about it.
A couple of queries come to mind:
1. What’s the benefit for you to sell H&L vs vacant? Higher price? More demand?
2. Did you seek legal advice?Ethan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
Cheers, Terry. That’s good info 👍😎
Ethan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
Hi everyone,
My son is in his second year of university. He’s quite bright and has taken an interest in property. I have invested in multiple properties over the years but my wife was apprehensive about getting him too involved too early. I was just wondering if anyone had advice on the best way to give him exposure to investing?
Thanks.Perhaps show him what you’re doing? Maybe give him assistant duties? Nothing like learning the ropes by following your knowledgeable dad around 👍😎
Ethan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
The property as been a ip for less than 6 years exempting it from CGT
Just out of interest, how does an IP get exempt from CGT if it’s been an IP for less than 6 years? An IP property is never exempt from CGT unless it was your actual home.
Yes that is right. It must have been the main residence first. The op said he lived in it for 9 years prior to renting it out.
Doesn’t the rule of 6 years apply only if at the same time the owners don’t nominate another property as their PPOR? 🤔
Ethan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
Patchy start… 😬😬 hope it will all be smooth sailing from here 🙏👍😎
Ethan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
Agree with Terry that there is no “correct” answer.
I can get the logic of family A but why does family B believe both parties should pay for all fences?
Did you guys happen to establish some dispute resolution mechanism? If not, is there a third party both families trust and can agree that her/his decision (after hearing both parties) will be accepted as final, ideally with no hard feelings?
Ethan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
How about getting the couple to agree to a BMBY solution? 😇
Ethan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
Hi Rob,
Generally speaking it does make a lot of sense to offset the loan that carries the highest interest (that is assuming one has no other debt, mainly non deductible debt).
Why is that loan so expensive, by the way?
Should you sell or not is a question that I suspect nobody here can answer for you. Who knows what will the value there be in 2/5/10/20 years? Selling also depends on your overall financial position, alternative yields and future goals.
One last note, I usually calculate “positive/negative gearing” on 105% of the purchase price, not on the actual loan repayments as it’s a more holistic way of looking at it I reckon.
Hope this helps? 👍😎
Best regards,
EthanEthan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
I always think of the valuer as a potential buyer so both the reno and the staging are done as if for sale, so pretty much same rules as sale apply (kitchen, bathrooms, overall street appeal, features buyers like in this area etc)
Then the valuer comes and I walk with him/her, explain what was done, mention the high quality finishes etc.
Usually the valuations come back pretty much as expected (as per my own market research and target price, all done before reno began).
Another thing I usually do is ask a property manager to provide their rental appraisal in writing (I let them know what it’s for and also offer to pay for their time if not planning to have them as PM or if they are not already the PM for this property, all in order to not abuse their service). Then, I submit that report with the order of the valuation, so the valuer knows upfront the rental appraisal, which helps set the property’s price in their mind, even before they leave the office 😉
Ethan Timor | Aligned Finance Pty Ltd
http://www.alignedfinance.com.au/
Email Me | Phone MeActive Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)
