Total Members: 158,194

GrantMck

  • GrantMck replied to the topic SMSF property investment borrowing in the forum Help Needed! 10 years, 8 months ago

    HI,

    Prior to entering any agreements I would suggest that you get a Pre-Approval from a lender for the SMSF, and make sure that they will accept your Trust Deeds and the Security. Many people do not understand the "Single Acquirable Asset" that a SMSF needs to invest in and what the lender will accept as well. Getting a pre-approval will let you…[Read more]

  • GrantMck replied to the topic should i start investing in PPOR or investment property??? in the forum Opinionated! 10 years, 8 months ago

    Hi Wilko1,

    The ATO is forever changing the legislation and policies. The last amendment was on the 20 th June 2013. I have noted two useful links into the ATO website which will explain a few different scenario's and also the 2013 Property Investment Guide.

    A little research upfront is always advisable because if the ATO start looking into your…[Read more]

  • GrantMck replied to the topic It’s possible to Buy house for a DOLLAR? in the forum Help Needed! 10 years, 8 months ago

    Hi,
    Received the book today, looks to be a great marketing tool with get this for free and that for free. I am always cautious and look for the motive from all marketing approaches, in saying this I will look into investing my next $100 into buying my next 100 properties, hopefully after reading furthermore in the book I can learn how to do so. I…[Read more]

  • GrantMck replied to the topic 1 unit 1 bath A GOOD INVESTMENT ?? in the forum Help Needed! 10 years, 8 months ago

    HI,
    I would consider looking in some regional areas in medium size towns for Duplex options. There are opportunities in some areas where you can get a 3 Bedroom, 2 Bathroom, Single Garage for under $250 k with a $300 per week rental, and vacancy rates under 1%!!

    Look abroad in various markets, if you struggle, look for a company that can provide…[Read more]

  • GrantMck replied to the topic Underperforming in the forum Help Needed! 10 years, 8 months ago

    HI,
    I note past Blogs refer to selling, costs, performance and looking for a better deal. If you sell you must consider further losses such as Real Estate Agents commissions. Have you done a full Property Investment Cash flow Analysis, identified your losses and considered an Income Tax Variation if you are losing cash. I am not saying to not look…[Read more]

  • GrantMck replied to the topic financial advisor in melb in the forum HI, 10 years, 8 months ago

    HI,
    Setting up a Trust Fund can come in many forms, Family Trust, Unit Trusts and a SMSF is also set up on a Trust basis, Definitely seek Financial Advice, but one thing I must note as I always do, "What is your strategy and what are you trying to achieve", remember the vehicle is the property which is what assists you to achieve your goals within…[Read more]

  • GrantMck replied to the topic Refinancing cross-colateralised (split) loans in the forum Finance 10 years, 8 months ago

    Thanks Spongy for your kind comments :)

  • GrantMck replied to the topic Refinancing cross-colateralised (split) loans in the forum Finance 10 years, 8 months ago

    HI,
    I would be a little concerned about the Cross – Collaterilisation and also the lenders All Money Policy. This is where the lender can call in all borrowings if the client has issues somewhere within the Portfolio. There will be also additional costs for the Accountant to work through the Interest Splits and Costs etc. through the Portfolio…[Read more]

  • GrantMck replied to the topic Claiming Progress Payment – Rental Prop Construction in the forum Creative Investing 10 years, 8 months ago

    HI,
    First thing is to talk with your Accountant, but I am very sure that if you can demonstrate to the ATO that your intention from day one was that the property is for Investment, you can claim the interest and costs. How do you do this, get a Property Investment Cash Flow Analysis report by an external company, get  Rental Appraisals from a…[Read more]

  • GrantMck replied to the topic If this is your situation, what would you do? in the forum HI, 10 years, 8 months ago

    HI,
    I think you will get a number of options to consider around your current Financial Position, I would suggest that you look for a neutral company that is not selling Investment Property, get some education across all aspects of property and I would also suggest Diversification. Property is one thing, there are also a number of other options as…[Read more]

  • GrantMck replied to the topic should i start investing in PPOR or investment property??? in the forum Opinionated! 10 years, 8 months ago

    HI,
    I would suggest to look at how the ATO is looking at PPR turning into Investment Properties. If you were to move into a property as your PPR and renovate, keep it for more than 12 months to offset the Capital Gains Tax, and then sell, the ATO is watching these transactions, especially if this is done on more than one occasion. If you were to…[Read more]

  • GrantMck replied to the topic Due diligence when buying a vacant undeveloped lot without any service in the forum Hi, 10 years, 8 months ago

    Hi,
    My first call or visit would be to Council and looking at what they have on file, if and when are local utilities going to be available, if not for sometime, what are the costs to make the improvements needed for supply, look at any easements and covenants as well. Even if you are wanting to sell in the coming years, all of these costs may…[Read more]

  • GrantMck replied to the topic Buying Land As Tenants In Common And Then Build in the forum Creative Investing 10 years, 8 months ago

    HI,

    Tenants in Common is noted on the Title, so when settling the land, this is where your ownership split should be noted. As far as the actual percentage is concerned (No Financial Advice Given Here on), it will really come down to your tax rates. If your wife is out of work for a few years and there is no income, another consideration may be…[Read more]

  • GrantMck replied to the topic Non Paying Tenants in the forum Help Needed! 10 years, 8 months ago

    Hi Bricman,

    The old saying, "no friends in business" comes to mind. First thing to consider is that you are not their overdraft facility, are they taking advantage of your generosity, and are you feeling guilty for what they have done for you in the past, and has their input been noted financially for work done on the improvements for the…[Read more]

  • GrantMck replied to the topic Purchasing property from family… in the forum Help Needed! 10 years, 8 months ago

    Hi,
    I suggest that you seek legal advice and make contact to the State Revenue Office for an opinion. You may find that you will need to pay stamp duty on the total value! Recently we were contacted by a purchaser (the Son) regarding a favorable purchase from his father. The father had gifted $50k equity and the contract was written up at $50k…[Read more]

  • GrantMck replied to the topic Just bought a Weatherboard! in the forum HI SirDangerMouse, My first 10 years, 8 months ago

    HI SirDangerMouse, My first port of call would be to get the Asbestos assessed and quoted for removal if in fact it is asbestos. The Bathroom is the most involved with the amount of trades needed, so I would suggest starting with the Bathroom and whilst doing this, look at the hot water service, its age and consider replacing it at the same time.…[Read more]

GrantMck

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