[Istvan051Member@istvan051Join Date: 2005Post Count: 221]

June 15, 2011 - 3:30 am

Finally, what can you tell me about "buying options"?

[Istvan051Member@istvan051Join Date: 2005Post Count: 221]

June 15, 2011 - 3:14 am

Thanks, you see it is quite complex as my grandfather is still alive (88yo) and has an inheritance yet to pass to my father. 
Dads also still interested in property investing and wants to keep building a property porfolio. I suppose I really need to try and keep on top of this.

[Istvan051Member@istvan051Join Date: 2005Post Count: 221]

June 15, 2011 - 2:33 am

Just finished reading throuigh the BDNs and yes, in all cases they have to be renewed every three years otherwise it reverts back to a non-binding nomination. We already have a prenuptial agrement in place.

What do you mean by provision for the wife?

Also how often do wills need to be updated/renewed?

We have already talked about the very real possibility that I purcahse some of his property soon. Can you tell me much about that process?

Cheers

[Istvan051Member@istvan051Join Date: 2005Post Count: 221]

June 14, 2011 - 5:34 pm

Hello Terryw,

Firstly thanks for your help.

I am in ACT. Today I made contact with the three different supperanuation companies in order to get the binding nomination forms. Soon I will get him to fill them out and I will put them away in the safe. Perhaps not before I talk to him about preparing a will.

Do you have any more helpfull advice on the steps I should take to get the will sorted?
He has told me that he wants me to be the "Primary" beneficiary in the will and that he will leave her enough to survive
and live a secure life.

Dad and myself have shared the last 23 years together and she has been in the picture with dad only one year!
I hardly feel its fair that she should be entitled to anything more than 15%, and dad understands and agrees!

So really I need to figure out how to get this thing sorted under the radar. I need to get a professional will written and approved and put away in safe never to be talked about again untill it is needed or needs to be updated.
Also I suppose the lawyers/solicitors would keep a copy.

[Istvan051Member@istvan051Join Date: 2005Post Count: 221]

June 14, 2011 - 1:55 am

Oh would the trustee world be like a solicitor or lawyer?

That would be the person who after death decides how a inheritance is paid to children and/or spouses?

[Istvan051Member@istvan051Join Date: 2005Post Count: 221]

June 14, 2011 - 1:37 am

Bjaust, when you talk about binding/non binding nominations as beneficiary are you talking about assets held in a will or the superannuation/ share investment funds?

Also I am a little confused who would be the trustee in my case?

[Istvan051Member@istvan051Join Date: 2005Post Count: 221]

January 20, 2010 - 4:41 am

The contracting is done to one party. Looks like we may have to look into operating the contracting through a trust.

Can you recommend any great sources/contacts for doing that?

[Istvan051Member@istvan051Join Date: 2005Post Count: 221]

March 16, 2009 - 9:05 am

No, its not hex….

Hex is basically when you are borrowing money from the gov because you cant afford to pay it yourself. Then you have to
pay it back with pre-tax income (I Beleive) once you start working.

In my case i have savings so i just pay the lot as i go.  That way i am not paying any interest to the gov.

My question is can i tax deduct these payments?

Anybody Please??

Stephen

[Istvan051Member@istvan051Join Date: 2005Post Count: 221]

July 13, 2008 - 5:50 am

Hello Qlds007

We are based in Canberra, ACT. 

Thanks for your help it really is quite a broud world when it comes in finance!

Stephen

[Istvan051Member@istvan051Join Date: 2005Post Count: 221]

July 13, 2008 - 5:00 am

We are not in bussiness nor are we borrowing. We would just like to make the most of what we have got! So employee income cannt be funneled in a trust that is what i suspected. However there is still another 40,000 or so in investment income.  Can this be funneled through a trust?

We will seek professional advice

Stephen

[Istvan051Member@istvan051Join Date: 2005Post Count: 221]

October 13, 2006 - 11:46 pm

Hey Andrey,

Thanx for that, yes i did work very hard for my money…lol
Been through a lot of crap to get there, especially with other peopel who dont understand the logic of trying to get money to work for you

For my first one ill go through a bank

Jus a quick question, how much % of the vaule of the property would you usually need to aviod having to pay morguage insurance?

Btw

I have rich dad poor dad and am reading it atm[biggrin] its great!

Cheers Stephen

[Istvan051Member@istvan051Join Date: 2005Post Count: 221]

September 18, 2006 - 10:04 am

Thank you,

Since i wrote that ive have been talking to a freind and he said that this sort of thing is often refered two as a joint venture.
Could you plase explain how a “joint venture” works

thanks
Stephen

[Istvan051Member@istvan051Join Date: 2005Post Count: 221]

June 26, 2006 - 6:53 am

Cant i use the FHBG to purchase a property in my name and transfer the property into a trust at a later date?

Stephen

[Istvan051Member@istvan051Join Date: 2005Post Count: 221]

June 26, 2006 - 3:16 am

Buying and holding a positivlyneutral geared place is what i would like to aim for. I am interested in using the FHBG living there and lodging the other rooms to people for 6 months (to use the grant i must live their for 6 months within the first 12 months) then once 6 months is over i move out and rent the property outright.

stephen

[Istvan051Member@istvan051Join Date: 2005Post Count: 221]

June 26, 2006 - 1:23 am

At the moment i would be just interested in protecing my Cash (I have an online savings account) and within a few short years a house or two.

So basically just Real estate and Cash

Thanks

Stephen

[Istvan051Member@istvan051Join Date: 2005Post Count: 221]

September 29, 2005 - 4:07 am

You can get a granny flat put in, driveway and small carport and everything organised and ready to rent for inside 65,000 which means if you can get 100+ a week this will generate postivive cashflow straight away.

Also another advantage of doing this is you only have to pay land tax once with both places.

stephen

[Istvan051Member@istvan051Join Date: 2005Post Count: 221]

September 29, 2005 - 4:02 am

My dad has a place were he is renting a self contained granny flat in the backyard for 150 a week extra on top of what he gets from the house. For this to be done you have to get approvals from the counsal for “Dual occpancy” which you are flat out getting these days apparently. Thats why when i am looking for investment properties i limit myself to places that already have the apporvals for dual occpancy. (even if there is no flat)

Stephen

[Istvan051Member@istvan051Join Date: 2005Post Count: 221]

September 20, 2005 - 2:31 am

Yes after reading it a few more times i understand it now thanx

Stephen

[Istvan051Member@istvan051Join Date: 2005Post Count: 221]

September 19, 2005 - 5:30 am

Yet another question of mine is how much percent of the rent would i be likly to receive in this for example.

renting a standard size three bedroom place compared to lodging two bedrooms of the place and living in one bedroom myself?

stephen

[Istvan051Member@istvan051Join Date: 2005Post Count: 221]

September 19, 2005 - 5:15 am

Am i not legally allowed to lodge out the rest of the place and actully recieve rent from them during the 6 months in which i plan to live there because of the conditions of the use of the grant?
What i mean is say if it was a 3 bedroom place then charge rent for people living in other 2 rooms

plz clarify!

stephen