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Depends on what the tenants signed, the proof you have of them moving into the place at a Bond clean standard.
If setup right, bond can be taken to cover this.
Jaxon | Jaxon Avery – Financial Adviser
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Seanm personally I look at the deal over the Area, anywhere you can buy under market value with strong rental demand/return and the ability to add value and equity that is what I would aim for.
obviously do DD on the area etc but the deal outweighs the area (most of the time) depending on your goals.
at your Price range there are a lot of options from 10%+ returns to adding value on an existing dwelling to lots more.
Jaxon | Jaxon Avery – Financial Adviser
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haha, so for a will avoid Assets falling into wrong hands, wouldn’t Asset protection be more worthwhile by the structures as you stated after?
Yes that one of the purposes and benefits of a Discretionary Trust that it creates another level of separation and protection.
I think you explain all of this really well, Terryw has anyone come out with an Australian book that explains this within the last 5 years as I know a lot of property books sell well.
but I would Imagine these conversations and points broken down in to easy to understand and double ended points (unbiased) would be so valuable if it was designed for the investor and almost a navigation of potential risks, I have yet to come across such a book.
Jaxon | Jaxon Avery – Financial Adviser
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Yeah well once again literally been told the Wishes/will setup is as good as it gets by multiple lawyers what do you think is better?
I was of the understanding that if they deem you to be the owner they can seize, not if its simply setup in your name.
so your saying the Law has no legal way to take control of funds that were taken and funneled through legal setups to protect funds if it was done correctly?
I feel like given any circumstance if I am a governing body I would take measures to recoup any illegal losses and “try” to provide justice to the losers of that situation. this makes so many levels of ethical sense and if we do not do that, I feel that is creating an incentive for wrong behavior.
thoughts?Jaxon | Jaxon Avery – Financial Adviser
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Yeah ok, so I guess you would be seeing that then for minimization of restructuring into personal names for some incentives as much as the other way.
Yes I am sure this happens without a doubt, hence why a will with wishes attached is what I have been told is as bulletproof as it gets.
I have heard debates if that individual breaks the law then Corporate bail piercing powers of the court can get power to look through any defense structure and can deem (even a shadow director) to seize assets, take control and shutdown what they want.
the most famous case is Alan bond, it even happened in WA not that long ago to a big judges son I believe.
Do you have any thoughts on this?-Yes, but a Trust holding a company does not have the fees.
Jaxon | Jaxon Avery – Financial Adviser
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Terry I have had multiple conversation with people who have strategies that have a good reasoning in the wrong overall context (in my opinion) but they can only see what they can see.
very interesting answer, to confirm clearly the value in the FHOG/no CG on PPOR etc is the reasoning for the in name purchase? (among a few others tax etc, especially in NSW if they do not have a large portfolio)
estate planning meaning the will or legal document has to accompany the individuals structure otherwise it would have to be re done or amended, or be deemed void? is that what your implying?
Holy moly literally was not aware of how large the land tax difference is for Trust or company owned properties…I guess its more on the lower end it matters for NSW but will have to look at each state.
I know this is a debatable question but realistically do you think any Trust, PTY LTD or any other legal setup in Australia provides any real safety? and if so as it limits the exposure to the individual and allows that entity to go insolvent instead of the individual, then what in cases of an illegal action, as it appears to me there is no legal safeguard for any individual in Australia who has broken any level of law in any way, so why spend excess funds to try protect from such, instead have excess funds to do right.
therefore I came to the conclusion a simple PTY LTD, Family Trust is the only real need as you don’t have yearly ASIC fees for the Trust and still have different levels of benefit when it comes to earnings etc and levels of discretion. as a general point be interesting to hear your thoughts as I have not studied the law and hold no qualifications in any way in relation to its operations.
and in relations to Valluvan I highly suggest speaking with a professional like Terry as the question your asking is so much more complex than the information you have given and seeking professional advice from someone who can break it down sounds like it could deeply assist.
Jaxon | Jaxon Avery – Financial Adviser
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So I operate and am heavily regulated by mainly ASIC.
It sounds like, in Georges case he is simply giving advice on property and has no body that regulates him and is just a sales rep.
to be fair some level of earnest must go on to the consumer to review if its right for them, but if you feel he acted unethical, illegal or misleading contact a lawyer mate.
Kind regards
Jaxon Avery
Jaxon | Jaxon Avery – Financial Adviser
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Terryw in relation to you,
say a new client walked in and is earning $200,000 a year and wanted to structure asset purchases over the next 10 years and already had $300,000 cash in their bank and never owned any asset in australia.Their goals are simply to get financially ahead and are open to any path that assist this,
would you look at setting a Family trust for different tax and sales advantages? what would be the main things you would be concerned and thinking?
be keen to hear from someone with such a diverse fields of qualifications.
Jaxon | Jaxon Avery – Financial Adviser
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Well firstly I would get that family member to make the claim, seek legal advice to lodge it,
so I would call a few local firms and get an idea of who they suggest it goes through, could be small claims or Lawyer up.
but really chat to some legal professionals and get real advice mate, from someone who explains things in a way you understand.
http://www.courts.sa.gov.au/RepresentYourself/CivilClaims/MinorClaims/Pages/default.aspx
Jaxon | Jaxon Avery – Financial Adviser
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$350,000-1.2mil
Literally depending on over a hundred things, area, sit layout, design, stock builder or architect and then your own private build etc etc etc
If you really looking at it then get quotes and ideas from builders today.
also given the markets Australia wide I would say tradies are going to be hunting for new builds in the next couple of years as we hit a property market slow down. (Generally)
Jaxon | Jaxon Avery – Financial Adviser
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Yeah so from memory its not clear, simple point is if the compound gets into your lungs it can potentially problematic. hence why its illegal to use in construction in Australia since I think the 1980s
“Breathing in air containing asbestos fibres can lead to asbestos-related diseases, mainly cancers of the lungs and chest lining. Asbestos is only a risk to health if asbestos fibres are released into the air and breathed in.”
A lot of home owners have asbestos in Australia so don’t feel your terribly off.
but I would say depending on your long term plans its going to cost a bit extra to treat it once knocking it down.in regards to doing any work, get the house tested first so you know what your dealing with and start reading and learn about it so you can learn to mitigate issues (if even possible)
Jaxon | Jaxon Avery – Financial Adviser
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Mm44, the best and easiest thing is speak to your local planning office and see if they can provide any information, I would even do this several times as you might get one person willing to explain the whole process for you.
Look there is a lot of non compliance that is going unpunished Australia wide, now this does not mean it wont bite you in the ass but it is a clear indication that your not the one hair standing tall that is going to be cut.
Jaxon | Jaxon Avery – Financial Adviser
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Reporting on Asbestos is outside the Scope of this Report. (the fact asbestos could be in the roof is a fair alarm)
they can test fairly cheaplywhere sarking is damaged, both insulation and moisture protection of the property are inhibited.
so two things in my eyes I would be worried about
1. is the Roofing and walls Asbestos (looks like it could be)
2. can I start fixing things as the place is Asbestos and any movement can release particles into the air.
3. then you can work on all the rest after.any further questions happy to assist.
Jaxon | Jaxon Avery – Financial Adviser
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Grant,
read, listen, learn
there are multiple strategies but understand your end goal. e.g. 100k a year income
then understand how to ge there e.g. 10 properties that return $200k so 20k each so 400 pw each
then refine using a knowledge of borrowing, CG, CF+, etc etc and work to get there.
Books like Steves or any property book has value but is not the completed puzzle.
the sooner you start the closer you’ll be.
Jaxon | Jaxon Avery – Financial Adviser
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1. I don’t Airbnb personally for IPs but from friends they love it (central apartments strong returns)
2. there are a couple I like but to be honest find someone you can have a good conversation with
3. no legal ramifications that I have seen yet, but in a zone that does not permit short term accommodation (such as low density or medium density residential), they will need to apply to the Gold Coast City Council for a Material Change of Use development approval (MCU).
4. better to chat as it depends what you want to offer, etc, at that price point you have a few options
5. you can get central apartments in central zoning with strong returns and given circumstance I have an idea that might do very well, if its in your capacity.Jaxon | Jaxon Avery – Financial Adviser
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Great low price point, good returns, some risks but overall very good deals.
the main thing is going to be, structural, flood zones, location.
the demographic is lower class, so sourcing quality tenants having good insurances and having a good relation with tenants or good managers who will.
Jaxon | Jaxon Avery – Financial Adviser
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Benny’s ideas are great, are you putting a 14 day pest building and finance clause?
I would also use this as a tool to accept a close offer and then if your aware there are some concerns (most older dwellings will have such)
this can be a great bargining chipse.g.
you offer 1.1m they come back at 1.18m you setlle at 1.6m then you use the pest and building to knock down to 1.5mil.Also offering cash deals without agent (were appropriate can be great)
having a friend or two low ball the properties or muck with the prices by low balling (not advised in any way but it works for certain people)
-form good relation with agent to assist getting the price
-be clear and harsh, even in another offer explain this has a 24 lapse as I have two other properties under offer, so first in best dressed.but truthfully there is only so much you can do and patience is important when wanting a good price.
If it does not stack, move on as hard as that can be.Jaxon | Jaxon Avery – Financial Adviser
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Best thing, call every contractor within the radius appropriate for the dwelling.
Get them to give you a real idea, then ask what there day rate is and offer a bonus to complete within a fixed time frame.
could save big $
Jaxon | Jaxon Avery – Financial Adviser
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Dishwasher, recreate space into bar fridge, more storage space, custom make a glass cabinet in the space, etc etc etc.
completely up to you mate.
lots of options that may make sense for you
Jaxon | Jaxon Avery – Financial Adviser
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Vish the devil is in the detail,
I would pick the financially better deal, so if you could buy a property worth $500,000 for $300,000 then that trumps the area code.
the exacts of the deal far out-way the exact area.
Does that make sense?
Jaxon | Jaxon Avery – Financial Adviser
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