The NSW Trustee will remove all estate decisions from your family and will charge a quite high percentage to administer.  Just get any local solicitor to draw up a will. Most solicitors do this.  Just look in the Yellow Pages.CheersK

Unfortunately insurance will not necessarily protect you.  If an accident is found to have been caused by your negligence, then, while the insurance company will pay out on that, the insurance company can then lodge a claim against you to recover their losses.Best to sort out your legal responsibilities as soon as the tenant notifies you of a…[Read more]

I've got to say, I think that  "PIG's for Chicks" is a terrible name for a group.  It just diminishes the merit of what you are all trying to achieve.  It is hard enough for women to get out there and set up a property portfolio, without having a silly name for you all as a group.  You are not "chicks"; you are women, undertaking a very ser…[Read more]

Sounds like an excellent strategy to me.K

Lodging a caveat over a property you have signed a contract to buy is a step that has been recommended by lawyers for years.  As Terry says, a caveat means that a vendor can't then do anything to the property between you signing the contract and settlement without getting your permission.  From a legal point of view, it is a good idea because it…[Read more]

It's a very complex formula that courts use when determining whether a landlord is liable for injuries suffered by a tenant.  Some of the issues are: whether the landlord knew (which you do), how easy it is to rectify the problem, the cost of rectifying the problem, whether it is the sort of problem that a landlord would expect to rectify (for…[Read more]

It's standard practics in NT too.  Action-figure, are you using a conveyancer?  I would definitely recommend using either a conveyancer or solicitor.  It's not worth doing it on your own just to save a few hundred dollars.

Hi JamesWe could have used property investing alone to provide cashflow.  We had close to 20 properties at one stage, all positively geared and we could have lived off the rents, which were skyrocketing in the area that we invested.But we liked are both far too young to retire properly and made the decision to sell the properties and throw the…[Read more]

It's always a good time to buy property.

That's a very interesting question.  Since the GFC when properties are getting harder to sell, this issue has become far more common, with vendors asking for evidence of inability to get finance.  During the boom, it wouldn't have mattered as the vendor could just put the property back on the market, but it is not so easy to sell these days to v…[Read more]

I think they are both much of a muchness.  I get API only because I have been getting it for years.K

Hi AndrewWe are all looking for that property!!K

JamesSampson wrote:
If your 30 and you want to retire at 40, property on its own just wont do it for you, unless you have the capital to go out and buy 15 places very quickly.I saw this many years ago, and as a result started my own business. I can tell you from experiece the true way to financial freedom is working for yourself. Cash flow as…[Read more]

"Guaranteed return" probably just means a rental guarantee.  A return doesn't have to make a property cashflow positive.  A return is a return, even if it still makes the property negatively geared.CheersK

Hi MattWhy not do it yourself?  I'm in Adelaide and I do it all the time.  It is a bit more work than getting someone to do it for you, but you end up with a lot more in your pocket.CheersK

Hi JulesYour proposed strategy is no dead man walking but it is certainly not a masterstroke either.  People have been doing this for years and years and years.  In fact, it is about the most commonly used strategy for building wealth using property.Having said that, it is not quite so simple.  Assuming the house is valued at $350,000 on co…[Read more]

I think that JacM was talking about paying CGT and stamp duty if you so onsell the property.  In most states, even if there is a same day settlement, you have to take ownership of the property before you can onsell it.  This means that you will have to pay stamp duty and any capital gains tax.

Provided it is a straightforward sale, you could both use the same conveyancer/solicitor.  Offer the vendor's asking price less agent's fees and then agree to split conveyancing costs.  That seems a very straightforward solution to me.  I'm sure that the vendors would be very happy to sell a property so easily.CheersK

It all depends where the land is.  If there is a land shortage, then you will be likely to be able to sell the land prior to settlement and may make some money.  If it is in an area where there is a lot of land, then there is a real risk that you will be left with the property and will have to hold on to it.I did exactly this a few years ago.  I b…[Read more]

I think it all depends where the property is.  If it is in Darwin or Cairns or somewhere where most houses have pools then it might be worthwhile.  I think a house in the tropics would be far more rentable with a pool.If however, your property is in Melbourne or Adelaide or Hobart or somewhere where pools are not standard then I wouldn't b…[Read more]