Forum Replies Created
Many lenders consider more than 4 units as commercial rather than residential, hence the lower LVR (loan to value ratio).
I own several blocks of units (on one title) and only receive one rates notice per property. If you are receiving multiple rates notice, are they strata titled?
does this void the strata if i own all four of them?No. In fact, this can be to your advantage if you choose to sell them as you can sell one or four, your choice.
Wendy
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http://www.affluencia.comWendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Hi Marc,
By all means, please organise one. I have some great contacts for speakers if you need them or ideas on how to get things started.
Good luck with it.
WendyAchieve the abundance you deserve!
http://www.affluencia.comWendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Hi Ladies,
Please RSVP if you would like to attend tomorrow night.
Hope to see you there.
WendyAchieve the abundance you deserve!
http://www.affluencia.comWendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Hi Simon,
You need to speak to an accountant as to the best way to structure your property portfolio.
Regarding a trust, you can buy any property in a trust structure. However, with a trust, any losses are held within the trust and cannot be claimed. They can then be offset against any other assets in the trust that make a profit. Therefore, if you know the property to be negatively geared, buying it via a trust can limit your ability to claim tax deductions.
As to whose name you should purchase the property in, that depends on so many factors and particularly your own personal circumstances, aims and goal. Speak to an accountant before you make a decision one way or the other.
Wendy
Achieve the abundance you deserve!
http://www.affluencia.comWendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
I think you will find Ana is looking for a way to work out the rent based on the fact there is a rental shortage and hence an opportunity to add a premium onto the current going rental rate.
The rental levels are known. How to determine how much extra can be asked for, given the scarcity factor, is not.
But why the h3ll would you buy a property and not already know this???Ease up guys – when someone asks for help on the forum, show a bit of consideration and provide it. Don’t just take it as an opportunity to take a swipe.
All the best Ana.
Wendy“Say what you want and be who you are because those who mind don’t matter and those who matter don’t mind.” – Dr. Seuss.
Wendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Just a reminder to any ladies wishing to attend the next property meeting, just PM me with your email address.
“Say what you want and be who you are because those who mind don’t matter and those who matter don’t mind.” – Dr. Seuss.
Wendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
See you there Troy.
“Say what you want and be who you are because those who mind don’t matter and those who matter don’t mind.” – Dr. Seuss.
Wendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
As a rough guide work on 5% for closing costs.
Separate titles is good as it provides you with the option down the track to sell them off individually if you so desire.
Good luck.
“Say what you want and be who you are because those who mind don’t matter and those who matter don’t mind.” – Dr. Seuss.
Wendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Hi Terry,
Thanks for the docs and the advice. Much appreciated.
Wendy
“Say what you want and be who you are because those who mind don’t matter and those who matter don’t mind.” – Dr. Seuss.
Wendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Hi Terry,
I’ve sent you an email.
My property is purchased through my company as trustee for the trust. The CG discount will only apply where a property is held for 12 months. This is fine where your strategy is buy and hold, otherwise a company taxed at 30% is a better option inside 12 months.
Wendy
“Say what you want and be who you are because those who mind don’t matter and those who matter don’t mind.” – Dr. Seuss.
Wendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
You really do need to use a solicitor based in the state of purchase. The laws for each state vary and I don’t think solicitors like to handle settlements interstate.
I can recommend a good solicitor depending on which state you are purchasing in. PM me.
Wendy
“Say what you want and be who you are because those who mind don’t matter and those who matter don’t mind.” – Dr. Seuss.
Wendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Hi Steve,
Have sent you a PM with the details.
Wendy
“Say what you want and be who you are because those who mind don’t matter and those who matter don’t mind.” – Dr. Seuss.
Wendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Hi Steve,
My accountant meets all the above, but is located in Kew. He is well worth the trip though. Let me know if you need details and I’ll PM you.
Wendy
“Say what you want and be who you are because those who mind don’t matter and those who matter don’t mind.” – Dr. Seuss.
Wendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Hi QL,
I have a good solicitor in Collins Street that I use. Happy to send you a PM if you are interested.
Wendy
“Say what you want and be who you are because those who mind don’t matter and those who matter don’t mind.” – Dr. Seuss.
Wendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Hi Xenia,
The definitions are actually the reverse. Positive geared is where the property pays for itself from day one without any tax breaks. Positive cash flow is where the property makes a loss, but with on paper deductions turns a profit.
Hence -ve geared – loses money; +ve geared – makes money; positive cash flow – makes a loss but can make a profit with tax deductions. This is what Margaret writes about.
Many people get this backwards.
As for Margaret’s books, I have found them all to be really informative with the exception of “The Truth about Positive Cash Flow Property”.
In this last offering she goes off on a bit of a tangent and really has a go at a number of people (Steve included). If you can set aside the soap box commentary, the book does have some good content but is no where near as good as the previous offerings.
Wendy
“Say what you want and be who you are because those who mind don’t matter and those who matter don’t mind.” – Dr. Seuss.
Wendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Hi Daniel,
Any financial institution will be able to give you an idea of your borrowing capacity. Just go and talk to them to gain a greater understanding of your overall position.
I agree with Mark. If you are currently living at home (so one assumes not having to pay rent, perhaps just board) you are in the ideal position to start your investment portfolio. You could potentially reach your target far quicker.
Wendy
“Say what you want and be who you are because those who mind don’t matter and those who matter don’t mind.” – Dr. Seuss.
Wendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
Marisa,
Get advice about setting up a trust.
My understanding re costs to transfer existing properties to a new trust is you will incur a fee to establish the trust (will differ depending on whether you are doing so to an individual or via a company), then for each property you need to transfer over you are hit with Capital Gains tax (if applicable) plus Stamp Duty. You’ll need to decide whether the cost is worth protecting your assets.
Wendy Chamberlain | Chamberlain Property Advocates
https://www.wendychamberlain.com.au
Email Me | Phone MeMelbourne Buyers Agent & Sellers Advocate | Independent | Flat Fee
