I’m in the mp area. My Hubby may be able to assist you – he is a Solicitor. If you would like some help send me an email at
lindah@eftel.com
with your Ph. No. and I’ll get him to give you a call.

Cheers
Nessie

Glad to hear that you have acquired this magnificent property from my Accountant? He showed this picture to me prior to Xmas last year suggesting that I could rent it from him for the holiday season. [] I had to decline – the stairs were too steep.

Welcome to the forum.
When I bought my first real estate property I struggled with the debt level. Couldn’t sleep – worried about repaying the loan quicker to save paying interest.
Now some 20 years later and with debt 40 times that of my first real estate purchase I don’t care about my debt level now. Why? Because I have the…[Read more]

I understand this to be that the block of Units is all under the one Title – Torrens – that is the Units have not been subdivided. So there would be no body corporate fees because a Body Corporate is only created when there are separate titles for each Unit.

If you intend to sell any of the Units individually you will have to subdivide…[Read more]

I always get a Pest Inspection Report on a property before buying it. If the report is bad then I walk away from the purchase.

Are to saying that you have acquired a property with a termite problem?

I haven’t got my copy of Steve’s book yet. So am unsure what you mean by rising above this “Plateau”.

Cheers
Nessie

quote:my name is brady and im 12

If you are “12” you are too young to be acquiring property!!

Wraps – get yourself a copy of Steve’s Wraps tapes
Plans – only you can do this – what are your goals for now and the future. Work this out and then you will be able to put your plans in place to achieve your goals.
Referrals/Research -…[Read more]

I use the 11 Sec Solution as a starting point. If the property doesn’t fit the 11 seconds then I have several fall back solutions…[Read more]

Let me see if I help you.

Land Cost $60K
Building Costs $260K (that is $65K each Unit)
Other Costs S/Duty etc. $16K
This makes a Total of $336K

The Building costs are extremely cheap. Am concerned that $16K is not enough to cover variations and non-building cost items such as landscaping. Have you taken into account Architect Fees,…[Read more]

I think you should walk away from this.
A 55 yr old Weatherboard house with 20+ points on a Building Report would be a no-no in my book. Too many problems. Sounds like a bulldozer is the best thing that could happen to this place.
Morwell – well my research several months ago was not good. There were many vacant shops in the main…[Read more]

Welcome to the forum.

Some simple Questions to ask :
How long has the property been on the market?
Why is the Vendor selling?
What are the rates and outgoings on the property?
How long as the Vendor owned the property?

Get the answers to these questions and then more questions will arise from the answers.

Also read some of the…[Read more]

Great reading. I thought I was actually reading my property investing life so far – everything you said has happened to me. Many a time have aimed high (the bullseye) and not hit it. Got the outside rings or totally missed, but have learnt a lot and also learnt not to make the same mistake next time round.

Time is such an important…[Read more]

I presume you mean a lease of a residental property. Yes, it is uncommon for a lease to be more than 12 months. In Victoria, Tenants usually sign a lease for 12 months. Mainly to protect the landlord. If the term is longer and there is a problem with the Tenant you can’t get them out – the lease has to run its term. Majority of…[Read more]

Banks/Financiers will only lend 70% LVR on commercial property plus the term is usually only for 10 years.(Residential is 80% LVR and 25 or 30 year terms) So this means a much greater monthly loan repayment.
Also they like at least a 5 year lease with an option. That is a 5 year term with the option of a further 5 year term.
There are…[Read more]

Beware he is back already. []

Yesterday’s Herald Sun carried a half page ad on Page 31 with the headline
” Henry Kaye …. “Business as Usual” ”

The fine print states that all regulatory scrutiny of his education programs has been successfully resolved and that the ASIC have decided to discontinue its litigation because he will…[Read more]

Yes a line of credit is the best option. I find that by having this type of facility it can give you more bargining power when submitting offers for IP’s. You don’t have to buy subject to finance, you can pay cash, you can do a quick settlement. Then finance the property after you have touched it up – you can get 80% LVR of a higher…[Read more]

Marco, I was waiting for a train when I read the article – someone had left behind and I did likewise, so can’t remember which page it was on.

I read a similar article in yesterday’s edition of the Australian.

The Media hype about investors creating high prices is just exactly that. Investors are such a small percentage of the overall market and I believe that they are not responsible for the increases.

Good Investors (not all investors) have their limit and will stick to…[Read more]

Congratulations Andrew. Terrific Title. Perhaps Steve can use it for his next book !! []

Cheers
Nessie

But like AD, I find that time spent on the forum is time not spent on finding new property deals and so not as many contributions of late.

Heatherton had a reputation to being a slum/druggies area like Dandenong, but not as bad.

But image is changing – a big developer (Mirvac ??) has been building on all the land around the Kingston Rehabilitation Centre ( near Cnr. Kingston and Warrigal Rds – south of Kingston Rd).

The Kingston Heath Golf Course is next door. – Along…[Read more]

The concept sounds great but I would be concerned about taking over a company owned by someone else. Even if you did all your due diligence there are still pitfalls. Several years ago I became aware of a situation where a company was taken over. Due diligence was done and everything came up clean, or so they thought at the time. So…[Read more]

Are you suggesting this as an alternative to transfer properties from an individual to their trust structure by wrapping the property?

Fantastic idea for those who want to protect their properties under the trust structure and not have to pay the stamp duty immediately.[]

Cheers
Nessie

No Section 32 is a common problem for us Victorian property investors. If the deal is good I get around it by telling the Agent that I am prepared to make an offer of $? subject to viewing S32. Have even offered to pay a $100 holding deposit so the Agent won’t sell or take offers from anyone else. If the S32 is not up to scratch then…[Read more]

No Section 32 is a common problem for us Victorian property investors. If the deal is good I get around it by telling the Agent that I am prepared to make an offer of $? subject to viewing S32. Have even offered to pay a $100 holding deposit so the Agent won’t sell or take offers from anyone else. If the S32 is not up to scratch then…[Read more]

If I had to make this decision I would keep the car, buy a property and then claim part of the car expenses visiting the property.
My Accountant told me that once you have your first property, you can then claim more of your motor vehicle costs for looking for other properties. Keep a log book of the kms you drive and at the end of the…[Read more]

I have read this as meaning that the property is a residential property with office facilities.
I understand for a business to run from a zoned residential area the local council have to approve and so do the neighbours. Parking becomes an issue – particularly if office is medical – patients waiting – cars parked in street space the…[Read more]

To my knowledge a loss in any trust, be it Family Trust, Unit Trust or Hybid Trust cannot be distributed. The loss is carried forward for the next year.

What I do know is that if you have 2 Family/Discretionary Trusts and one makes a profit and the other a loss the Trust with the profit can distribute to the Trust with the loss.

Your…[Read more]

You are right. There was a post on this topic because I remember contributing an answer. I’ll be damned if can find it either, but I will keep looking.

The answer I gave before was along the lines of:
Yes, you can rent from your own Trust. I have been doing it for nearly 15 years. My Accountant set it up. You should discuss…[Read more]

Property was in Carrum Downs/Skye area.
Was not in advertised in this weeks local news so must have been sold.

Cheers
Nessie

Saw an advert. in the newspaper a few weeks ago for 45 acres of land on the outskirts of Melb – Eastern Suburbs – Price: $900,000
Equates to $20K per acre.

Dad will need lots of $ if he wants to buy 900 acres.

Cheers
Nessie

You need to find yourself an Architect who lives within the same Council that your property is located. He/She will know all the Council requirements and will be able to give you advice on what is and is not acceptable for your block.
You can obtain some information from your Local Council, however whether you can understand…[Read more]

I pay Landlord Insurance premiums yearly. See details in early note about the amounts.
I haven’t heard of any Ins. Co. accepting monthly or quarterly payments.

Cheers
Nessie

I always try to meet the Tenants before settlement. It is amazing what information you can find out when meeting them – like what their situation is, what their plans are, what they might need to help them stay in the property (this is really important)

eg: They don’t have good TV reception – get a repair man to fix the antenna or…[Read more]

But using a Conveyancer ! – I don’t believe that a Conveyancer will be any better and a bad Solicitor.

This year…[Read more]

I’ll see if I can explain the answer you are looking for.

The Trust document should have 2 types of beneficiaries.

Specified Beneficiaries which is usually “the husband, the wife and any child or children of them”.

General Beneficaries which can be
1. parents, brothers, spouses, widows, cousins children and remoter issue and next of…[Read more]

My apologies – I certainly did not have any intention of having a closed forum session with Sooshie on this topic.

As Sooshie is a Moderator of this forum and she had asked the question I wanted to explain – discuss this topic with her and determine what was the best way of advising everyone on the forum how to go about making money from…[Read more]

I was going to remain tight lipped because I thought that it was just me that had a problem with the game, but as others have made comments I have decided to make a contribution. I had played the game last year and was very confused then. But this time round I was totally frustrated even though I had a plan to follow.

I know and fully…[Read more]

I am familiar with this so we should get together to chat. This can and is very complex. Have sent you an ICQ message.

Cheers
Nessie

Your Question:

quote: was wondering if anyone knows whether it is legal for the director of the corporate trustee to rent a property within the trust?

I’ve been doing it for over 10 years and it was recommended by my Accountant.

You need to discuss this with your Accountant as well as your Lawyer.

Cheers
Nessie

djones – did to you ask the CBA to prepay interest or did you tell you need to prepay your interest ? There is a big difference.

If it was the first option go back to them with the second. If they won’t do it then tell then you will re-finance because “your accountant says you must prepay interest”. Get my drift !!

I think you will…[Read more]

Congratulations – Well done.
Would love to see your flyer.
My email is hicksrl@ocean.com.au

Cheers
Nessie

Wilinvest – you wanted to know how I went.
Firstly the Agent didn’t turn up at the property as arranged.[!] Rang him – agreed to met with him yesterday morning 9am. [] Extracted even more info. This deal is 3 D’s all in one. []The owner is deceased. The One of the 3 benficiaries is getting divorced and is desperate to sell. []…[Read more]

It is a very simple process.

Take the principal sum ie $100K X by the interest rate and then divide by 52 (weeks in a year)

ie: 100K X 6% = 6000 per annum
Divide this by 52 = $115.38 per week

If you want to calculate P&I repayments you will need a financial calculator or use the Mortgage calculator on the…[Read more]

Like 4walls I too am fired up.

Have rung 4 Agents and other authorities chasing information in the past 4 hours and am viewing a property after 5pm today.[]

Have followed Stuart’s tactic and it was so easy -asked lots…[Read more]

What an awesome weekend yet again. This was my second time. A gigantic thank you to Steve, Dave and all their team for the endless hours of effort and energy that it takes to put together this fantastic event.

For those who are wondering why I went again – I was so motivated after last year I wanted to confirm the tactics I had used…[Read more]

See you all bright eyed and bushy tailed at 8 am tomorrow morning.

Cheers
Nessie

I use RACV for Building Ins. get a discount because have been a member and had car ins. with them for 25+ years.
I use REI for Landlord Ins. REI reduce the premium to $250 per property from $265 once you have 2 or…[Read more]