Forum Replies Created
Hi Leigh
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 the deal went ahead. Some 18 months later the company and the new directors were served with a summons and ended up in the courts. The end result – lost the company and business, plus their own personal assets because personal guarantees had been given to the Bank.[
].I would never take over someone else’s company. You never know what is lerking in the background that a due diligence doesn’t discover.
Its like buying a used car – you are purchasing someone else’s problems.If anyone is considering this type of investing for the purposes of saving Stamp duty, also think about the ultimate loss. In my book I’d rather pay the stamp duty than try to save it by taking over someone’s shanky/shonky company with $1m of assets.
Just some food for thought.
Cheers
NessieEvelyn
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
NessieHey, I understand your gripes about Solicitors. I have worked in legal offices for over 25 years and can tell which ones are good and bad. The good ones will explain everything to you. The bad ones – well your comments say it all.
But using a Conveyancer ! – I don’t believe that a Conveyancer will be any better and a bad Solicitor.
This year have purchased 3 IP’s with Conveyancers on the other side – 1 still not settled yet. The other 2 wouldn’t have settled on the day if it hadn’t been for Hubby (a Solicitor by the way – and a very good one) who had to explain to the Conveyancers what was supposed to happen at the settlement.
The Conveyancers wanted to walk away from the settlements even before they had taken a seat and opened their file, then charge us penalty interest and extra settlement fees – all because they didn’t think or try to think about making sure the settlement would go ahead.Their attitude was all wrong and were amazed that settlement actually went through. One comment was “this is the first time we have actually settled first time round” [
]Plus there was absolutely no thought given by the Conveyancer for the parties involved in the transactions who were relocating to other properties and had all their belongings packed in a moving van.
The experience I have had with Conveyancers has always been bad – Section 32’s are usually defective and if the file is not plain sailing then the matter becomes all too hard for them and can’t resolve the problems. The easy road is taken. They can’t think outside the square so they walk away.
Cheers
NessieSteve
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 understand why there was only you and Dave selling properties – short supply – hence the long queues. However, the one aspect that I felt was not considered is that most people deal with RE Agents when buying property. There are usually no queues at the RE Agents door nor is every Tom Dick & Harry listening to what you are discussing with an Agent nor can they jump the queue as some people were doing during the game.
The game for me personally was the biggest let down of the weekend. I had been so looking forward to playing the game. I didn’t get to buy a property because I was jumped in the queue several times.[
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I actually then stepped back and just viewed others in the room and was amazed at how and what people did. [] This was a lesson in itself.I would certainly be interested in game nights if you decide to run them.
Cheers
Nessie
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