Forum Replies Created
Hi Elements of Design
Gavin is correct. Once a wrap contact is signed the purchaser is no longer renting and therefore losses their rent assistance payments. Perhaps you should consider using a Lease Option if it is important for the purchaser to remain cashed up from receipt of rent assistance.
It sounds a bit risky though, if your purchaser is reliant on rent assistance monies to met payments under a wrap contract !!!Cheers
NessieHi Brent
Phew !!! I tried so many times to access the site that I was getting worried Steve & Dave had made so much money from property investing that they had retired and shut down the site.
But then I also had trouble acessing some other sites – they also must have been among the 600,000. I concluded I had a problem with my computer and service provider.
Thanks for the explanation.
Glad you are back on line.Regards
NessieTop of the morning to you Sooshie,
I am looking forward to
(a) spending a lot more of my time researching/buying real estate over the Xmas/New Year period; and
(b) taking up your offer some weeks ago(which I haven’t done anything about – been so busy achieving absolutely nothing) to met for a coffee
(c) expanding our empire beyond my wildest dreams in 2003Cheers
NessieHi David
I’m a solicitor with an open mind and deal in real estate every day. I’d be very happy to chat to you.
Email your contact details to me at :
” [email protected] “
and I will then give you a call.Cheers
NessieHello
Well Spooky, there is nothing spooky about you. Good on you, you certainly seem to have caught the right train.
Keep it up.
Cheers
NessieHi Des
You asked about Hybrid and/or hybrid discretionary trust. These were a type of unit trust which gave the trustee discretion to allocate income and capital between different clases of units; in other words importing some aspects of a discretionary into a unit trust. Since the Federal Govt. tightened up the rules with respect to Super Funds being able to invest in unit trusts which in turn borrowed funds, Hybrid Trusts have gone out of favour.
Hope this answers your query.
Cheers
NessieHi John
If you intend doing your own property management, Brett is quite right- make sure that you know how to be a property manager. I have had a property manager and boy am I glad to be parting company. I am now taking over the management myself because my property manager persuaded my tenant to rent another property, which was on her books untenanted for several months, when the lease was up for renewal. Plus she failed to get the water meter read and now I am left with a large water usage account.
I acquired a copy of the Residental Tenancies Act and have read it and re-read it so I know the law. In my experience tenants know the system and how to abuse it and the landlord.
I have discovered that you can make the tenant responsible for certain repairs such as blown fuses, blocked toilets etc. if you put the special clause in the lease. That way you are not at the property wasting time fixing things.Hope this is helpful
Cheers
NessieHi Adrian
Welcome to our world of investing. Big Ads’ advice is very good. It might be costly now, but think of the future. How long do you want to be investing in B & H property? How many properties do you need to own so that you can live off the passive income and become a full time property investor?
So what if the cost is $1500+ for a company and family trust now. This cost is nothing if you divide it by the number of years you intend to invest in property. Let alone take into account all the advantages of the structure. In 3,5 or 10 years time you will reflect and either be thankful that you created your structure or be saying “if only”.
I know which way I would go. If your accountant won’t do it, find another accountant who will.
I get fed up with -ve people who try to hold me back from what I want to do with my investments and my life. So I change direction and find +ve people who are keen and interested in helping me achieve my goals.Hope this is helpful
Cheers
NessieHi all
Deposit Bonds were not previously seen to any great extent but seem to be now gaining a foothold in Victoria. They seemed to be a great idea, but if you are a purchaser using a Deposit Bond to acquire a property the risk of losing your deposit is greater. On the wording of current standard real estate contracts, the deposit bond does not fit with standard conveancing legalities. In both the prescribed Contract Note and Contract of Sale it provides through Table A of the Transfer of Land Act 1958 for a deposit to be paid in cash or by cheque. A Deposit Bond cannot be substituted for cash or a cheque without special wording being included to cater for it.
Under the Sale of Land Act(SLA) the deposit moneys paid under a Contract is assumed as being cash or cheque. A deposit bond is not deposit moneys. Deposit moneys are usually held by the Agent or Solicitor in their Trust Account until released by Section 27 of the SLA or settlement. A deposit bond cannot be paid into a Trust Account. Under the current wording of the SLA there is no prohibition on a vendor personally holding or the vendor’s conveyancer holding a deposit bond, even though under the SLA a conveyancer is not permitted to hold deposit moneys. In this sense a deposit bond is not as physically secure as deposit monies from the purchaser’s viewpoint. If the vendor requires the release of the deposit moneys the purchaser can be requested to make a substitution of cash for the deposit bond.
If you are a Vendor and a purchaser wants to use a deposit bond – my advice is don’t be persuaded to accept this. If the purchaser cools off in the 3 day period and you are entitled to retain the 0.2% of the purchase price then all you have is a worthless deposit bond and are faced with legal action in an attempt to recover your legal entitlement.
I hope this is useful information to you all.Cheers
NessieHi David
I found Jan Somers book great reading.
But there are many books available for you to read.
My tip – you just can’t find enough to read. Every book has different options and hints and I have found that my combining all of these then property investment is a breeze.Good Luck
NessieHi Sooshie
If you want to make money from property you should not limit yourself to just wraps. I am using all strategies. I have B&H, Wraps and am also a developer. I looked at this particular property but decided to walk away from it even though it was an excellent opportunity and very good profits at the end. Why? My love of old properties which have so much character. I am sentimental about these old places and feel that it is important for our State to retain its historical buildings. There are plenty of other properties for development without destroying beautiful places like this property. Did a developer buy the property?
The properties I acquire for development are those which are in very poor condition – beyond rejuvenation – and in most cases structurally unsound.
Other developers who read this will think I am crazy, but I have to live with me and be happy with what I do. The one thing I can’t do is destroy the charm and character of our history and heritage.
So Sooshie don’t worry about being sentimental and/or upsetting the billy cart. You have to live with you.Cheers
NessieHi Robin
I don’t know much about NSW law but in VIC if you have a lease that is longer than (I think) 5 years and 10 days then the Residential Tenancy Act doesn’t apply and you can then make the tenant responsible for rates, insurance etc. So if your rental is lower than the going market rate, that is okay because you are not paying the outgoings on the property.
I also believe that it is possible to have rental increase options in a lease that is for more than your standard 12 month term.
You probably need to check this out with your lawyer.
Good Luck with this
Nessie
Thanks to all for your responses and advice.
All has been taken on board.
I look further to future communications.
