James

No indicators at this stage to say that it won’t carry on.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

dan

Watch out signing “and or nominee” because you may run into a double stamp duty issue.

Either purchase in Pty Ltd Company name and look to sell the shares in the company rather than the property itself. Watch out for the Land Rich Company rule.

Secondly sign up an option rather than a Contract.

Cheers Richard
richard at…[Read more]

James

Exactly. Seen too many clients caught with the double duty issue whatever property guru says.

A nomination form is used normally at Qld auctions or where the Vendor is unavaiable to sign on the day of Contract. I would nominate you to bid and sign on my behalf and then at a later stage would advise the Vendor who the actual purchaser…[Read more]

rolf

I agree with you that Brissie has made the purchase of wrapped properties almost unviable due to the increased prices.

But why run half way around the Country to a new State when some of the best deals are still on your doorstep.

99% of our present wraps are being done in rural Qld. Prices are still affordable and you can if necessary…[Read more]

Eagle

Depends on which State you are referring to.

Suggest you check with the local OFT or relevant body in your State.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Santa

Not a matter of could be my friend it is.

Few exceptions but if you purchased it in the last 17 years then YEP.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

James

Not sure if you are unconditional on this property yet but you will have a stamp duty problem if you have signed as “and or nominee”

The Stamp Duty Act was amended a few years ago to stop this being done and could mean that double duty is payable.

One way around the problem is to use “A nomination form” and minute it.

Cheers…[Read more]

Lawrence

Certainly I would be thinking more than twice b4 purchasing a property in a town with a population less than say 10,000.

Think old mate you might be looking in the wrong areas. There are many properties available to wrap in SE Qld in quality towns with low vacancy rates. Why purchase the property before you have someone to purchase it…[Read more]

Lisa

Why sell why not utilise the equity and purchase + cash flow properties as well. That way any profit will be offset by any of the deductions you have from your -geared property.

If you don’t want to go to the minimal expense of establishing a Trust purchase the property either solely in the name of the lowest income earner or as “Tennants…[Read more]

Graham

Which town In SEQ?

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Which suburb?

Are they the units catering for Uni students in the City.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Lisa

Consider wrapping the property and that will make the figures look a bit different.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Lawrence

if you had the wrapped the property then the maintenance and upkeep is the responsibility of the wrappee.

In 15 years it is likely they will have either refinaced and paid you out or will have sold the property.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Simple answer to a simple question – Yes

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Snorky

As usual an agent with his facts slightly out of kilt.

He is referring to the “Going Concern” provision in the CGT Act however your IP will not qualify for this as it is aimed at the same of small business.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

The GST calculation Simon refers to is on the basis that you don’t sell the property in the same year. Remember the Contract date is the date used by the ATO to assess CGT and not the settlement date.

The scale of commission you refer to is the standard REIQ rate of commission in Qld.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There…[Read more]

Research the town plan of the relevant City Council and check the zoning of the area.

It maybe an “as of right area” which will help although if you require advertising you always face objections.

Make your purchase Contract “subject to approval” then at least you always have an out clause.

A few hours spent studying now will drawn large…[Read more]

There is no short cut or replacement for hard work.

Educate yourself well on the area you intend to buy in talk to agents and do your own research. For every 100 properties you look at you might make 10 offers and be lucky to buy one at the right price.

The 11 second rule won’t come to you you have to go to it. If it doesnt fit at the asking…[Read more]

Before you starting touting for a Spotters Fee please check the laws in NSW regarding acting as a Buyers Agent.

You maybe required to be licensed in a number of ways with it being a breach of the Property Act if you are not. Suggest you contact the OFT in NSW to find out what are you legal requirements.

Cheers Richard
richard at…[Read more]

Wrap

I can understand techa’s comments about a wrap being similar to a derivative in the markets. It sounds like he doesnt understand what a wrap is. Why not get the best of both worlds.

Cheers Richard
richard at fhog.com.au
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found