Forum Replies Created
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 was.
Assume that you where establishing a Trust or Pty Ltd Company and had not received the full details you would state that this company would nominate you to sign on its behalf.
Only problem with your idea is you always run the risk for a fraction of a second that the Vendor will not resign the Contract. If that happens you maybe left to terminate.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
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 monitor the properties.
If you stay in Qld at least you get to now the legislation, levels of stamp duty and the area.
Stay in the Sunshine State and wrap to a win / win future.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
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.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
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.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
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 Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
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 from you.
Get your wrappee to find the property he/she wants to live in and make them bring the deal to you.
That way its a win / win situation with limited risk.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
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 in Common” using a 99/1% share allocation.
Win win solution. Remember think outside the square and you can always change accountants.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Graham
Which town In SEQ?
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Which suburb?
Are they the units catering for Uni students in the City.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
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.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
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.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Simple answer to a simple question – Yes
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
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.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
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.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
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 rewards in the future
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
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 price it might fit if you can negotitate the price accordingly.
Work on your negotiating skills and be ready for the odd knock back.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
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 fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
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.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Strider
You will always receive a lower CG in a rural area.
Why not consider wrapping the property rather than merely renting it out.
As depending on which town the property is located the price of $87k may not be that cheap. Why not wrap and get the best of both worlds.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Lindsay
Yack is right. We have provided Vendor finance for over 130 properties which we have wrapped in our Company name.
When we started in 1996 we certainly did not receive assistance in locating clients or properties and had to do the hard yards ourselves.
You can’t expect anyone to put it on a plate for you.
Do your research, read and ask questions by all means but some things you got to do alone.Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
