HI thereI think this would be one of the times you really would want to put a caveat on the property noting your interest and putting the mortgagee on notice that there is a bona fide purchaser for value that has an interest in the property.I would think it would just tend to bring any settlement forward as the mortgagee would need to deal with…[Read more]

Hi therewe use products from Superannuation Australia for our super fund – look at http://www.taxpayer.com.au – for set upI still think you are limiting your options by having residential property in a super fund which can't borrow – nor use the equity you have in that property.Rental will attract the 15% tax on income – capital gains are at 10% if you…[Read more]

HI thereyou may like to do a search of the site as you will see this has come up before. Residential property normally cannot be transferred into a self managed super fund because it will infringe the in house asset rules.  Commercial property can be held in a fund.Just remember that a self managed fund can't borrow – so you will be tying up…[Read more]

HI thereI have attended a property course where Michael Yardney was one of the speakers.  If you would like to review propertyupdate.com.au you can get his free newsletter and see what he is into.I would suggest that his focus is more on capital gain in property – though also taking into consideration the cashflow aspects – he tends to advocate…[Read more]

HI theredepending upon where you are – will determine who you approach.  If you are in a major city – perhaps contact some of the body corporate managers in your area – who can help you with the strata process.  Your first inquiries will be with council to find out their requirements, you will also need to speak with a surveyor who will prepare t…[Read more]

Hi thereI think you need to get some professional advice because it is my understanding only commercial property can be transferred into your self managed super fund – residential property usually will infringe the in house assets rules.Also consider that once property is in your super fund – you can't use the equity to borrow and purchase more…[Read more]

Yes. The general reassessment power in the Taxation Administration Act 2001 can apply. A reassessment of duty will be made to allow the concession only where the occupancy requirements have been or will be met. That is, provided the transferee will start to occupy the property as their principal place of residence within 1 year of their transfer…[Read more]

Hi therejust letting people know there will be another meeting for Toowoomba investors on Sunday 29th July at 11.30 for lunch at the Irish Pub on Russell St ToowoombathanksRobyn Davis

Hi there

I think you will find that the expression is just highlighting to a purchaser that there is no individual owner involved – as you say there is a trustee involved which may result from a deceased estate or mortgagee sale or sometimes when there are disputes in family law/defacto situations – there is a court appointed trustee to sell the…[Read more]

Hi thereI think you will find that the expression is just highlighting to a purchaser that there is no individual owner involved – as you say there is a trustee involved which may result from a deceased estate or mortgagee sale or sometimes when there are disputes in family law/defacto situations – there is a court appointed trustee to sell the…[Read more]

Hi againonce you know the body corporate – you also need to factor in the purchase costs which are your legals, stamp duty etc – also are you going to manage the property or appoint an agent – once again all these costs will impact upon whether you will end up cashflow positive.thanks

Hi thereI think you need to find out what rates apply and the body corporate for the property – if it is a 30 year old property – it may be due for some renovations – and you would need to consider the sinking fund.  If these other costs are considered – you may find the return is about 5%I note that a studio can be part of your portfolio but as…[Read more]

Hi therethe only comment I would make is about the time to have the conditions complied with – most contracts in QLD are 30 day contracts – I don't think a vendor would appreciate waiting 21 days to have a matter go ahead.  The searches requested can be done in a far shorter period and perhaps 14 days would be more viable.If there are any…[Read more]

Hi thereoften with a settlement statement there will be a cheque for the bank/vendor or vendor's solicitor trust account, cheques for council for rates etc or if there is a body corporate – a cheque for them – and there usually will be a cheque for the vendor's solicitor – so the vendor's solicitor doesn't need to chase his client for funds from…[Read more]

Hi therethe answer is yes – the ATO will consider the split as 50/50 for income/ expenses.To change ownership – you either have to go the whole way and change the title to tenants in common and specify the shares or you might see if you can benefit from an arrangement where you can salary sacrifice investment loan repayments under the otherwise…[Read more]

Hi theremost accountants will have clients with self managed funds – why not contact one of the larger firms near youthanks

http://www.lawsociety.com.au/page.asp?partid=66Hi there as Sydney is so large – it may be better to go to someone close to you – accredited in property lawthanks

HI thereyou  may also want to contact the BSA and get advice in this situationIf this guy wasn't properly licensed – the BSA may want to prosecute him.  Also see if there was some connection between the PM and the contractor.I once acted for a real estate agent who was actually suing one of their former property managers who was directing work t…[Read more]

Hi Lukethanks for that

Hi therecould I just put a rider on Goulburn due to the water shortages – they are on very tight water restrictions – it may not be a good long term investmentthanks