Is this correct? I will discuss with my local council since I’m thinking of doing a similar property conversion.

Thanks!

Say, for example that I am an employer, and that I took out for you $5,532.00 a year as PAYG Withholding Tax.

You would still be liable for the $468 when you lodge the tax return.

So, based on the ATO tables, all the tax liabilities are paid for in advance which should result…[Read more]

One last question….

Say, if I got the property financed as follows: –

Vendor finance $100,000
Bank loan finance $ 50,000

In this case, the vendor amount is more than the bank loan. How would this affect the title?

It seems to me like a wrap situation where the title remains in the hands of the vendor…[Read more]

Thanks for the info! [specool]

About the title, does the vendor finance portion have to be lower than the bank funded amount?

And, what is an instalment contract? My inexperience in the real estate field is really showing. [laughing]

If I then decide to wrap it for someone, does the bank need to know or find out?

As far as they know, I’m still renting it out right?

Does the financing arrangement include purchasing the land & construction? Or just the construction?

What about instances where you purchase a property (house + land), demolish and rebuild?

kwilko, you mentioned that the personal income tax returns, etc. for the…[Read more]

Regarding miracle’s comment about “small projects”, what is the private financier’s definition of “small”? Is there a standard development value?

It’s all starting to come together…

Whilst I was working in Chartered Accounting, I came across a few clients who…[Read more]

But it’s not a legal specific book. It basically tells you all the scary tactics used by agents and what to be aware of both as a buyer and seller.

I am thinking of buying privately too preferably with vendor financing by the seller. But I’ll be leaving all the legal stuff to my…[Read more]

Whilst it is expensive and possibly troublesome, its good to know about these alternative financing arrangements.

How do traditional banks view contruction & development finance? Obviously these finance companies exist because of a niche which banks don’t to lend to.

I am currently negotiating with the c/c provider to have the default removed. Worth a try… [biggrin]

Anyways, its good to hear that at least I’ve still got a way to start in property. Even if it is at a higher interest rate.

Anyways, I don’t have a written instalment plan with the financial provider as yet. I was going to just budget myself and stick to a strict payment plan.

Would it be better if I…[Read more]