PropertyInvesting.com | scullyman | Activity https://www.propertyinvesting.com/members/scullyman/activity/ Activity feed for scullyman. Sun, 12 Apr 2026 11:26:07 +0000 https://buddypress.org/?v=2.8.1 en-US 30 hourly 2 301a9d61c5c5b3975cae0e5b17d05b42 scullyman replied to the topic Title - Joint proprietors - Kids on the title? in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4403912-title-joint-proprietors-kids-on-the-title/#post-4649610 Sat, 11 Jun 2011 00:20:07 +0000 You might want to look at setting up a trust structure. This way the trustee of the trust can distribute any portion of income/expenses to any of the named beneficiaries (wife, kids). But, you will need some professional advice as some trusts don't have any tax advantage for negative geared property. A trust structure also protects all parties…[Read more]

]]> 1ea5e9d1ddb7579ef7be313f30860af8 scullyman replied to the topic Vendor refusing to leave the property in the forum General Property https://www.propertyinvesting.com/topic/4403911-vendor-refusing-to-leave-the-property/#post-4649583 Fri, 10 Jun 2011 23:43:09 +0000 It's my understanding that a lodged caveat on a property prevents any dealings for sale of the property without the caveat being removed by the caveator (wife). You might want to get some legal advice on that one.

]]> 63bb6e5d36d107c10520adb7a1c41e53 scullyman replied to the topic Blind Trust in the forum Thanks Terry. I thought that https://www.propertyinvesting.com/topic/4401847-blind-trust/#post-4635918 Thu, 11 Nov 2010 08:10:14 +0000 Thanks Terry. I thought that was the case. I appreciate your response.Ps. Well done reaching 10000 posts.

]]> 487f50a0c0b53d265a7ebe914e13f9fd scullyman replied to the topic Don't Salary Sacrifice a vehicle in the forum Finance https://www.propertyinvesting.com/topic/4396443-dont-salary-sacrifice-a-vehicle/#post-4605045 Sat, 01 Aug 2009 22:38:09 +0000 Goodmorning all,Just to finish my story with a happy ending – Westpac are the one's that used that rare commodity 'common sense' and granted me the loan. The NAB will also provide me enough to pay out the residual on the vehicle. Settlement is on Wednesday. It's nice to be back in the game.

]]> f5b0d88d96b3692df7ba37d2130b4e05 scullyman replied to the topic Don't Salary Sacrifice a vehicle in the forum Finance https://www.propertyinvesting.com/topic/4396443-dont-salary-sacrifice-a-vehicle/#post-4605044 Fri, 19 Jun 2009 06:09:25 +0000 I am assuming that the assessor at RAMS must have been having a bad day. The new broker that I am using has secured an extension on the finance clause and has been in contact verbally with 5 different lenders and they are saying no problem. I guess time will tell.

]]> 3c3da2faf56d081977fc6a06e3a1adc2 scullyman replied to the topic Don't Salary Sacrifice a vehicle in the forum Finance https://www.propertyinvesting.com/topic/4396443-dont-salary-sacrifice-a-vehicle/#post-4605042 Thu, 18 Jun 2009 06:32:31 +0000  I was told by the broker that they took the entire entire salary sacrifice amount and treated it as a debt. Bang, DSR through the roof. Since my last post I have been dealing with a new broker who came highly recommended by two friends (a little too late). His opinion is that the assessor may have been inexperienced. He contacted several lenders…[Read more]

]]> 4b41b11fa6e6ccfd9bff5b2417312899 scullyman replied to the topic Depreciation in the forum Thank you for your response. https://www.propertyinvesting.com/topic/4394780-depreciation-23/#post-4595877 Mon, 24 Nov 2008 11:11:04 +0000 Thank you for your response. I will check it out.

]]> 899524c7cf950d4f4664019076cd2a15 scullyman replied to the topic How to make an offer to purchase my rental property in the forum Help Needed! https://www.propertyinvesting.com/topic/4394381-how-to-make-an-offer-to-purchase-my-rental-property/#post-4593660 Wed, 08 Oct 2008 10:22:59 +0000 Find a site website called RPData. For a small cost you can get all sorts of information on the property.

]]> 41d73a37306a8d2984476b1451dda2e7 scullyman replied to the topic ABN in the forum Help Needed! https://www.propertyinvesting.com/topic/4394333-abn-2/#post-4593343 Sun, 28 Sep 2008 03:02:43 +0000 You don't need to have an ABN to invest. However, I would certainly take Young_Investing's advice and search this sight for topics such as wealth protection, trusts, tax and companies. It would depend whether you intend buying and holding, renovating or buying and selling short-term.Scully

]]> 26a444472838d11d5bf60a8f8ef56373 scullyman replied to the topic Need advice on contract for buying elderly neighbours property - buy now - settle after he passes away - control the property in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4393360-need-advice-on-contract-for-buying-elderly-neighbours-property-buy-now-settle-after-he-passes-away-control-the-property-2/#post-4588223 Tue, 08 Jul 2008 09:34:05 +0000 You could try a 'rent to buy' option and leave him in the house. I would certainly put a caveat on the property as a constructive trust to protect your interest. However, you need to ask yourself that at eighty does he really want to sell. Does his sister have power of attorney and yes, there is a chance that if the property is still in his will,…[Read more]

]]> 28d6f4a2e2513a33c9110d0e4e5c2c7a scullyman replied to the topic Trust Structure in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4393465-trust-structure-5/#post-4588780 Tue, 08 Jul 2008 09:22:49 +0000 Goodenergy,There are a number of topics on this site that cover descretionary trusts and unit trusts. Try searching. Transferring the property into a trust may have some tax implications that you might want to discuss with an accountant.Cheers

]]> 8e372aebfeacfe97b27b55c0127fd39a scullyman replied to the topic bad debt in the forum Finance https://www.propertyinvesting.com/topic/4390207-bad-debt/#post-4570734 Fri, 28 Dec 2007 08:10:07 +0000 Here is what  I currently advocate with great success. Divide your current minimum monthly payment into the amount owing. You will then be left with a number. Now put them all in order lowest to highest. Now find 5% on your total mothly payments combined (Read a book or two) and start dumping this 5%, including your normal monthly payment, onto t…[Read more]

]]> 58cc56c841b63a3232d07bbfd03bf6c2 scullyman replied to the topic Using someone else's equity in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4389786-using-someone-elses-equity/#post-4568386 Mon, 04 Jun 2007 07:40:05 +0000 Because together our DSR will be over the recommended 35%. I don't have much debt on my own and my DSR is around 22%.Scully

]]> 53dfd70b6a28fac7792d59bbf11d3e1d scullyman replied to the topic Using someone else's equity in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4389786-using-someone-elses-equity/#post-4568384 Sun, 03 Jun 2007 11:39:30 +0000 She will be borrowing  the equity to use as a deposit for the IP.

]]> 69de7a1f3e2e6c589b51bd888bf33177 scullyman replied to the topic SE Queensland Help! in the forum Help Needed! https://www.propertyinvesting.com/topic/4389513-se-queensland-help/#post-4567320 Sun, 06 May 2007 01:47:59 +0000 Try checking RPData's website. You can find it on the http://www.realestate.com.au website. This site offers various reports at a cost of around $60-$100. The Property investment report offers rental info and a sample report can be downloaded.Scully

]]> b7a5ebbbc0250c30f4176ad7fb7cf4ee scullyman replied to the topic Bankruptcy in the forum Finance https://www.propertyinvesting.com/topic/4380255-bankruptcy-5/page/2/#post-4516347 Sun, 05 Jun 2005 04:29:57 +0000 Originally posted by The Mortgage Adviser:
That is why I stated “in most cases”. Some situations are very difficult.

I am wondering, when the broker told you about the 100% finance, did he know about the bankruptcy and the minimal savings?

Also, how long ago were you bankrupt and how long ago were you discharged?

Why do you have no savings if…[Read more]

]]> f7e6ced580a3a441e260eb7ce301694d scullyman replied to the topic Bankruptcy in the forum No Subject https://www.propertyinvesting.com/topic/4380255-bankruptcy-5/page/2/#post-4516345 Sat, 04 Jun 2005 08:08:51 +0000 Quote:
Originally posted by The Mortgage Adviser:

I think a bankrupt should step up and take responsibility for their own mistakes (in most cases) and seek the help they need to remedy the situation instead of taking the easy way out. I also believe those who use it as a tool to escape paying back debt should be severely punished!

Some…[Read more]

]]> 57ad24e108ef81d6ad2a8da68d52516a scullyman replied to the topic Wraps in the forum Creative Investing https://www.propertyinvesting.com/topic/4380497-wraps-13/#post-4518163 Mon, 30 May 2005 05:16:56 +0000 Check out Bantacs.com.au

There is an interesting article on the very subject.

Scully[grad]

]]> 4014721495c37aa4883dc271f9783c0e scullyman replied to the topic from rockhampton newspaper 19.3.2005 in the forum No Subject https://www.propertyinvesting.com/topic/4379250-from-rockhampton-newspaper-19-3-2005/#post-4509723 Mon, 21 Mar 2005 10:21:57 +0000 Ok…so if everyone is buyin’ in Rockhampton. How about someone buy one and do a lease option with me. I want a decent one though.[cap]

]]> 162856ab637f858aa74579e7938695bf scullyman replied to the topic Re bond requirements for lease options in the forum Creative Investing https://www.propertyinvesting.com/topic/4377596-re-bond-requirements-for-lease-options/#post-4499427 Mon, 31 Jan 2005 09:35:28 +0000 Section 23A of the Residential Tenancies Act 1994 states that ‘this act does not apply to residential tenancy agreements that are retal purchase plan agreements.’

So maybe you don’t have to include a bond in your agreement. Maybe.

]]> e447635265e7319f70d7dee68c77a25d scullyman replied to the topic Income from wraps (topic searched) in the forum Help Needed! https://www.propertyinvesting.com/topic/4377173-income-from-wraps-topic-searched/#post-4496571 Sun, 05 Dec 2004 02:39:14 +0000 The tax office have produced rules that basically say that wrap money is not included as income until the property has been realized (last payment made). You can find this info at http://www.ato.gov.au under rule 2004/28 or type in ‘owner finance’.

[xmas]
scullyman

]]> 1498f833989c00224e1620d65f622bcd scullyman replied to the topic lease option in the forum Creative Investing https://www.propertyinvesting.com/topic/4376168-lease-option-5/#post-4490826 Mon, 27 Sep 2004 06:58:13 +0000 If you are worried about the vendor going belly up, put it in your contract that all monies are returned to you in that event.
Yes, the lessor can use the house as collateral as he still technically owns it.
In most cases you can take your option at anytime. You can insist that it be included in the contract. Be carefull though. You many have…[Read more]

]]> aa7f049c11e15530861540fc824fa6d7 scullyman replied to the topic Lease option Rockhampton in the forum General Property https://www.propertyinvesting.com/topic/4375512-lease-option-rockhampton/#post-4486777 Mon, 16 Aug 2004 01:51:44 +0000 Hi Brisbane 04

You will find the Lease option info under ‘investor strategies’ on left of this page.

]]>