Total Members: 158,668

Steve McKnight

  • Steve McKnight replied to the topic SMSF – Portable House in the forum Help Needed! 3 months, 1 week ago

    Is it physically possible? It sounds so!

    Is it legal? That will depend on compliance with planning and building permitting.

    Is it financial? That will depend on the cost vs. return.

    Is it smart? That’s your call as beauty is in the eye of the beholder. It sounds like a hard way to make money to me re: a lot of aggravation. Also, it sounds like…[Read more]

  • Steve McKnight replied to the topic My PTY LTD renting property from my trust in the forum Help Needed! 3 months, 1 week ago

    Hello Aaron,

    I don’t see why not, provided it is on an arm’s length basis.

    For instance, Z Company P/L can rent from X Unit Trust, notwithstanding they are separate but related entities.

    That said, it would be wise for you to speak to your accountant / lawyer about this to ensure the terms are appropriate.

    Good luck!

    – Steve

  • Steve McKnight replied to the topic post settlement issue in the forum Help Needed! 4 months ago

    Hi,

    First, I would disconnect the cameras so your privacy is not at risk.

    Next, was the camera includes in the sale contract as a fixture? If so, I would go back to the lawyer / firm who did the conveyancing and seek their assistance. If not then I’m not sure where you stand.

    All the best,

    – Steve

  • Steve McKnight replied to the topic Depreciation inside a Family Trust in the forum Legal & Accounting 7 months, 3 weeks ago

    Hi,

    In the circumstance you describe the benefit of the tax shield from depreciation does seem marginal, especially if the extra income could justify higher borrowings.

    Not everyone has a tax-free beneficiary to distribute to, and hence the depreciation tax shield is more beneficial.

    Some time ago I wrote an article on the deception of…[Read more]

  • Steve McKnight replied to the topic Help with Vendor Financing from a Friend in the forum Creative Investing 8 months, 1 week ago

    Hi,

    Any vendor finance sale will need legal advice and careful structuring to consider stamp duty (will vary by state) and income tax implications.

    I haven’t seen a loan in Aus that is assumable, but they may be out there. Typically larger commercial property deals are financed by commercial paper (such as rolling commercial bills), rather than…[Read more]

  • Hello George7,

    You have identified an issue in your due diligence, and you are right to want to try to manage and mitigate it.

    However, it appears you cannot do as the vendor will not wait.

    If it were me, I would go under contract with a general 45 or 60 day due diligence clause and seek to do my own investigations. Perhaps you want to point to…[Read more]

  • Steve McKnight replied to the topic Best Way Forward in the forum Help Needed! 9 months, 2 weeks ago

    Howdy Stargazer. Member since 2002 eh? Thanks for sticking with me :-)

    The problem here is that you are letting the asset lead the outcome. That is, you don’t know what to do because you don’t seem to have a clear picture in your head about what you want your assets to achieve.

    Here’s what I wrote in prep for a Money Magnet podcast yesterday:…[Read more]

  • Steve McKnight replied to the topic Best Way Forward in the forum Help Needed! 9 months, 2 weeks ago

    Howdy Stargazer. Member since 2002 eh? Thanks for sticking with me :-)

    The problem here is that you are letting the asset lead the outcome. That is, you don’t know what to do because you don’t seem to have a clear picture in your head about what you want your assets to achieve.

    Here’s what I wrote in prep for a Money Magnet podcast yesterday:…[Read more]

  • Steve McKnight replied to the topic Best Way Forward in the forum Help Needed! 9 months, 2 weeks ago

    Howdy Stargazer. Member since 2002 eh? Thanks for sticking with me :-)

    The problem here is that you are letting the asset lead the outcome. That is, you don’t know what to do because you don’t seem to have a clear picture in your head about what you want your assets to achieve.

    Here’s what I wrote in prep for a Money Magnet podcast yesterday:…[Read more]

  • Steve McKnight replied to the topic Selling a Percentage of My Home in the forum Help Needed! 10 months ago

    Hi,

    This is an interesting question and I would have thought something would be legally possible, I just don’t know how. As it is a legal matter, it is best to seek legal advice. You may also like to look into reverse mortgages (do your due diligence) as a way of unlocking equity.

    I imagine there will be taxation consequences of co-owning, and…[Read more]

  • Steve McKnight replied to the topic To Trust or not to Trust! in the forum Legal & Accounting 1 year ago

    Thanks for the post.

    I’m sad to learn your professional network is telling you something can’t be done when mine time and time again says it can be (and I continue to use and apply it).

    I’m not sure how you reconcile that, and I’m over repeating myself over and over and over again on this issue.

    If you can’t,  you can’t. If you can, you can.…[Read more]

  • Steve McKnight replied to the topic To Trust or not to Trust! in the forum Legal & Accounting 1 year ago

    Thanks for the post.

    I’m sad to learn your professional network is telling you something can’t be done when mine time and time again says it can be (and I continue to use and apply it).

    I’m not sure how you reconcile that, and I’m over repeating myself over and over and over again on this issue.

    If you can’t,  you can’t. If you can, you can.…[Read more]

  • Steve McKnight replied to the topic Lending Strategies for the USA in the forum Help Needed! 1 year, 1 month ago

    Hi Charlie,

    That’s interesting as I am in the final stages of winding up my USA affairs after investing there since 2009.

    The best tip I can give you is to remember that money follows management. Deals might stack up on paper, but unless you have strong, reliable and trustworthy management, you will struggle to put bucks in the bank.

    The…[Read more]

  • Steve McKnight replied to the topic Lending Strategies for the USA in the forum Help Needed! 1 year, 1 month ago

    Hi Charlie,

    That’s interesting as I am in the final stages of winding up my USA affairs after investing there since 2009.

    The best tip I can give you is to remember that money follows management. Deals might stack up on paper, but unless you have strong, reliable and trustworthy management, you will struggle to but bucks in the bank.

    The…[Read more]

  • Steve McKnight replied to the topic Can Rezoning and Subdividing be Profitable? in the forum General Property 1 year, 5 months ago

    G’day there. This is a question of whether the improved value exceeds the cost of acquisiton and improvement (rezoning) by enough of a margin to justify the risk and aggravation. You’ll need to do your numbers to find out.

    One thing I would be trying to figure out is whether there is demand for such land, and if so, at what price. Pre-sales would…[Read more]

  • Hello Charlie,

    This has not been my experience, nor the experience of all other’s I know.

    I will do an update on the matter via a webinar soon.

    Remember that the structure only works for +ve cashflow property and you will need to use business bankers. Contact Chris Berry from http://www.PropertyInvestingFinance.com for more assistance.

    Bye,

    – Steve

  • Steve McKnight replied to the topic landlord insurance not covering water leakage in QLD in the forum Help Needed! 1 year, 5 months ago

    Hello Jon.

    Thanks for your post and sorry to read about your situation.

    I am confused about the insurance policy. Whose name is it in – yours or the bordy corporate (BC)?

    I would expect the BC would ensure for public liability and for structural matters for common areas, but that each owner is responsible for their portion of the building…[Read more]

  • Steve McKnight replied to the topic Using business income as guarantor to a loan in the forum Help Needed! 1 year, 6 months ago

    It can be hard to get loans based on business income Charlie. Let me explain…

    First of all, the business is its own entity, and if it already has debt then that will count against further borrowings. The business will likely need several years of financial statements and tax returns to support profitable operations, or else will require a…[Read more]

  • Hi Charlie,

    Perhaps your lawyer has a view I haven’t heard before, but my understanding of trusts, companies and corporate law is that trusts separate ownership and control. Can your accountant contact your lawyer to confirm their opinion and perhaps provide you with a summary?

    All the best,

    – Steve

     

  • Hi Charile,

    Perhaps your lawyer has a view I haven’t heard before, but my understanding of trusts, companies and corporate law is that trusts separate ownership and control. Can your accountant contact your lawyer to confirm their opinion and perhaps provide you with a summary?

    All the best,

    – Steve

     

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