[TamozParticipant@tambo2202Join Date: 2009Post Count: 18]

January 21, 2013 - 1:51 am

Thanks for your advice Jamie and Jac. Sounds perfect for me, I don't mind emailing/phone whatever. My broker is in Melbourne and that worked out for me. Great to see I can do the same with a solicitor and an accountant!

[TamozParticipant@tambo2202Join Date: 2009Post Count: 18]

January 21, 2013 - 1:48 am

Thanks Jamie and Terry. It sounds like I can definitely get a trust set up through a solicitor out of town and leave the conveyancing to one who is more local. Thanks for your advice, I feel like I've got somewhere to go now.

[TamozParticipant@tambo2202Join Date: 2009Post Count: 18]

January 20, 2013 - 10:24 pm

So if I bought a property it would be better to use a local solicitor to do the conveyancing? Doing contracts and organising settlement? 

That's my problem, because I live in the country, the solicitors are quite old fashioned and don't really deal with property investors in the capacity that I need.

[TamozParticipant@tambo2202Join Date: 2009Post Count: 18]

January 20, 2013 - 9:02 am

Thanks Terry. Silly question I suppose, but can you use a solicitor who isn't local? 

[TamozParticipant@tambo2202Join Date: 2009Post Count: 18]

January 20, 2013 - 8:59 am

That sounds great JacM. I didn't realise you could do that. Do you have to scan all of your receipts and stuff?

I've got one name of an accountant, are there anymore out there, just in case?!

[TamozParticipant@tambo2202Join Date: 2009Post Count: 18]

January 18, 2013 - 6:13 am

Thanks Jamie. Since reading your post I have checked out their website and Facebook page. Will mark them as 'possibles'!

[TamozParticipant@tambo2202Join Date: 2009Post Count: 18]

January 18, 2013 - 6:11 am

This is my new job! Finding a great accountant. You're right, you don't need to live near them, but how do you go about doing tax returns and whatever, do you just email back to and fro? I just want a good recommended accountant who is a specialist in investment properties.

My local solicitor was flabbergasted when I asked him to set up a trust to buy properties in. He thought the idea was not worth the paper it was written on. So, I also need a good solicitor who is experienced in working with property investors!

[TamozParticipant@tambo2202Join Date: 2009Post Count: 18]

January 17, 2013 - 1:26 am

Thankyou to you both for your great advice.

Makes perfect sense now. I have been stewing on this one for a while and thought what the heck, I'll ask the forum. My accountant knew very, very little about this, and I think I'll be getting a new one! Trouble is, living in the country makes it difficult.

Thanks!

[TamozParticipant@tambo2202Join Date: 2009Post Count: 18]

September 20, 2010 - 7:04 am

Thanks RIchard.
I have another question about an LOC. When applying to your bank for one and they ask what the purpose of the LOC is, do you tell them that it is for investment purposes? Just wondering how much to let them in on!
Cheers,

Tam

[TamozParticipant@tambo2202Join Date: 2009Post Count: 18]

September 18, 2010 - 1:28 pm

Hi Richard,
You mentioned that as long as you only use you PPOR equity to fund a LOC you'll be ok. Is it not ok to use your equity in an investment property? Or does that murky up your loans and create trouble down the track?

Thanks!

[TamozParticipant@tambo2202Join Date: 2009Post Count: 18]

March 10, 2010 - 8:58 am

Thanks everyone for replying. So to clarify, once I move into my new PPOR and rent out my old one. I will have to pay capital gains if I decide to sell it. That's what I always thought and a guy I was speaking to confused me and told me I might not have to.

Thanks!

[TamozParticipant@tambo2202Join Date: 2009Post Count: 18]

December 17, 2009 - 9:19 am

Thanks for your reply Duckster. Yep. We really want to live in the new house! (Our kids are getting bigger and we need the extra space!) It was actually cheaper to build a house than buy an existing one! I have been reading lots of posts and it seems that many of you agree that changing your investment property to an IO loan is the way to go. Makes a lot of sense. We won't have to chip in much at all of our own money if we are on an IO loan. With an IO loan the rent will cover the loan of the old house.  We have just had Steve McNight's updated copy of his book sent to us and are enjoying the read. Love this forum too. Learning a lot from everyones experience in investing.