Hi guys,

I almost got burnt by my last tenant

I  self Managed and he stoped paying and then wouldn't move out. Made up BS excuses.  Followed RTA.QLD  website, did the right notices and evicted him but he was still there.

Lodged a dispute. Who knows how long they will take to reply.

A couple of days past and I thought I would have a look to see if they were still there. No car in sight but lights on.

So I knocked on the door and the Tenants mate Answered. Tenant was not there.

I called the police saying, the truth as always,  I dont know who is in my apartment but the tenant was evicted last week. Its not him in the apartment, and they were evicted last week. There is possibly damages done, or maybe this guy is a squatter, he said he was a friend of the Tenant but it looks like he may be living there.

The police were great. They said they would have a look, find out who he is, and have a look around. (possible damages, no need for notice).

Well the guy answered the door for me in a flash but didnt open for the police. He was hiding stuff or something. We entered. they found some Marijuana, and scared the crap out of this guy. But being nice police they didn't charge him. The tenant was due home from work but didn't come. Police didn't want to kick the guy out as his young Daughter was upstairs. (Stuff the guy but a kid is a kid, pity she couldnt have a better father). Told me I could go to the Courthouse for a Warrant of Protection, and that it would get processed quickly.

The next day the apartment was dirty but empty.

He moved his furniture out of the house but in unsecured carport.

Can I take it?

Its abandoned? He still owes me $1000 Plus New Door, Locks, and fees to clean the place. There is no bond left. I want to take his stuff till he pays because going to court will take 1-2 months, then he still may not even pay.

Im curious as to if I can keep his stuff, however this story is here to Thank the Police a bit, there is so many horror stories, the Police really want to help. and hope for anyone else that gets into similar situation.

Happy Days.

However im only partially comfortable about "Who" to go and see first to set this up?  A lawyer? An Accountant? or Financial Advisor? If the answer is the Accountant, should i use my current accountant? I already have a family trust that has purchased one property and my current accountant knows my situation well. (sorry as im not sure if this is a silly question).  Similar should i be using the same finance broker? or should i split up my lending?

Sorry for so many questions.

/quote]

You will need financial advice, so I would say a financial planner should be the first person to contact. Decide whether you really should set up the SMSF and what it will invest in etc.

Then you will need legal advice on the terms of the trust deed, how to structure the trustee company, who should be director, shareholder, terms of the constitution. Also consider control of the company upon your death or incapcity etc. You will also need legal advice on who should enter any contracts and under what conditions.

Then you may need tax advvice, but the fin planner may be able tp provide the basics.

At the same time, or just after set up, contact a mortgage broker to get the pre-approval in place.

Then one you have found a property contact the lawyer before signing, get the contract reviewed, get finance fully approved and then exchange contracts.

G'day QLDs007, 

Our fees are clearly stated on our website firstly this includes custodian trustee (including ASIC fees) plus custody deed.

Let me clarify $1750 is for bare trust or Limited Recourse Borrowing Agreement (LRBA) set up NOT SMSF set up.

Are you saying $1750 is steep? please prove me wrong here.

As you know ASIC fees are just under $500. Excuse me if we are on different pages, however, I will stand by our fees 100% as has been mentioned in the thread, many others charge much higher for these services (up to $5k) and many of our clients are extremely attracted by our fees and more importantly our experience in the area.

Please clarify what your quote of $950 involved as if it was for custody deed plus custodian trustee it just would not be sensible in my opinion in consideration of ASIC fees for setting up a company plus labour.

The house figure to buy my ex out has been agreed and I think my next step now is to get a home loan solely in my name.

Because I am not sure if I will rent it out or live in there, am I best to get an I.O loan?

My mum has generously offered to but her savings into my offset account (as she is currently taxed too much), provided I get a will prepared to outline that it is her money. Can anyone see anything wrong with this? I believe if it is in an offset account, I can take her money in/ out whenever she asks for it and I won’t get penalized and while it is sitting in their it is helping me?

Thanks for the info.  I'll be losing that straight away then since my wife will be running a dog boarding from our house as soon as we buy it. She runs a dog walking business at the moment and she has a lot of requests for boarding which we cant do in our rental.  If I have lost that already, I may as well make as much from the property as possible in income so long as the insurances make it viable.

Hi after reading Steves book on trusts I generally understand the usefulness behind asset protection however am I also missing something? The loan on which the asset is typically paid for is secured by the bank so they have legal right to sell etc if repayments are not made; most land lords take out rental insurance in the event a Tennant gets injured etc and you can’t distribute losses for negative gearing

I’m looking to start to buy an IP so any advice on structures would be appreciated

Thanx

I have a question regarding the use of structures to own property.I have been reading so many differing opinions its doing my head in. If you use a Trust structure to own property,do you lose the benefit of being able to claim costs of holding the property ie interest on loan,depreciation,maintenance and so on against your income?