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I7ve browsed thru the pack. it is all good info, but I would suspect it is fairly hard to implement.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
There may also be problems getting finance. There are some special funders out there, but the majority are worried about site contamination etc and won’t touch these.
9% yield does seem rather low for the risk.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Try the Department of Gaming and Racing (NSW)?
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I had a friend who had $130,000 owning on credit cards. Her husband was not aware. I help her reduce this down to about half of that and told her to cancel her cards. Told her husband to make sure she does too.
The next thing I know she has come back asking for help again as she had gone and bought her daughter a new car, bought another property and taken a trip to America.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Originally posted by Celivia:“Most of these people can not buy a house. They have bad credit, bankruptcy, Divorce, self employed etc. You may be the only one willing to give them a chance to own a home.”
Great to see such good samaritans on this forum.
But…I wonder what will happen to these desperate people if they won’t be able to close the deal… this will probably be the ONLY chance they’ll ever have to own a property.
DO you just say: “Don’t worry, I’ve made MY money?”
What happens to that win/win ideal now?So the option holders will lose their initial ‘option consideration’ or premium, as others call it, because it is non-refundable money.
But what about these extra payments every week/month they hand in towards their purchase. Is this refundable money or will they lose these credits as well?Celivia
Celivia
I’ve got one of those tenants now in my lease optioned property. The lady had some problems and is now on a disability pension. She is still paying the rent, but will be unable to cash me out in the near future. The proeprty is still going up in value, I am still making money, and she will eventually be able to cash me out, or just live there for 25 years and get to buy it from me for $1.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Bill
I have done 3 outside of my state. Used a real estate agent to find tenants etc.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I agree with Gross, the two are completely separate ‘things’, not affecting each other.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
20% PBT is not much. Is this amount common with Franchises? I guess there are less risks then starting up on your own, so the expected rate must be lower.
And is this assuming you don’t work in the business and are paying someone a wage to run it?
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I am not really retired, but I quit my ‘job’ when I had just enough money coming in to cover the basic living expenses.
If it doesn’t work, you can always get another job.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
If you are going to try to attract investors then you will need a prospectus (I think if it is more than 20 people). ASIC monitors this sort of thing.
I beleive foreigners could invest in such a trust.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Maruco
I don’t think there is much you can do. Just don’t use them next time and put it down to experience.
You shouldn’t be asking solicitors for estimates of repairs etc. You should work this out yourself and instruct your conveyancer on what they should do. Saves time, money and you can be sure of the estimate if you get it yourself.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Originally posted by thecrest:Nothing worse than being under an inexperienced girl.
I agree!
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
If it will be negatively geared, having the title in the name of the highest income earner will save tax initially. But this will end up costing you more when the place becomes positively geared. Also you may end up paying more CGT if you sell too.
Have a look at setting up a trust.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
It is very hard to get finance for franchises. 50% is probably a good LVR. Try Bankwest and/or NAB to see what they can offer.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I am currently in Japan, looking at the situation here. I think it will be very difficult to get finance here unless you are working here. I imagine this would be similar in most countries. The lenders will want to know how you can fund the loan if you can’t get tenants. Not having income in the same country as the loan will seem risky to them.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
What will your trust be doing? If just residential proeprty investment, then i beleive there is no reason to register for GST.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I had one of those recently. Client ordered their own valuation which come in over the price they eventually agreed upon. They then applied for finance with the bank ordering the valuation with the exact same company. The valuation this time came in much lower than before at contract price.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks for the good news Mike
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Look at setting up a trust. that way you will be able to change distributions of income each year, if necessary.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Family law courts can get around trusts and companies.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
