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  • Profile photo of TerrywTerryw
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    @terryw
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    January 10, 2005 - 6:39 am

    Sales contracts vary state to state. I think you should be able to pick one up fairly easy. Try asking an agent for a copy of one, or try the real estate institute in your state.

    Terryw
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    Profile photo of TerrywTerryw
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    @terryw
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    January 10, 2005 - 6:35 am

    It may not be tax effective to keep it. Do you have a loan on your new home? If so, then it may be better to sell, to your trust, and put the proceeds off the new loan. you will be up for stamp duty on the sale to your trust.

    Terryw
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    Profile photo of TerrywTerryw
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    @terryw
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    January 10, 2005 - 6:32 am

    What are the growth prospects?

    If the area remains flat, then there is no point in investing.

    Terryw
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    @terryw
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    January 10, 2005 - 6:29 am

    You have to save up the next deposit and/or wait for growth to build up equity.

    Terryw
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    @terryw
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    January 10, 2005 - 6:26 am

    I am not sure why you would want to sell a Sydney property to buy possibly inferior cashflow poisitve property. You will probably end up making more money on the Sydney property on the gains. I sold a Sydney property to go cashflow, and regret it now.

    You will also have to factor in the CGT you would have to pay, which could be huge.

    What about looking at keeping the Sydney property and buying more property using this as equity (not cross securistising, but using a LOC eg.).

    Terryw
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
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    @terryw
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    January 10, 2005 - 6:21 am

    Hi

    ANZ have no limit on the number of or timing of valuations. I have just done one where the client has done a revaluation one day after settlement – with nothing done to the property – for a 30% increase.

    Terryw
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
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    Profile photo of TerrywTerryw
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    @terryw
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    January 10, 2005 - 5:53 am

    I have one on one of my properties. What did you want to know? They can get messy if not used properly.

    Terryw
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    @terryw
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    January 10, 2005 - 5:51 am

    I have seen a few people get all reved up and form syndicates with their friends. off the top of my head, can’t say I’ve seen anyone do more than 1 property. It seems the enthusiasm gradually dies off in one or more members and one person ends up doing all the work and then gets fed up.

    Terryw
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    January 10, 2005 - 5:41 am

    I haven’t looked into the financing of these, but beleive major lenders won’t touch them because they are specialised security. They would be very hard to sell, so if anything went wrong, the bank may have trouble getting back their money. There may also be probelms with the bank forcing out old residents if they have to forclose, ie public relations probelms.

    I personally would not invest in a retirement village. Especially when there are so many other good ‘standard’ property investments out there.

    Terryw
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    @terryw
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    January 10, 2005 - 5:36 am

    I too would start diversifying.

    In addition to generally being rather dangerous, this will have effects in the future on financing, if your lender suddenly decides that you have too many properties there, they could limit your LVRs reducing the amount of equity available to be withdraw, etc.

    Terryw
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
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    January 10, 2005 - 5:31 am

    Yes it maybe, if you properly document everything and work out an exit plan if one or more of your partners wants out.

    Terryw
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    @terryw
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    January 10, 2005 - 5:27 am

    You could simply set up another account. But I think there is a way around it, by getting different deposit books that are coded. So each will appear differently on your statements. Let the bank know your problem and see if they can help.

    Terryw
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
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    January 4, 2005 - 2:39 pm

    Its not illegal if the broker asks the client and gets the client to ring the wrapper.

    Terryw
    Discover Home Loans
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
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    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
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    @terryw
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    January 4, 2005 - 2:37 pm
    Originally posted by The Mortgage Adviser:

    Can someone explain hybrid trusts please. I would prefer not to go look it up as I have heaps to do! :)

    [/size=1][/i][/font=Arial]

    Like writing endless posts[biggrin]

    A unit trust will not effect distributions. The unit holder would be the discretionary trust, so all profits could be moved around at the trustee’s discretion.

    A hybrid, allows the unit holder to borrow money in their own name (not the trust) and so claim the interest against their own personal income. This in effect allows you to negative gear with a trust.

    If you are going to the trouble of setting up an expensive structure, maybe you should get Dale’s book to get a better idea on how trusts work. And look at http://www.chrisbatten.com.au

    Terryw
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    January 4, 2005 - 1:28 pm

    I used them in the past, with good results!

    Terryw
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
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    Profile photo of TerrywTerryw
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    @terryw
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    January 4, 2005 - 1:20 pm

    If you move out and rent your PPOR, the interest would be claimable, but if you increased the loan, the extra interest on this portion would only be claimable if the money was borrowed for business/investment purposes.

    Terryw
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    @terryw
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    January 4, 2005 - 1:15 pm

    you can setup a trust online in 5 mins for $137! But you had better understand them before you do that.

    You can have an unlimited number of assets in a trust, but for protection reasons, you would be better setting up new ones every now and again. Usually the trustee is a company, and you control the company – in case the trustee is sued. But a trust can just hold shares in a company too.

    Terryw
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Profile photo of TerrywTerryw
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    @terryw
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    January 4, 2005 - 1:11 pm

    Looks good, but why not a unit trust with the units held by the discretionary (or hybrid discretionary). This many come in handy in transfering property to your SMSF in future without stampduty.

    Terryw
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
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    @terryw
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    January 4, 2005 - 1:08 pm

    Maybe you should look at a unit trust and/or partnership of discretionary trusts. You would need a partnership agreement either way, http://www.lawcentral.com.au for an example.

    Terryw
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
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    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of TerrywTerryw
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    @terryw
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    January 4, 2005 - 1:01 pm

    Switched on investors mainly use trusts to hold their assets. Very common.

    Banks can and do lend money to ‘trusts’. It is really no different to individuals, same rates, same LVRs etc.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
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    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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