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Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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Rob, interesting story. Do you often drive about in crime spots, drinking coke, reading law books at 2am?
I think both Glebe and Redfern have the good areas and the bad areas.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Rob, I don’t understand your question!
When you do a lease option, you buy a property and then sell an option to a tenant. There is no need for an agent to call you.
They would make their usual commisison on the sale of the property (ie when you buy it). They may see you advertising a rent to buy situation and contact you, hoping you could be talked into selling through their agency. But other than that I can’t see why they would call at all.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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 do you mean back? Some of us never left.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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
This year (2004), I’ve seen at least two clients purchase cashflow positive property in Sydney without them being LOs or wraps. So they are still out there.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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
Many banks accept a second mortgage for the deposit. You must be able to service both loans tho!!!
And usually you will not be asked for proof of funds to complete at an 80% LVR.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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
regarding the UCCC, I think, from memory, the UCCC allows for (maybe even requires) lenders to do whatever possible to help the borrowers in tourble out by temporarily reduce the repayment amount, extending the loan term etc. ie they cannot just kick people out of their homes very easily.
(Incidently, this is why many private lenders will only lend to people if they sign a declaration advising the loan is for business purposes).
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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
Will you be paying cash for these cabins?
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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 a distorted article!
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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
Dale’s web address is
http://www.gatherumgoss.comTerryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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
Robert. I think i gave you a copy of a NSW wrap contract about 6 months ago? Maybe it was someone else.
I also noted the following comment from the interview:
“Rick…………I’m aware they are there but I’ve never been to one of Steve’s seminars”I recall meeting Rick at Steve’s seminar in Sydney in approx 2001 or 2002.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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 have done a few, but wouldn’t do them again the way I did. The tenants ended up making more money than me. Go for a rising strike price linked to the value of the property at the time of cashout, that way you can get some capital gain. Also look for short leases, about 2 years, so it doesn’t just drag on forever, unless you want it to.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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
In my opinion LOs are superior to wraps (installment contracts) in many ways including:
– less problems with finance
– less complicated from a tax perspective
– less legally complicated
– easier to vary, eg can have the strike price as a discount to the value at the time of cashout
– tenant may be able to get rental assistance
– etcThe only down side i can see is the FHOG is not available to tenants until they cashout. Infact, this could be a positive, as it could mean they cash you out earlier, giving the backend profit sooner.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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 Oldtimer, I wish I had just kept my properties instead of wrapping them. A few extra dollars in income has been obtained at the expense of large capital gains. Oh well.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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 wouldn’t spend too much. Start with reading as much as you can, taking notes, and going to all those free meetings that are on now and then.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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 would suggest there wouldn’t be much money in property, but maybe you could do it short term to learn and then move on to more lucrative areas.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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
That wrapper in Newcastle is Peter Sollner I think.
You are supposed to disclose a wrap as the mortgage contracts require the lender to be notified if anything is done to affect the value of their security. including onselling on an installment contract and selling an option, (major renovations etc).
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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 would agree with Richmond, IO if you still have non deductible debt as it would be better to direct all extra payments to getting rid of this first.
Terryw
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Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
You can still use a company as trustee for a discretionary trust and then have access to the 50% CGT discount.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
You can claim anything and get away with it if you’re not audited! You must make sure you can justify it if audited. I do beleive you should claim these expenses, but remmber reading a ruling on claiming investment courses, and from memory, it wasn’t too good news. For example, if some part of the course covered shares and you didn’t have shares, then that part would not be claimable. Also some courses have personal development aspects, patting people on the bum, hugging jumping etc. this portion would not be claimable. So in the end only a small poriton would be claimable, and the same for travel expenses etc.
However with Steve’s course, amost all of it is directly property related!!
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | 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
