tonyy21692 wrote:
  If you are inexperienced you will be financially bled as quickly as possible. 

You hit the nail on the head.    From someone who lived there for many years, I hope your post is widely read.

Somehow I don't think it has been Singer but hey, what can you do? I guess I can spell it out;Don't bother takin…[Read more]

Take care as the ATO has very quickly withdrawn this ruling.

When I read the ruling it was quickly pretty obvious some pinhead in there issued this ruling without doing any research. This issue has clearly been dealt with by case law.

When these sort of conflicting ruling come out it doesn’t suprise me of the resulting confusion and anger…[Read more]

Welcome to remote management. I didnt think it should be any different to the way we remotely manage our properties in NSW – however it is. this is even though we (Aust and USA) speak the same language as often the same words have different meanings. This is still the case with having the leg up of my wife who grew up in California,…[Read more]

Have used a couple of PM’s.

Cannot recommend Toni Santiago (also known as Gernie Property Management) as she and her offsider Dave will take your rent and, put simply, keep it for themselves…..

Cannot recommend Di Brown. Whilst her heart is in the right place she should not be in business for herself. ie unaccountable to…[Read more]

Buffalo has become a renters market due to the influx of investors (local, interstate and O/S) rehabing existing housing stocks over the last 12 to 18 months.

The PM’s have been using this as an excuse to have you spend thousands of $$ to make your empty property more attractive to renters. The reality is most of the full time PM’s…[Read more]

From memory the franchisor of Destiny is Margaret Lomas. And it is my understanding the franchise model is a that of a mentoring role wrapped around property as the vehicle to financal freedom.

What I do know is some people can do it on their own to start with and some need a guiding hand to kick start things. Over time they either…[Read more]

Live in Newcastle and doing 2 residential and a commercial developments in the suburbs of Merewether and Wallsend.

Residential is around $1000 per sq m. includes fees, the NCC BASIX and the new 2005 DCP stormwater requirements but excludes the usual floor coverings, window coverings, light fittings, driveway and landscaping..

I’m…[Read more]

PM for a WNY accounant and attorney I have used and can recommend. I do have a NY City contact but they are very very expensive.

Suggest run a search here and on somersoft for structure as one size doesn’t fit all.

Regards
Tony

Hope your enjoying yourself – it does take courage to push yourself out of your comfort zone.

From experience it doesn’t matter if the property is in Alaska, Nebraska, WNY or country NSW. What does matter is unless you can get the rent collected and paid to you by your PM then remote management takes on a whole new meaning.

Regards

Tony

Suggest you start with the Margin Scheme. Refer to ATO webpage

Good luck

tony

feel free to pm me

regards

Tony

I’m not suprised your confused. Unfortunately, there are a lot of accountants (and solicitors)who just don’t understand trusts.

Suggest you buy yourself a book (Dale GG’s is a good little read)or McKnights Wealth Gardian to bring yourself up to speed so you can talk the same jargon.

When it comes to HDT’s there isn’t a huge amount of…[Read more]

Asset protection and flexibilty (income tax and stamp duty) is the issue.

A partnership/JV or whatever you want to call it of trusts (the most flexible being Hydbrid discretionary) goes a long way to solving most, if not all of the issues. Combined with a deed of partition on the title you have the flexibilty of some partners wanting to…[Read more]

As I see it we get 2 types of clients, those that want watertight guarantees and those that understand the risks involved with tax and are prepared to run with those associated risks.

If you “need to know this for sure” then my advice to you is to get an ATO ruling on the…[Read more]

An architect is a just like a hammer in your toolbox. Along with a surveyor, town planner, drafts person, consulting engineer (hydrolic, structural ect), landscape architect and the list goes on.

In engaging an architect they ought to be able to pull a team together to assist you in achieving your vision. Of course they can then…[Read more]

Sounds like you have stalled and it could be for a wrong reason. Could be worthwile taking to one of the larger banks relationship managers or a broker.

For what it is worth, we are with a great business banking manager with NAB and she is really part of our team. 15 months ago at the bank Christmas drinks she mentioned we were…[Read more]

However you are going to cost yourself ,000 of $ in overpaid GST by self preparing your BAS.

By all means read up on the GST Margin Scheme on the ATO website but get your accountant to review your BAS’s. the money will be well spent.

Regards
tony

regrds
tony

The book that kicked me into gear many years ago was a little one called “Buying property with OPM’s” by Allan Falkner (?).

The thing that I noticed between those books from say 20 years ago to now is the current ones often just seem to be marketing tools to onsell other services….. Oh well the world has changed.

Regards
tony

Regards
Tony
PS the only tax break on…[Read more]

the easiest way to gain the certainty you are after is to apply for a private ruling from the ATO. These are quick and easy to do. And you have it in writing should get an audit at a later date.

Regards

Tony