Forum Replies Created
Hi dntstran
Where do you live?
If in Sydney you can use Patricia Holdings http://www.patricia.com.au
The cost is $297.00 to setup the trust. If you want to setup a company as well, the cost of a standard company is $1020.50.
WHJ
With areas like Picton etc, you will not find “cheapies” as such, it will cost you $200-$300k for starters.
But I agree it really is a good area for capital growth.
WHJ
Thanks Nessie,
I have been sitting here, working out how I want to structure everything and that was one thing I could not find an answer for.
WHJ
I have a friend who is a real estate agent in country NSW and has been telling me exactly the same thing, people are ringing up asking the expected rental, size of the block and confirming the asking price, then making an offer.
She can not believe they are not even interested in inspecting the property, it is all on the figures. I guess a few people will be stung and pay too much or buy in a town where there isnt a strong rental market.
But good luck to them, I really like seeing what I am buying.
WHJ
Hi Matthew
In NSW we cannot use “and or nominee” when purchasing purchasing property.
If the property is purchased in the name of the company and the trust has not been setup at the date of signing the Contract for Sale, the trust can not be added into the structure later.
So, in the contact for sale if the trust has not been setup the purchaser will be XYZ Pty Limited. Even if a trust is setup at a later date the name on the Certificate of Title can not be simply changed to XYZ Pty Limited atf ABC Trust. As this is a different entity the stamp duty will have to be paid on the market price of the property.
So what I was suggesting was to ensure the Company and Trust was setup prior to purchasing the property and signing the contract for sale.
WHJ
Hi Little Mermaid
In NSW you can not use “and/or nominee”, so the name you put on the Contract for Sale can not be changed.
So if you purchase the IP in the companies name you can not add the words “as trustee for …..” after the company, it cannot be owned within the trust structure.
However is Qld, (I think) you can. So, you should purchase the property with “and/or nom.” on the contract for sale and then have the trust setup.
I have setup a few companies over the past 2 years and on one occassion it only took 4 hours for everything to be done. There are many companies in Sydney that specialise in this, the one I use is Patricia Holdings http://www.patricia.com.au
I would suggest you advise your accountant you want one setup straight away and you might be able to avoid any problems
Happy Hunting
WHJ
Hi 4walls
The 5% in the course notes is based on the rental income. But please dont use this as absolute figure, you really have to take into account property (as BB amd M&K said).
Happy Hunting
WHJ
Hi Anthony
Of you want some real general information in an easy to read book NE Renton has written a couple of books on trust.
I have read “Family Trusts”, which did have some useful information.
WHJ
Hi Aqua
The site for Warren Borsje is http://www.new-world-education.com.
There was a Discussion on this forum at while ago and the link is https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=339 It might be worth you having a read
Good luck
WHJ
Hi DJ
Most banks will offer a discount, however it does come down to your negotiation skills.
Don’t take an internet site or what you are told by a telephone banker as finality, that information is just the banks standard policy.
If you have a personal banker, talk to them – they understand there is less “risk” for them having 12 months of interest in advance and the use of the money for that period.
Besides ask and keep asking, they will eventually say yes, and if not (if possible) change to someone who will.
WHJ
Hi Sebastian
I do know a really nice lady from Perth who is a broker, I will email her to contact you.
Good luck
WHJ
Hi Willi
This is what I think, I’m not a solicitor and if I am wrong please someone let me know, but from my understanding, you can not undertake to or sign any agreement on residential property that you do not own.
I really dont think you could get a solicitor to draw up that sort of a contract even if it falls outside the constraints of property purchasing.
I really think it would be too involved and too expensive to be of any benefit.
If you have found someone who is really interested in purchasing a property under vendor finance and they agree on the property before you purchase it, you really shouldnt have too many problems.
whj
Hi Joner,
I am going to be settling on a unit in Neutral Bay in about 6 weeks, and I will be painting, putting in a new bathroom and kitchen and recarpeting.
I don’t know that I have much expertise to offer, I just get in there and do it.
If you want to email me on [email protected] and we can maybe get together and chat about it
If you are serious about this, I am really interested in an extra pair of hands.
