Time to buy an investment property but what strategy ?

Exactly the type of answer / answers I was looking to get in this post . You told me what strategy you’re taking and doing and feel it’s working FOR you .

All I wanted was similar people with similar strategies , you explained yours . Perfect , THANK YOU

 

Many started to question if I can afford it , whether it’s a good investment and go see a lawyer .

The post here was to understand and learn what others in similar position or were in similar position to me did when
A) they wanted to get into development and
B) wanted to protect their main home whilst taking out those loans

The lawyers told me to get a lawyer and the mortgage brokers told me to go to a broker

Might As well go ask the priest , he will tell me to go pray.

If you’re in similar position or used to be , what is or was your set up in regards to company / truste / abn / whatever . That’s all I’m asking .

 

All good @Dudechi. I could see the responses were going away from the questions you asked and it turned into wether it’s a good investment or not.

@Terry_w that’s actually a good point I have not thought of. Currently if something happens to me my wife is the trustee as director of a corporate trustee and has full control. If something happens to her I’m the appointee so can change the trustee if necessary. If something happens to both of us at the same time I’m not sure what happens. I’m assuming your will would then come into play and assets would go to kids. Not sure if being a trust complicates that but now I have a reason to chat to my lawyer who prepared the family will and ask him this question.

Sorry @Dudechi feel like I hi jacked your thread.

 

Yes that one. That’s me.

 

Also consider the tax implications too. Many first time developers mistakenly believe they will be entitled to the CGT discount (it was mentioned previously in this post). Surprisingly GST is also quite often not considered.

 

Work on your attitude. Then your structuring. Not everyone here is going to give you the answers you are looking for.

Disclaimer - not advice. Just fact.

 

I didn’t want answers, I wanted opinions on strategies Based on experience and expertise

Disclaimer - you offered none
Disclaimer - thanks no thanks
Disclaimer - why did you even comment ?

 

Mate,

In a public forum, like property chat, if you ask innocent questions and mainly if they pick you don’t have any experience they try to become so smarter. I just read through most of the responses for your query, except few, it is just baseless advises and mainly they are the people who never touched the stove, they keep in the sideline and advice others to not to do or so. So read those responses with a grain of salt...

Also being in the construction industry over 10 years in my professional capacity, I learnt the art from renovating old houses. If you are smart and capable of buying at cheap price you would make good profit on the Reno. Will help to sharpen you skills better with way lesser risk.

Also, put atleast additional 15% on building cost on top of builder quote. That is their secret magic. Would be surprised how 200k can give you 600k sellable TH. Looks something wrong somewhere? Check it with another builder whether 200k make any sense. Would be hard such poor quality townhouse to sell in the mkt, if I am not wrong.

You may be a smart guy but never know what you don’t know until you get those exposure. See others response too and there are few development topics others discussed, it may help you to workout some of the secret cost builders never tell. Having your mate as PM may be an advantage for you. One of my friend did a development who also had close friend as PM. He lost 50k on it since then he never did development. He said builder cost was highly underestimated in the start.