Hi All,
I am a new member, been a former member since 2006, and long time reader for some time, but this is my first post and am hoping for some helpful advice and food for thought on my current situation and investing plans...
After lengthy legal negotiations and back and forth stuff (for over 8+ years) with former company directors who all had differing views (family members - long story here), I have finally left the family trust and we have settled on the division of assets. I have ended up with a commercial retail Asset valued at approx $800K (CBRE 2011 Valuation) with tenant paying $5,900 NET per month in rent on a 3 year lease (that expires June 2014) however current tenant has decided to sell their business and new tenant is willing to sign a new 3 X 3 year lease. This is currently now my only source on revenue until I get on with my businesses in the next few months.
I am currently renting a house at $1,800 per month, (drawings from former LOC account). I have only been back in OZ for 18 mths after being an Expat for 5 years. I only have very minimum income to show, since this battle has nearly crushed my ability to earn until this was settled. the former trust did lodge tax returns on my behalf and I do have some cash surplus from my overseas job to use for personal expenses for 6 more months.
Brokers I have spoken to so far are offering deals with various commercial lenders like 65-70% LVR on a new LOC of varying interest rates and terms on the currently unencumbered commercial property now in my new Trust. Serviceability will be from the tenant rents. (any help from brokers to get the best deal here, please PM me ASAP). I currently owe the former company trust for a portion of LOC Bank account, my credit cards, Stamp duty, legal fees, accountant fees, etc etc, Total $198K, which I will payout from a new LOC.
I'm looking at buying my first properties and have primarily been looking at Residential properties for either a PPOR or IP (+rent). The left over credit in the new LOC will be available for the 10%+ deposit on any IP's etc and the difference will be a secured by a Residential Loan. I'm really open to any option, just has to be the right buy on either livability and/or profitability. Will this be viable? Any advice on whether to keep renting and then purchase IP's or purchase an IP for the Trust and rent it myself for a while???
I'm based of the Gold Coast and have mostly been looking for houses around retail hubs near train lines, uni's etc. I have being using RE Investar so far and will finish my trail of it this week before I have to decide to purchase it. (still not to sure if it is really worth 3K for 2 years). I feel like I'm priced out of this market when prices 3 Bedroom houses are around 400K+ on small blocks.
Any advice of what to do in my situation will be highly regarded. Thanking you in advance fellow Somersoft Formites!
I am a new member, been a former member since 2006, and long time reader for some time, but this is my first post and am hoping for some helpful advice and food for thought on my current situation and investing plans...
After lengthy legal negotiations and back and forth stuff (for over 8+ years) with former company directors who all had differing views (family members - long story here), I have finally left the family trust and we have settled on the division of assets. I have ended up with a commercial retail Asset valued at approx $800K (CBRE 2011 Valuation) with tenant paying $5,900 NET per month in rent on a 3 year lease (that expires June 2014) however current tenant has decided to sell their business and new tenant is willing to sign a new 3 X 3 year lease. This is currently now my only source on revenue until I get on with my businesses in the next few months.
I am currently renting a house at $1,800 per month, (drawings from former LOC account). I have only been back in OZ for 18 mths after being an Expat for 5 years. I only have very minimum income to show, since this battle has nearly crushed my ability to earn until this was settled. the former trust did lodge tax returns on my behalf and I do have some cash surplus from my overseas job to use for personal expenses for 6 more months.
Brokers I have spoken to so far are offering deals with various commercial lenders like 65-70% LVR on a new LOC of varying interest rates and terms on the currently unencumbered commercial property now in my new Trust. Serviceability will be from the tenant rents. (any help from brokers to get the best deal here, please PM me ASAP). I currently owe the former company trust for a portion of LOC Bank account, my credit cards, Stamp duty, legal fees, accountant fees, etc etc, Total $198K, which I will payout from a new LOC.
I'm looking at buying my first properties and have primarily been looking at Residential properties for either a PPOR or IP (+rent). The left over credit in the new LOC will be available for the 10%+ deposit on any IP's etc and the difference will be a secured by a Residential Loan. I'm really open to any option, just has to be the right buy on either livability and/or profitability. Will this be viable? Any advice on whether to keep renting and then purchase IP's or purchase an IP for the Trust and rent it myself for a while???
I'm based of the Gold Coast and have mostly been looking for houses around retail hubs near train lines, uni's etc. I have being using RE Investar so far and will finish my trail of it this week before I have to decide to purchase it. (still not to sure if it is really worth 3K for 2 years). I feel like I'm priced out of this market when prices 3 Bedroom houses are around 400K+ on small blocks.
Any advice of what to do in my situation will be highly regarded. Thanking you in advance fellow Somersoft Formites!
