Building Wealth in a Self-Managed Super Fund by Coral Brian-Wheatley

Author:Coral Brian-Wheatley [Brian-Wheatley, Coral]
Language: eng
Format: epub
Tags: Personal Finance
ISBN: 9781925280548
Publisher: Global Publishing Group
Published: 2015-05-15T00:00:00+00:00

That was our humble beginning of a $120K office and $112K for 4 factory bays. Also remember, in July, 2011 we sold the small restaurant, which was turned into a life line shop, for $385K.

Amongst all this, outside our SMSF we had bought a caravan park. I remember thinking ‘What have we done?’ If there wasn’t a 10% net return we didn’t buy it and this one was bigger than that. The maths for that property was a 15% net return. I knew we did the right thing but it was a matter of cleaning it up and learning the rules and regulations of running a caravan park. That was an education in itself we had many trips to the department of fair trading learning about our rights as owners and also the rights of the people renting the plot of land from us they had to have different leases. Having a set of park rules was similar to Body Corporate rules. Residents pay rent on the land but it is their home that they own and repairs and maintenance are their responsibility. Wow! We sorted it all out and found out what a cash cow they are. We had drug dealers, alcoholics, you name it, we had all occupations under the sun living there.

We treated them with respect, laid some rules down and pulled our sleeves up very high to clean it. This is a whole other story but the park is now a relocatable over 50’s park. We bought lovely relocatable homes and put them in the park, built verandahs and had carports built and put in plants and garden beds. They were on sold at a profit and we more or less got the land for free. So we had some money in our SMSF and bought a relocatable to rent out in the park. We charged our SMSF the site fee. The relocatable was $53K and it was hard to borrow for relocatable homes back then so we paid cash. The rental was $210.00 per week and we on sold that reloctable in 2011 for $73K.

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