No problems, my responses are at the end of your questions.
A couple of questions. Feel free to ignore them if you don't want to discuss it.
Did you seek advice from anyone other than the accountant before starting a SMSF with just $23,000?
No i didn;t seek any other advise, just my accountant as he does my super returns.My wife and i had $65,000 in our personal supers which we rolled over to our smsf. The $23,000 we saved that during the last 2.5 years.
It's commonly suggested that around $200K is necessary to justify the costs and fees involved. (With the cheap mass organisations like Esuperfund, perhaps you could get away with maybe $100K if you have good investment skills).
Did the person who persuaded you to buy the property know you only had the $23,000?
As per answer above, we had $65,000 in our super and I told her that.
Did you consider looking into how you would be able to finance the property before signing up?
When i showed my accountant the plans and what i wanted to do, i explained to him the 10% deposit, it cost $650,000 and that settlement would take place in approx. 18 months and that we look at financing it through our super fund. He said that is fine. We didn't discuss repayments or anything else.
