Forum Replies Created
HK copying Steve McKnight, please….They’re
both copying Robert Allen in creating their
respective challenges and RA probably copied
the idea from someone else.There’s not too many new ideas under the sun.
Lets be careful not to turn this forum into the
“Temple of Steve”, he’s a switched on bloke for
sure but nobody has all the answers.andy
You’ll need to get permission from the vendor
to access the property before settlement, it’s
not a given that they’ll grant this, personally
I wouldn’t let the purchaser onto the property
unsupervised before settlement.andy
I’m fscked if I can remember where but
there was a post going around about a
year ago (not on PI.com) which was titled
something like “top 10 things to increase
the value of your IP.”On the list were things like:
– replace powerpoint covers and switches,
these cost a few bucks each and make it
look like the house has been rewired
– replace internal door handles with
shiny new ones.
– obviously, coat of paint is good bang
for buck.Can’t remember the rest but if anyone
has a link I’d appreciate it.andy
It’s really easy to lodge a null BAS statement
with the ATO, you can do it over the phone.andy
ssh Kirby, don’t tell everyone about MP…
We don’t want all these forumits stomping
all over our suburb every weekend…[
]andy
Olorin, during those sideways years less investors
enter the markets and as rates rise some are
forced to sell, these contribute to rising rents.The yield improves to a point where property looks
attractive again and we have another boom.So a bust is (somewhat) good news to those who are
in the market because it signifies that there will
be bargains in the future and yields will improve.andy
PB, you’ve just described Kensington, it’s close
to the CBD, has the yuppie ammenities, and is
predominately older style housing.You should be able to get in there for the dough
that you’ve got.Otherwise look to Brunswick/Fitzroy, but be careful
not to buy too close to the commission in Fitzroy.andy
The catch is that it may be hard (read very hard)
to arrange finance for this sort of investment.Banks have a problem with small spaces and also
you’ll be borrowing on commercial terms.andy
Sorry to be a negative nancy but some tough love
is called for here…Before your friends go into
any more debt (even good debt) they need to
reevaluate their attitudes towards money and saving.I realise that they are paying rent but yields
in Sydney are so low that they will have to fork
out significantly more to get into their own home.I feel a mortgagee in possession auction coming in
the future…I won’t say they can’t do it, just
that there are other steps which should be
accomplished first.andy
Get copies of the leases and your questions
will be answered, even the month-to-month
tenants must have had a lease at some point.Generally with commercial the outgoings have
been paid by the tenants but that not a rule,
it depends on the lease.Victorian law recently changed so that you
can’t pass land tax bills on to retailers unless
they are a public company. Stupid meddling
government just forcing people to put the rents
up more to recoup their costs.Don’t sign anything until you have read the
lease agreements, otherwise how will you know
what you’re getting into.andy
I refinanced with Member’s Equity (I highly
recommend them BTW) within 9 months, they
refunded 30% of the LMI that I’d paid.It was better than nothing I suppose.
In Victoria Mortgage stamp duty is only payable
on the difference between the old loan and the
new amount, unless the borrowers are different.In my case my partner was added to the loan so
we had to pay the whole MSD again.andy
Maybe your super fund could invest in a
unit trust which borrows to buy the
property using the super fund’s money as
the deposit.Talk to your accountant, there must be a
way.andy
Like all things in life, if it’s worth having
you have to work for it. That doesn’t
necessarily mean get a job.It means that everyone here is sacrificing
something, time, new cars, eating out, etc,
in order to get what they really want out of
life.andy
The trick to dealing with trolls on a
forum like this is for the administrator
to have a setting which makes the pest’s
posts viewable by the pest only.That way they don’t just register again
and come back because they never know
that they have been banned.To them it looks like they’re being ignored.
andy
When you have 130 properties to manage it
is probably cheaper to pay someone full
time to take care of them.Think about it, 130 * 100pw = 13,000.
$13K at 7% is 910 pw which you could pay
a manager to give your properties
undivided attention.Additionally, find someone who is also
handy and you’ve got your maintenance in
the package.Also, the rents now come directly to you,
if the rent is paid fortnightly, you get
it fortnightly instead of waiting for the
agency to do their monthly accounts.andy
I would call a “Cash paid for cars” ad from
the local paper. Why should ratepayers pick
up the tab? Or the body corporate for that
matter?It’s obviously abandoned so recycle it I say.
andy
Start by saving a deposit, even a car space
will set you back $30-45K (from what I’ve
read.)A car space will be a pure cashflow play I
would think, so you just have to do the
numbers.Gross yield – management – taxes – interest
has to be enough to give you a positive
cash flow worth your time. Otherwise find
somewhere else to invest.andy
You may do better in shares in the short term.
I think that the forum is mostly in agreement
that the boom is near the peak.Watch the flood of money hit the sharemarket
once broader sentiment has changed.I’m putting excess cashflow into the sharemarket.
andy
I disagree, a bust sooner would be better.
Cheaper property prices and higher rents.I guess I’m biased as my rates are fixed
so a rise in interest rates won’t affect
me for quite a while.andy
Alternatively, buy you new home within a trust.
The interest will be tax deductable although
you’ll have to pay market rent to your trust
for the deductability to stand up.Also you’ll lose CGT exempt status but if you
plan never to sell, or to move and turn the
new property into an IP in the future then
this disadvantage is reduced.andy
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