Total Members: 158,088

Ben

  • Ben replied to the topic Should I buy apartment or house for first IP? in the forum Help Needed! 8 years, 6 months ago

    Hi mddedf,
    I have a feeling the “influence our borrowing capacity” line may have been based on a very broad idea that units have higher yields than houses. Jacqui has pretty much summed it up our banks assess serviceability but it goes quite deep and each lender assesses it in their own ways so trying to calculate it yourself, particularly with an…[Read more]

  • Ben replied to the topic Build before subdivision or subvide before building in the forum Value Adding 9 years ago

    Personally I would be applying for DA for both properties. I think trying to separate them is very risky and will limit what you can do. I take it you have never dealt with a council before? It is hard enough to deal with them on one occasion let alone on two separate projects.

    Your also going to have increased costs as you will need to engage…[Read more]

  • Ben started the topic IO Loan on IP – Need clarification in the forum Help Needed! 9 years, 6 months ago

    Hey All,
    I have been reading about IO loans on investment properties and just needed some help getting my head around it.

    Scenario 1
    Let us say I own an IP with a 300k IO loan and a 100% offset account.
    Let us say I have 200k sitting in this offset which means I can claim 100k tax deduction on the interest portion of the loan.
    I now decide to…[Read more]

  • Ben replied to the topic Turning your PPOR into an investment property and then back again in the forum Legal & Accounting 9 years, 6 months ago

    Hey All,
    I just stumbled across this very interesting topic but am having some trouble fully getting my head around it.

    Let us say I own 2 properties on a subdivided block. I live in property A as my PPOR and then rent out property B for 2 years. After the 2 years I decide to sell property A and move into property B.
    From what I am reading I…[Read more]

  • Ben replied to the topic What structure would you use starting a family portfolio? in the forum Help Needed! 9 years, 6 months ago

    Hi RPI,
    Thanks for the info. I am based in Victroia and will likely begin by building my portfolio around here for the time being.

  • Ben replied to the topic What structure would you use starting a family portfolio? in the forum Help Needed! 9 years, 6 months ago

    Hey Chris,

    There is a full CGT exemption if a property is your PPOR but, which according to the ATO

    Full exemption
    You are likely to be eligible for a full main residence exemption if the dwelling:
    has been the family home for you, your partner and other dependants for the whole period you have owned it (ownership period)
    has not been used to…
    [Read more]

  • Ben started the topic What structure would you use starting a family portfolio? in the forum Help Needed! 9 years, 6 months ago

    Hey All,
    Just trying to get some discussion going before I speak to my accountant/solicitor.
    My brother and I own a joint property in our own names, we have both lived in it for over a year so are exempt from CGT.
    We are about to subdivide the land and build a second dwelling at the rear.

    The options we are considering (pending professional…[Read more]

  • Ben started the topic Anyone going tomorrows event in Melbourne? in the forum Help Needed! 9 years, 7 months ago

    I know this is not really “Help Needed” but just curious if any members are attending tomorrow’s event in Melbourne?
    Must admit I am very excited as Steve’s book is what grew my current passion for property and this is my first ever property event. Not sure what to expect to be honest but I have dragged my brother along as I am trying to convince…[Read more]

  • Ben replied to the topic Positive Property Investments in the forum Help Needed! 9 years, 7 months ago

    I think the FAQ avoids what they actually do which worries me and more focuses on questions about real estate in general. This is a company who talks about finding positive cash flow properties and offers a full end to end service.

    But they do not answer any of the important questions in the FAQ?

  • Hey All,
    Thought I could offer some feedback in regards to this. Around 10 years ago a builder approached my mates parents who were both close to retirement. They had a block of land in Airport West around 650m and had made no indication to sell or downsize but none the less this builder who they had not met, was simply door knocking!

    His offer…[Read more]

  • Ben started the topic Recommendations for Accountant/Financial Adviser (Melbourne)? in the forum Help Needed! 9 years, 7 months ago

    Hi All,

    I am looking for some recommendations for a good accountant/financial adviser that can assist me with both structuring my upcoming development and investments portfolio but also someone that can offer financial guidance as part of their service.

    I am very new to property and looking to form a great team of experts that can help assist me…[Read more]

  • Ben replied to the topic New development but no storm water? HELP in the forum Help Needed! 9 years, 8 months ago

    Hi Ben,
    Thanks for your very detailed response!

    Yeah it is quite crazy this practice was allowed. Our down pipes run into the ground and I did follow them to the end of the property where they just go off into the soil which is basically right up against the neighbors fence. The funny thing though is I spoke to my left neighbor who also shares…[Read more]

  • Ben started the topic New development but no storm water? HELP in the forum Help Needed! 9 years, 8 months ago

    Hey All,

    I am currently in the process of developing a dwelling to the rear of my PPOR and have just discovered we have no storm water. My block slopes to the rear with about a fairly decent slope (roughly 5m from curb)

    I have spoken with Council who confirmed this and also my neighbor who actually showed me his storm water pipe running into the…[Read more]

  • Ben replied to the topic What will give me the best return? in the forum Help Needed! 9 years, 8 months ago

    Very interesting post as I would never have considered renting out my PPOR and renting somewhere cheaper but It does make some sense. For example my wife is keen to move back closer to her family which would be about $150 less to rent than what I could get for my place so that extra money could then pay off the mortgage plus then get the tax…[Read more]

  • Ben replied to the topic Hypothetical question in the forum Help Needed! 9 years, 9 months ago

    I have not done a heap of research on these areas but know them all quiet well. If you are looking for the best capital growth then I personally think coburg would beat the rest hands down. Coburg from what I have read is a bit of a hot spot at the moment as many of the inner melbourne suburbs on the same side are becoming quiet expensive. That…[Read more]

  • Ben started the topic Construction Loans? What can they include? in the forum Help Needed! 9 years, 9 months ago

    Hi All,
    I was hoping someone might be able to shed some light on what construction loans can include?
    As i have said in a number of other posts I have finally got council approved plans and permits and am ready to start shopping these around to builders. I have a budget in mind but that includes a few things outside of just the construction and I…[Read more]

  • Ben replied to the topic Using credit card to reduce interest repayments in an offset in the forum Creative Investing 9 years, 9 months ago

    I do this but a few warnings and considerations i have had to learn the hard way. It sounds like a no brainer but just make sure you fully understand the T&C’s of the credit card you are using. I mistakenly did not pay back the required amount for a month and it took 2 months before they would reset the balance. The cost to me was about $120 in…[Read more]

  • Ben replied to the topic It's almost June (what have you achieved) in the forum Help Needed! 9 years, 9 months ago

    I received my planning permit with little hesitation from the council to develop at the rear of my block which should be commencing in the next 4-6 weeks. It only took 6 months for everything and I’m building the place I want as well. I’ve completed some renovations on the PPOR including a stacked stone fireplace which has been absolutely…[Read more]

  • Ben started the topic Lending from parents (Pros and Cons)? in the forum Help Needed! 9 years, 9 months ago

    I’m interested to hear peoples thoughts on loaning from parents versus the bank.
    I am about to get a construction loan of around $250,000 which i am not sure if this is correct but hear it carries a slightly higher interest rate?

    Even If this is not the case and it is around 5.2% then I have spoken to my parents who have agreed to loan me the…[Read more]

  • Ben replied to the topic Cross Collateralizing in the forum Finance 9 years, 9 months ago

    Thanks Jamie
    The plan is to sell the rear dwelling upon completion so it will not be used as an IP.
    Once settled I then plan on having the front property valued and will then purchase it from my brother at the valued price.

    Is there any special consideration I should make with this scenario? or as suggested just split the build loan into our…[Read more]

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Ben

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