Forum Replies Created
Mabbott,
The people looking at upstate NY are doing so because of the very high rental yields that are available (20%+). There are quite a few pitfalls though. If you want to know more I suggest you havew a chat with Westan, you should be able to find his contact details if you do a search.
Regards
AlistairThe US is a very big market and trends are very different in different areas. Upstate New York, where a lot of people on this forum are currently looking, has had very little growth over a long period of time. Other markets have been booming.
Richierich,
If you’re set on positive cash flow properties, you may be best off looking offshore. There are a number of people on here who invest in New Zealand and a growing number in the US.
Some good people to speak to, who post on here are Nigel Kibel for New Zealand and Westan Johnson for the US, there are also others.
Regards
Alistaircmhall,
If the Sydney property was a ppor you can keep the CGT free status for around 5 years (don’t hold me to this, check with an accountant). So it is quite possible you will not have to pay CGT.
Regards
AlistairA 4 unit development is quite large for a starting point (I am assuming by your question that you haven’t developed before). Dveloping is a risky business and the larger the development thae bigger the risk, both on the upside and the down side.
If you do not have experience, please get yourself some high quality assistance. If you mention which State the development is, somebody could probably recommend appropriate consultants.
If you’re in Melbourne, Michael’s company would be a good start.
Regards
Alistair PerryLeanne,
There are a few that post on this forum. I have had some dealings with one of them, Nigel Kibel, who posts here. He’s very knowledgeable and you could definately do worse than have a chat with him. I have also heard good things about Hunter House Hunters.
Regards
AlistairNigel Kibel, who posts on here, knows quite a bit about structures in NZ for Australian investors. You could do far worse than to speak with him.
“The Australian Government restricts investment in property. That is the purpose of the Foreign Investment Review Board.”
Your quote
Rob,
“business and properties” mean exactly that, not just properties. Your post “The Australian Government restricts investment in property. That is the purpose of the Foreign Investment Review Board.” appears to suggest that the FIRB has been set up to govern foreign investment in property only. This is patently incorrect.
You may not claim to be an economist, but you are giving opinions on macro-economics and, quite frankly, much of what you have been saying is absolute crap. I don’t claim to be an economist either, but I have at least a rudimentry knowledge, which you obviously don’t.
Please feel free to reply as abusively as you like. I couldn’t care less and you only serve to make yourself look like an idiot.
Regards
Alistair Perry“The Australian Government restricts investment in property. That is the purpose of the Foreign Investment Review Board.”
This statement is factually incorrect, see the following taken from the FIRB web site.
“The foreign investment policy provides for Government scrutiny of many proposed foreign purchases of Australian businesses and properties. The Government has the power under the Foreign Acquisitions and Takeovers Act 1975 (the Act) to block proposals that are determined to be contrary to the national interest. The Act also provides legislative backing for ensuring compliance with the policy.”
Rob, your posts are generally show you to be well informed, but your comments on this subject do not. I suggest you go read a book on macro economics.
“Finally, (initial capital injection aside as it will be taken back later in addition to capital gains) regardless of where the rental income is taxed, the money that is left will be taken out of the US. This reduces the Domestic circular flow of funds and is a bad thing for the overall economy in my opinion.”
If foreign investment is bad for an economy, why do so many governments promote it? What you have stated is the case whether its is resedential property, commercial property or businesses that are being invested in.
Hi Anna,
The process goes basically like this. You need to get a survey of the site done, which gives details of the size and elevation of the site, as well as the positioning of surrounding buildings (especially windows) and private open space, trees etc. This info is then used by your draftsperson/architect to come up with a concept design, which is compatible with the regulations in the planning scheme and sympathetic with the surrounds.
You then take the concept to the local council for a pre-application meeting, to ascertain their thoughts on the design. Council may ask for changes or may not. They may also say that they will not support the development under any circumstances, but if the design is sensible this is not likely. Depending on feedback from the council you may choose to alter the design.
Once you have either made the council officer happy, or bent as far as you are prepared to go, you order town planning drawings to be produced and an application to be drawn up.
Once these are submitted to council, they may ask for further information. Once this is provided they will order advertising of the proposal, which includes the large yellow signs you see around the place and probably letters to surrounding residents informing them of the proposed development.
If there are objections council may order a mediation meeting, you can then try to satisfy these people by making concessions or ignore them, your choice.
The planning department will produce a report with a recommendation as to whether council should support the proposal. In some cases this constitutes the decision, but most of the time the proposal then goes to a council meeting. At the meeting there is an opportunity for the developer and any objectors to make a statement(s). Council then makes a decision. In most cases the councillors follow the recommendation of their officers, but not always.
If you are knocked back, or there are conditions placed on your permit that you don’t like, you can then appeal to VCAT. If the decision is favourable to you, objectors are also able to appeal and take the case to VCAT.
I f you would like some more detail PM me you email address and I will send you a power point presentation that we have produced to explain the process.
Regards
AlistairAnna,
Which State is the property in. If it is in Victoria I would be happy to describe the process to you.
Regards
AlistairHi Anna,
Zoning refers to what the land may be used for eg resedential, comercial, industrial etc. The meaning of the quote that you read was most probably “It is zoned resedential and is large enough to fit 6 units acording to the planning scheme”
This does not guarentee that you will get permission to put 6 units on the site, its also not necessarily correct as real estate agents are not town planners.
If you have to go through the planning process, be aware that it takes time and costs money, and also there are no guarentees that you will succeed. Having said this, you can create significant value by going through the planning process, just be careful and get good advice.
Regards
AlistairAre they the people who advertise in the Trading Post?
Matt,
You can probably get similar returns from quality property in NZ, I’d sggest that market as a better one than mining towns.
Regards
AlistairHi All,
I’ll second Donna’s comments about Nigel. I actually had a chat with him last week and he is very knowledgable and it would definately be worthwhile for anyone interested in the NZ market to speak with him.
Regards
AlistairYou do need 3% genuine savings to access the lowest rate 100% loans.
PPOR = Principle Place of Residence
The fastest way for you to gert into the property market would be through a 100% loan, you can get surprisingly good rates for these if you have 3%genuine savings. Unfortunately they are only available for PPOR.
Regards
AlistairOSS,
Why do you need to widen the driveway? I can understand you need extra parking, but this has little to do with the width of the existing driveway.
In any case, you should seek professional advice on this from an architect/draftsman that has good knowledge of town planning issues or else a town planning consultant. Definately don’t just accept the advice of a council officer.
Regards
Alistair
