Terry W — Yes, the profits will be distributed to all owners for all the other repairs needed. So does the BC pay the tax, then distribute the funds to owners. Or does the BC distribute the funds to owners then each individual owner pay there own taxes?
Scott —– Yes we are going to seek specialist advice and from what we have been advised so…[Read more]
blackhotel replied to the topic how to buy POR using money from a recent sold company owned investment property in the forum General Property 6 years ago
I’m in the exact same position “on the ladder”. Do you realize there is no 50% concession on the CGT when the property is owned by a Company? Hence check your CGT position for the sale of this property. My accountant told me that my Company can lend the money to me at an arms length agreement. Hence I will have to pay the Company fair interest on…[Read more]
Hi, I have a doozy of a question. It’s very complicated and I just can’t get my head around the answer. We have been approved to build a Commercial space in a Strata Plan. The Strata is a 1960’s building and run down and the owners have come up with an idea to renovate the building (in excess of $2m-$3m). One owner suggested to approach Council…[Read more]
blackhotel replied to the topic Do you need receipts in able to claim investment property tax return? in the forum Legal & Accounting 6 years ago
As I understand it you need receipts if you are only audited by the ATO which could be never. Get receipts from the people who you buy from on Gumtree. Just a simple one on a sheet of paper. Does not have to be tax invoice if your not claiming GST. Also, most small businesses that turn over less than $70K don’t charge GST anyways.
blackhotel replied to the topic Advice needed after meeting with investment property advisor from Patrick Leo. in the forum Help Needed! 6 years, 1 month ago
Wow, I thought the industry got cleaned up from these kind of spruikers. Can’t believe people can be sooooooo gullible to believe this stuff.
“He was recommended to us via our superannuation guy, (who has looked after us for years), who is affiliated with the same larger company”
This is the red light Scott —- run, run!
We just moved back from the GC after 9 years. When we first moved to GC we rented then ended up purchasing a house and a few investment properties (homes). I had no idea where to buy until we lived there, hence why we rented first. It’s a whole new world up there and a dog eat dog mentality. I’m warning you, be careful. All the dodgy people start…[Read more]
All I can add is Property investing is a long term investment of 20YRS +. The best locations, you pay big but get a small return, but in turn will give you the very best capital growth. Buy in the country and you will pay a lot less and get a good return but next to no capital growth. The big 3 rules for me are : Location, Location, Location will…[Read more]
I purcased a property in San Francisco Ca in 2001. I had to pay cash as no bank in USA or Oz would give some. However, after getting a good credit history (Which is what you need to work on immdiately when you arrive in US), I managed to borrow 80%LVR from a USA bank. When I purchased in 2001 the AUD was 49c, so I have not been able to sell the…[Read more]
Oh, get quotes, many of them. I had one installed the other day and quotes ranged from $2,800 – $5,200 for the same sized Daikin. Had to go up 3 floors with the pipes. I went with the cheaper quote. He is now busy doing everyone else in the building. I used the website serviceseeker. Good Luck
Make sure you ask for extra rent. I always get split systems. The last one I bought was $700 from Bunnings and still no problems after 8 yrs. I have Fujitsu at home and Daikin in a beachfront property, all the same if you ask me.
blackhotel replied to the topic Has anyone used this self managed property website? in the forum Creative Investing 7 years, 2 months ago
I use Landlords Choice with great results. They have all the paperwork etc that you need. $199
my insurance paid for everything when a tenant did damage. Landlords insurance was with EBM insurance. Had all new carpets, new curtains, new built-in furniture that was broken (a fold down bed worth $5000). They even paid the rent while all the work was done. Keeping in mind though they wanted to replace the carpet in one bedroom only, however I…[Read more]
Check out this guy “Chris Gray”, Just Google him. Watch his video at the CPA convention. He invests in Coogee & Bondi. I love his attitude towards finance & the Banks. He will turn your head around with a different way of thinking. He has turned me into an investor madman (in a good way). I have some other very creative ways of getting…[Read more]
And then the problem escalates when the tenants start talking to each other.
Another point to make, I always make sure my leases expire in the months of Feb/March of the year. These are the PEAK months for renters moving and I manage to get the best rents.
I have one property that is Managed (the only one). I got a call from her last year to…[Read more]
I’m a frustrated Landlord. I don’t use a Managing Agent as I’m happy to do it myself and really enjoy it. But in recent years I have noticed something —- your managing agents are not increasing your rents up. Let me give you some examples as to why I’m so angry with YOU ‘property investors’.
As all property investors would do, they keep an…[Read more]
Love reading all this stuff guys.
I have a $1mil LOW DOC loan with RAMS which also is a line-of-credit. After 3 years the loan was transferred to a full doc loan automatically (well sort of – I had to make a phone call the remind them) and rate was dropped to 4.70% var last week.
What really pisses me off is a bank like St.George, I fixed my…[Read more]
I have been investing in r/e for 30 years and my 3 lessons was :
1) When is a good time to buy r/e = NOW!
2) Where should I buy = LOCATION, LOCATION, LOCATION (prime water front, harbour front with million $ views, Beach front)
3) Should I sell = NEVER.
I have done this with all my properties and retired at 40 on a $400K income.
I NEVER…[Read more]
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