Hi Matt,

Have a look at this thread that discusses a similar situation to yours.

https://www.propertyinvesting.com/forum/topic/13832.html

Derek
derekjones1@bigpond.com

Property Investment Support Available. Ongoing and never stopping. PM welcome.

Originally posted by Monopoly:
….always the voice of reason and so diplomatic.

If only I could translate that into the work environment.

Derek
derekjones1@bigpond.com

Property Investment Support Available. Ongoing and never stopping. PM welcome.

Hi Padma,

Certainly agree with Jo and Terry – why sell an appreciating asset.

Consider, in real $, how many cashflow positive properties you would need to own to acquire the same $ value in rent as you have achieved in growth. Then consider the power of comppounding growth and as far as I am concerned the right option is a no-brainer.

A better…[Read more]

Originally posted by Brooke_D:

I’ve bought a home in a country town many hours away and my question is – Who shows the home for you once you have a potential customer?

My other question is, at what stage do I allow them through the home?

Hi Brooke,

You asked for some feedback so here goes – Notwithstanding the previous comments I am concerned…[Read more]

Hi Karl and Rita,

The mentor you choose should have some affinity for your preferred investment beliefs.

That is not to say that they have to agree with everything you do and say but more they should have a similar philosophical investment stance – for example I see little value in a cashflow focussed investor mentoring a growth focussed…[Read more]

Hi Piper,

Haven’t used it but at leats you now have something to evaluate.

http://www.devfeas.com.au/home.html

Derek
derekjones1@bigpond.com

Property Investment Support Available. Ongoing and never stopping. PM welcome.

Hi SMTM,

You will also need to check the bank’s willingness to lend 80% (or higher with LMI). There are issues with specialised lending, small rooms/units and in some cases inner city serviced apartments.

It is critical you check this aspect of the deal out too. Otherwise you could end up with something with banks lending at limited LVR levels…[Read more]

Hi Da Man,

It seems to me that you may be over extending yourself. Sure you are going to be on a high income level and you have established a savings record. My concern is that you are stretching to secure the property and don’t appear to have something up your sleeve – or at least your post doesn’t indicate such.

Things can and do go wrong with…[Read more]

HI Landt64,

Mt Isa in Far North Queensland?

My understanding of Queensland is FNQ is the area around Cairns and beyond.

Derek
derekjones1@bigpond.com

Property Investment Support Available. Ongoing and never stopping. PM welcome.

Originally posted by MiniMogul:
‘absolutely nothing to worry about unless I want to change the stucture, asbestos lasts for ‘donkey’s’

Hi Agile and Mini,

Asbestos roof sheeting can be an issue as it can be degraded and worn by the actions of rain and hail. There is many a roof that has been encapsulated so that fibres from the roof are not…[Read more]

Hi Paleenia,

Just clarifying for the community.

Are you looking to buy a property off an developer that does house and land etc?

or

Are you looking to sell a property in Singapore on behalf of a developer?

Might help you get the responses you want.

Derek
derekjones1@bigpond.com

Property Investment Support Available. Ongoing and never…[Read more]

To me the more important consideration is the interest rates charged, fees charged, borrowing criteria and serviceability assessment guidelines, capacity for portability if that is an issue, redraw features and costs, offset capabilities and so on.

Frequent flyer points are not the main game in town and it seems you are being distracted from the…[Read more]

Originally posted by staffreid129310:
I have been refused finance due to the valuation coming in $20,000 less than the purchase price. The really odd thing is that the owner produced a valuation he had done only 2 months earlier by another company that came in $20,000 higher than the purchase price. How can they differ so much? From my research I…[Read more]

HI Misty,

Not an accountant so please check with a knowledgeable accountant.

You need a new accountant – under those circumstances claims and expenses should be apportioned.

I recommend you go to the ATO website and download a copy of the rental property guide 2003-04.

Derek
derekjones1@bigpond.com

Property Investment Support Available.…[Read more]

Hi Cana,

If the property qualifies as your PPOR you can live elsewhere (but not your own home) for a period of six years. There is a 6 month window when you can have two PPOR – the conditions are explicitly explained in the ATO’s Guide to CGT available at the ATO website.

Any taxable gains are added to other income sources and taxed accordingly.…[Read more]

Hi Land,

Recommend you do a search (top left under forum boards) and see what comes up.

Mt Isa has come up before and you’ll find some comment there about MI.

For me the more important question is – is the property a good long term investment. Meeting the 11 sec rule is not the be all and end all of property…[Read more]

Hi Tomleslie,

If your accountant is from the ‘you can only claim when it earns an income school’ refer him/her to the Steele case.

This resulted in a ruling that you can claim expenses from the time the project started if there wasn’t an ‘unreasonable’ delay between buying the block and starting the…[Read more]

Hi Petebell,

Based on information you have provided you are exempt from paying vendor duty.

See middle column on second page of this
http://www.osr.nsw.gov.au/pls/portal/docs/page/downloads/other/vendor_duty_factsheet.pdf

It would appear that the NSW OSR are largely relying on ATO’s definition of PPOR.

Derek
derekjones1@bigpond.com

Property…[Read more]

Hi all,

And – to top it all off;

http://www.smh.com.au/articles/2004/10/30/1099028265970.html

Derek
derekjones1@bigpond.com

Property Investment Support Available. Ongoing and never stopping. PM welcome.

Hi Chris,

There are a number of factors to consider in the whole equation.

Of most significance is that your parents will not incur CGT on their primary residence – therefore there are no nasties in that transaction apart from agent’s fees.

Selling the IP will, however incur CGT, and the gain will be apportioned in accordance with title…[Read more]