Is the Federal MP you contacted an accountant?

If not, why on Earth does it matter what they think?

Jay

Rick,

How did you arrive at the market value of the property? Cant an argument be made that the market value of a property is whatever price it sells at? In this instance, the market would not pay 350k for the house, so therefore it was not worth 350k – it was worth…[Read more]

What are the obvious reasons?

Most accountants and financial experts advise against holding property in a company for a number of reasons (loss of…[Read more]

When you said you were doing a “development”, I figured you meant you were developing multiple units and wondered if you had secured presales – I didnt realise you meant “development” to mean building a single house.

Thanks for the clarification.

Jay

Hi KS,

How can you be certain of the profit the development will generate without either (a) a sale, or (b) a bank valuation of the finished product?

How many units/townhouses…[Read more]

Could you perhaps post the numbers youve used to arrive at the property being cashflow positive?

Im just having trouble seeing how a property returning around 5.6% would be cashflow positive with interest rates hovering just under/around 7%. Even taking into account depreciation, on top of interest payments youve also got insurance,…[Read more]

Robert Sim
John Kerr & Associates Real Estate Pty Ltd
Shop 2/1E Moore Street, MOE VIC 3825
Phone: 03 51277133 Fax: 03 51277144
MOB: 0409 194 084

Jay.

Potential upsides are great, but you should always make sure you have the downsides covered too. Flipping without a backup plan is not investing – its speculating.

Jay.

Are you doing it for the knowledge you acquire, or for the additional prestige the diploma might give you in a job application?

Whether completing it is worthwhile or not depends entirely on your reason for beginning it in the first place [grad]

Jay

You need to download and fill out an Income Tax Withholding Variation. You can find it here:

http://www.ato.gov.au/corporate/content.asp?doc=/content/57470.htm

Jay.

I have just done a little research in regards to CGT and believe that the capital gain is not added to your gross income.

Therefore it is not lifting you up into the next tax bracket it is only taxed with your marginal tax bracket you are in. So if your salary is $50,000 you are in the 30% bracket, that means your…[Read more]

Robert Bou-Hamdan
Mortgage Adviser

http://www.mortgagepackaging.com.au

Investor Links

Hi…[Read more]

The ATO will allow deductions to a seminar if you can prove (a) you are in the BUSINESS of property (will come back to this), and (b) there is a direct nexus between the content of the seminar and your property business (ie if the seminar was about wraps and you were not currently involved in a wrap, then you would not…[Read more]

In VIC there is also the provision to pay stamp duty 3 months after settlement.

The Wizard, in which state is the property? Each state has fairly different legislation regarding OTP purchases and payment of stamp duty.

Jay.

Hi Atma,

Why are you only interested in positively geared property?

Robert Bou-Hamdan

Ahh.. such blasphemy…

You should travel up and come sailing one afternoon Rob – spend the afternoon on Lake Macquarie and you wont ever want to go back to that festering cesspit you call Sydney.

Simon even…[Read more]

Rob,

I suggest you find yourself a new accountant, as this information you received…[Read more]

In your first post you said:

Originally posted by PropertyAngel:
Rennovation completed but have now found that valuer refuses to value.

Then, in your last post, you state:

Originally posted by PropertyAngel:
The renno isnt finished and settlement as been agreed to be 12months or longer if i wish, as I live in the house at…[Read more]

Why does accessing equity have to involve refinancing? Why not establish a stand-alone LOC secured by each property with sufficient equity?

There are no loan termination charges because youre not terminating the loan – youre actually establishing a new facility to access your equity.

Not sure how an IFHL would help, seeing they are…[Read more]

Thanks…[Read more]

Kind regards

Jet Dollars

I agree completely with Kay…

No political system is perfect.. whether its a democracy, a republic, an aristocracy or a monarchy…

But once you remove…[Read more]

Sorry Calron – youre saying you turn things into gold?

That would make you an Alchemist, wouldnt it? What on Earth is Alcamie?

I think you better check your data – according to the ABS, the population of Broken Hill in 1996 was 21,356, not 3,528.

This link here: http://www.abs.gov.au/Ausstats/abs%40.nsf/d148686192eae2cdca2568320082d4b4/4ca4cebd3aace8fbca2568b200194405!OpenDocument should help you out.

Jay

The report is correct. The 12 month CGT concession is not available for trusts, but rather only what the ATO calls “natural persons” ie individuals.

Jay

EDIT: My apologies kp, I didnt read the question properly and was mixing up your issue with another [angry2]. Here is the relevant info:

What is the CGT discount?
You may be eligible…[Read more]

The ATO arent “going after trusts”..

They are going after bankrupts. Do you think you should personally be able to claim bankruptcy, potentially owing other people millions of dollars, yet still be able to protect your own multi million dollar portfolio?

I thought the idea worked both ways – in order to secure your financial future…[Read more]

Originally posted by Myydral:
Well done almost all are answered. As far as I can tell, only 5 & 13 remain.

5 – 66 B of the B
13 – 32 is the T in D F at which W F

If somebody has already answered these, sorry I missed them.

“Looking forward to the day when I can tell the boss where to…[Read more]

The only 2 left are:

28: 23 Pairs of Chromosomes in the Human Body

and

33: 6 Balls to an Over in Cricket.

Jay.

Check out number 22, I made that answer up for fun.
Just testing ya!
Anyone know the right answer?
Hehe![biggrin]

27 books in the New Testament

The reason I ask is that each state has different stamp duty and land tax levies. Some states have altered both, some changed one or the other, and some have yet to make changes to either.

The best thing I can suggest doing is looking at
the Office of State Revenue website for each state and compiling an overview of specific changes for…[Read more]

Hi westan,

Can I ask how old you are?

I noticed in a previous post you only just stopped working for a boss this year…

I guess hindsight is always 20/20…[Read more]

The easiest way to access this data without paying for it is to contact a local real estate agent. Approach them with the notion that you are looking to buy in the area/street, and youd like an overview of property sales over the past X years. NSW agents have access to RPData listings of registered property sales dating back to 1930…[Read more]

Its a bit like saying if you don’t have a crash or claim on your car insurance by the end of the year you can have your premium back.

LMI is not collected by the bank, it goes to an insurance company upfront who then cover the bank if…[Read more]

Thanks.

Hi motivated,

Ive used Simon from Mortgage Hunter a couple of times now and have only great things to say. He is based in Newcastle but has clients all up and down the east…[Read more]

I personally have no hesitation in recommending forum moderator and broker Simon Macks (Mortgage Hunter).

I have used him in the past with no hassles whatsoever, am using him right at the moment, and plan to use his services a number of times in the future. I am aware that a number of members of the forum have used him and I am yet to…[Read more]

julia@bantacs.com.au

HI Julia,

If you are going to offer advice with such fervour and confidence Id advise checking your facts first…

Your assertion…[Read more]

Youre theory is inherently flawed for one reason (and, having read Jan Somers’ book, you should know this)…

You said “if every owner occupier bought an investment property” the points you mentioned would arise…

Accrording to ABS stats, between 6.5% (late 90’s) and 11.5% (late 2003) of people own an investment property… your…[Read more]

In any dictionary in the world, a millionaire has assets with a net value of over one million dollars.

But in your dictionary, someone with 50 thousand dollars is a millionaire?

Im intrigued as to how…[Read more]

I have a problem with this. You make a sensational claim, then you change the meaning of the phrase you use to suit the purposes of your spiel.

For instance, if I said someone was a Stockmarket millionaire, would it be fair to say most poele would assume that their net worth was 1 million plus? If I claimed I was responsible for that…[Read more]

I guess Im reading it a different way…

IMHO, Steve doesnt apologise for making a misleading comment – rather he apologises if people perceive what he said to mean something different from what he intended.

Im of the opinion that Steve knew full well that calling people “Property Millionaires” would imply that they were in fact…[Read more]

Shelf stackers also get paid regardless of whether they entice others to join the…[Read more]

kay henry

Kay,

He has more money than anyone on…[Read more]

I disagree…

A friend has obviously done you a good deed and lent you money to assist you on your wealth creation journey. Now that youre in a position to return the money, why not do the moral thing and repay both the debt, and your friend’s kindness?

Jay.

Its important to keep abreast of the latest in property investing.

Easiest way to make trips to QLD tax deductible is to buy property there and inspect them every 6-12 months [biggrin]

Also with this kind of reaction to someone else’s success, what does your attitude say about your belief in your own ability to…[Read more]

Thats great, but if youre not going to answer the question, wouldnt it be better to say so?

Im pretty sure the CBA doesnt allow revals inside of their parameters to people who whisper “Domino Effect” to their loans officer.

I was under the impression that this was a forum for sharing information, and using the good fortune and…[Read more]

As I understand it, all your loans are with CBA, and you have total loan amounts of around $1.4 million. How did you overcome the banks reticence to allow loan amounts over 1 million to those not on extremely high incomes? Arent you deemed to be too “rent reliant”?

Im also intrigued as to how youve managed to get around the banks…[Read more]

Perhaps as you started the thread asking for some personal information from others, you’d care to share you own details?

Best wishes,

Jay [biggrin]

Sorry buddy the forum is not for that. There are very strong guidelines on advertising and I suggest you have another ready of the policy so you are clear on what you can do.

But just a tip, you can post a tag letting people know that you have identified properties and then people can PM you if they are…[Read more]