Total Members: 158,306

kong71286

  • kong71286 replied to the topic Sub-Leasing Business in the forum Creative Investing 10 years, 2 months ago

    Thanks for your input Freckle – I never really looked at this from a business perspective.

    If I were to setup a business it’d probably have to be a Property Management Business that focuses on maximizing landlord’s rent, and then getting a commission from that rather than renting it myself first, and then sub-leasing. However, before setting up a…[Read more]

  • kong71286 replied to the topic Water Rates and Usage paid by Landlord? in the forum General Property 10 years, 4 months ago

    Thanks for the input

    So the best way to deal with this is to have a clause in the contract that states that the landlord will pay up to 137KL per year, and any excess is to be paid by the tenant?

  • kong71286 replied to the topic Request to lower rent. in the forum General Property 10 years, 9 months ago

    Main issue with lowering rent is it will lower the value of the property

    This is the formula provided in some of Steve's seminars:

    Price = Annual Rent / Yield

    Instead of offering a lower rent, it was suggested to offer a rent free period

  • kong71286 replied to the topic Tenant agreements in the forum Legal & Accounting 10 years, 9 months ago

    Residential Tenancies Act 1997 – SECT 64
    Tenant must not install fixtures etc. without consent

    64. Tenant must not install fixtures etc. without consent

    (1) A tenant must not, without the landlord's consent-

       (a)  install any fixtures on the rented premises; or

       (b)  make any alteration, renovation or addition to the rented…[Read more]

  • kong71286 replied to the topic Renting out separate rooms in the forum Creative Investing 10 years, 9 months ago

    Main issue I can see is how 'Capital Gains Tax' will be calculated when it comes time to selling

    Usually with PPR you can claim 50% CGT if you have held the property for at least 1 year

    However, renting out spare bedrooms, may mean that the property is no longer considered 100% PPR

    And this could mean you may not be able to claim 50% CGT on the…[Read more]

  • kong71286 replied to the topic SMSF Goverment to Tax …Who will this affect in the forum Help Needed! 11 years ago

    I'm salary sacrificing into my super right now; 15% tax is much better than paying 37% tax

    No lost opportunity cost either as SMSF provides the freedom for me to invest in Steve's USA Commercial Property Fund as well as in Silver smiley

    Probably just need to setup my account to allow purchase of global shares and I'll be very happy

  • kong71286 replied to the topic Privately renting out my property? in the forum Help Needed! 11 years ago

    Hi Bullet46,

    When it comes to renting out a property it is essential to get it right from the start

    Once a tenant moves into a property it can be quite difficult to evict them as the Residential Tenancy Act works more in the favor of tenants

    bullet46 wrote:

    Do I need to get a contract/agreement done up to cover myself?

    Definitely! Without…[Read more]

  • kong71286 replied to the topic sub-division will take too long- must I wait?! in the forum Help Needed! 11 years ago

    I recall Steve mentioning he was able to market blocks of land in Blackburn prior to subdivision being complete in the past

    I think he had some sort of 'subject to' clause

    Maybe you could discuss this with a real estate agent?

  • kong71286 replied to the topic Rent as business income in the forum Finance 11 years, 1 month ago

    It depends on what property you are looking at buying.

    Residential properties usually require you to be able to service the loan, and thus will place more emphasis on your income and expenses. Some things to note:

    If the entity you are purchasing it is not making sufficient income, you may be able to go as guarantor

    Some lenders will consider…[Read more]

  • kong71286 replied to the topic How to determine borrowing power? in the forum Finance 11 years, 1 month ago

    InfoChoice has a Online Calculator that you to determine how much money you can borrow, and allows you to alter variables such as the loan term, interest rate, income, and expenses

  • kong71286 replied to the topic ‘Why I bought the block’ API Magazine March 2013 in the forum General Property 11 years, 2 months ago

    Going to try to get my hands on a copy next week smiley

  • kong71286 replied to the topic Loan based on Market Value or Purchase Price? in the forum Thanks for all your input and 11 years, 2 months ago

    Thanks for all your input and for clarifying the finance query yes

  • kong71286 replied to the topic Big trouble in the forum Help Needed! 11 years, 2 months ago

    Are there any 'Subject to' clauses in the contract?

  • kong71286 replied to the topic Au $ – 1.07 – predictions in the forum Overseas Deals 11 years, 3 months ago

    Agree with Perry there

    The AUS$ is not increasing in value or purchasing power, but relative to the US$ appears to be strengthening due to the US$ weakening

    I believe the concept many need to grasp is that all fiat currencies are designed to lose purchasing power over time, but the rate at which these currencies depreciate will vary

  • kong71286 replied to the topic A word of warning on property in your SMSF in the forum Legal & Accounting 11 years, 4 months ago

    Have recently setup a SMSF, and received ATO document NAT 11032 'Running a Self-Managed Super Fund' and it clearly outlines what the role and responsibilities are as a trustee. Here are some of the warnings mentioned on Page 15, which I found funny laugh

    If your SMS buys art, generally you cannot use it privately

    Don't Buy Wine as an SMSF investment…[Read more]

  • kong71286 replied to the topic Can I rent a house i 50% own? in the forum Legal & Accounting 11 years, 4 months ago

    From what I've read so far on these forums, you should be able to continue to claim the usual deductions associated with owning an Investment Property, provided you charge yourself market rent for use of the property and declare this as income.

  • kong71286 replied to the topic Action required – What are my rights?! in the forum Help Needed! 11 years, 4 months ago

    What does the rental agreement state?

    Have you issued a breach notice yet?

  • kong71286 replied to the topic Us passive income fund in the forum Help Needed! 11 years, 4 months ago

    This is the email I received on 27/11/12

    "Hi David,

    Thanks again for your interest in the Passive Income (USA Commercial Property) Fund.

    I'm writing with a quick reminder about this Friday's (30th November) 5pm cut off. This is the deadline you need to meet to completed your Fund paperwork and / or payment and still receive the 50% contribution…[Read more]

  • kong71286 replied to the topic Us passive income fund in the forum Help Needed! 11 years, 4 months ago

    Cut off date for 50% contribution discount was yesterday.

    At this stage you should still be able to invest in the USA Commercial Property Fund but probably won't get the contribution discount.

    http://www.passiveincomefund.com/video-webinars.html

  • kong71286 replied to the topic Subleasing requirements? in the forum Legal & Accounting 11 years, 5 months ago

    Good point

    Probably don't want to charge too low, but also don't want to charge too high .

    Need to find some middle ground yes

    Ballarat Share Accommodation are charging $190-$250 per week for each room, and it looks like they are in fairly high demand, so I'm thinking maybe $150 per week.

    Just have a few questions:

    Would it be OK for me to use…[Read more]

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kong71286

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