Sure Fibejebe, if you like. The other thing that began to concern me about the ‘Club’ (not a club, more a business/real estate agents one stop shop), was that they now sell properties in many many localities, including Mt Druitt in Sydney.

I agree with many of the comments in those other threads you found, esp re the ‘advertising’ brochure.…[Read more]

Yes, Merry Christmas.

Hope every one has had a good day.[]

Cheers
Mel

I don’t beleive that Bear is acting as an RE. If he does manage to tie up a property with an option, and onsell that option, then he has effectively sold ‘his own’ property, and there is no law that says you must be an agent to sell your own property.

Cheers
Mel

Fibejebe, they ALWAYS mention how their services are ‘free’ right?

Well, with the three properties we bought, they recommended we go to Westpac for the loans. Westpac got them all valued, and every one came in at about 10-20K less than purchase price (on prices of $178-190K). This seriously killed how much we could borrow, and they wouldn’t…[Read more]

Guys, yes I agree that they are negative cashflow, and wouldn’t touch them – except maybe as a resale from a owner rather than from DHA.

BUT, when you say the management fee is 16.5%, that covers all maintenance as well – so really, it’s not thaaaaat bad.

Cheers
Mel

Bassla, you could alwasy ask them for a counter offer.

Cheers
Mel

Andrew, I guess it depends on how you do it.

If you were to buy this unit and live in it – would you pay market rent, or would you and your parents split all costs?

What sort of demand is there for these apartments/area? Is it likely to resell at a future date for a profit? Is it a demand area for tenants?

If you definitely need to live in…[Read more]

Michael

Land tax, rates etc. etc. are all claimable against your property income.

Cheers
Mel

Some of ours in the ACT have tripled. According to the govt anyway. But what are rates and land tax based on? So who gets an increase in $$$ because of this increased ‘value’.

call me cynical….

Cheers
Mel

I think that it ‘used to’ work, but now if more than 50% of the company’s shares are transferred you pay stamp duty on the value of all assets.

I think Somersoft forum has discussed this a few times.

Cheers
Mel

Redwing, we found that they weren’t particularly upfront when we bought 3 through them.

We only found out just how much of the pie they got when looking at our settlement statement from the solicitor AFTER settlement.

Apparently they also have a referral bonus if you refer a friend who buys. We didn’t know about this, and so of course our…[Read more]

kay, what I was suggesting is I guess similar to what SIS outlined.

If you can ‘tie’ the property up for a couple of weeks – like an option I guess, that would give Bear two weeks (or timeframe as arranged) to onsell or the option would lapse, and then it’s free again for all comers.

Cheers
Mel

confused, mate, click on the Profile button at the top of your screen.

Cheers
Mel

SMTM

I think there is a ‘benchmark’ rate set every year by the ATO on these sort of loans, so yes I would imagine it would be around the 6-7% mark. An accountant or the ATO could tell you.

As for how to set it up, I guess it depends whether it will be secured, or unsecured – perhaps check out your bank’s mortgage and copy the relevant bits, or…[Read more]

Isn’t Meriton one of the companies that will ‘vendor finance’ you into a property? I doubt that Trigubof is really worried – from what I recall Meriton do not borrow from banks, they are completely self funding.

If some of his sales do fall over, either he could finance them himself, or take the deposit, and then onsell them again, perhaps…[Read more]

S.I.S. I think you are far too modest.[]

Although reading about you in API would probably just make me even more jealous![]

Cheers
Mel

SIS, my Uncle has just bought his second place in a town of under 1000. It’s 40 km from the next big town, and I think a few people enjoy the commute. They’re cheap, but as long as they can get a tenant (one of the tenants is on the dole so the rent goes direct to the agent from Missing Link) they pay for themselves.

Cheers
Mel

Bear, Pisces hit the nail on the head with what I was going to say.

If you can somehow tie the property up – maybe for a couple of weeks, then present it to your list of people that you have now who are interested, then that could work.

Cheers
Mel

You could also purchase another property. It is only on selling either that you would need to determine which had been your PPOR at the time the two overlapped. BUT, you would lose the CGT exemption on the other one for that time.

I’ve seen it somewhere that as soon as you move out, you should get a valuation done on the property. This then…[Read more]

toystory, the only way you can get a valuation for depreciation purposes is to use a quantity surveyor.

In Aust, we can only depreciate how much it cost to build, so it’s really quite irrelevant how much you paid, and what the land is worth for that purpose. I believe in NZ you depreciate based on your purchase price – now that would be good…[Read more]