Total Members: 158,544

MIKALA

  • MIKALA replied to the topic STUDENT ACCOMODATION INVESTMENT in the forum General Property 18 years, 8 months ago

    Hi Redwing,

    Thanks for your reply – vendor states that there are 5000 students currently with the uni gaining more students in the future – however that may just be the vendors estimate ??
    I’ll check out the uni on the web and see if I can find out more that way.
    By the way the apartments are a/c so maybe that would account for the higher…[Read more]

  • MIKALA replied to the topic WHAT IS GOING ON ? in the forum Help Needed! 18 years, 9 months ago

    Hi,
    Thanks for your response

    Are you obliged to use these guys as your builder?
    Yes the builder has hold on land

    Is the $2k refundable?
    As they have not performed any of the tasks the $2000 is for, I would say it is refundable at this stage

    Do you only have a verbal that the $2k will be creditted towards the total price?
    No, on the preliminary…[Read more]

  • MIKALA replied to the topic 11 SECOND RULE in the forum Heads Up! 18 years, 9 months ago

    Hi Philip and Mr. H.E.C.B.,

    Thanks for your replies and the book sounds like a good read…

    MIKALA

  • MIKALA replied to the topic EVICTED ! in the forum Help Needed! 18 years, 9 months ago

    Under periodic lease it is at least 21 days notice to vacate from landlords side…so I think they are just trying it on…

    MIKALA

  • MIKALA replied to the topic Agent’s Commission Too HIGH ??? in the forum No Subject 18 years, 9 months ago

    HiYobab,

    I pay 7.5% plus GST for mine so 8.5% plus GST is in the ball park – did you negotiate ?
    I just signed recently agreement for IP in Qld – they usually charge 8.5% plus but I just told them what I was willing to pay as this is what I pay in NSW….

    MIKALA

  • MIKALA replied to the topic Dad, me and the title… in the forum Legal & Accounting 18 years, 9 months ago

    A bit off the track but it may help others – I could not get finance by myself (single mum with 3 kids) for my POPR so my sister went on the loan and title of property. We had a trust agreement drawn up at the time to outline that my sister had no actual claim on the property (I was paying all of the loan repayments). When I started investing I…[Read more]

  • MIKALA replied to the topic GST AND NEW PROPERTY in the forum Help Needed! 18 years, 9 months ago

    Hi Ausprop,

    I’m still confused –

    1st secnario – Not registered for GST
    If I bought a block of land for say $99,000 and included in that cost was $9000 GST then build a house for $99,000 and there is $9000 GST in that cost can I then claim back $18,000 ?
    If not, can I then claim $18,000 as a tax deduction?

    2nd scenario – After purchasing the…[Read more]

  • MIKALA replied to the topic GST AND NEW PROPERTY in the forum Help Needed! 18 years, 9 months ago

    Hi Tools,

    Thanks for the reply – the following is straight out of the WealthGuardian workbook –

    The GST is generally not applicable to residential property, so any GST paid in relation to residential property investing cannot be claimed back. However while not refundable, a tax deduction is allowed for GST amounts paid.

    The exception to the…[Read more]

  • MIKALA replied to the topic Unsure of whether to jump at this opportunity in the forum Help Needed! 18 years, 9 months ago

    Hi Adam,

    Recently went through the whole question of whether loan interest payments were tax deductable before earning any income and ended up talking to the ATO – they confirmed that yes you can and that is what I have done for the last tax year – no problem….

    MIKALA

  • MIKALA replied to the topic GST AND NEW PROPERTY in the forum Help Needed! 18 years, 9 months ago

    Hi there Ausprop,

    Thanks for your reply but the more I read on it seems that the situation of new building purchase or major renovation means that you could claim the GST back or at the very least claim the GST component of your purchase cost as a tax deduction – if this is the case then I’ll be organising some tax return amendments pretty…[Read more]

  • MIKALA replied to the topic First Steps to owning an IP in the forum Finance 18 years, 9 months ago

    Hi Simon,

    Sounds good – I will take you up on that next purchase!!! I hope I didn’t upset you – I know it is important to have a great team when investing and brokers can form a extremely important part of that team – I just felt that it is important when someone is starting off that they know all the facts (even though I don’t know most of…[Read more]

  • MIKALA replied to the topic First Steps to owning an IP in the forum Finance 18 years, 9 months ago

    Hi Jenny,

    Just after reading Simon’s reply – no offense intended Simon – however be careful of broker’s advice – they do receive commisions after all so make sure they declare to you what they are getting out of their advice to you regarding which loan to go for….personally I check out the information from the horses mouth so to speak – takes a…[Read more]

  • MIKALA replied to the topic First Steps to owning an IP in the forum Finance 18 years, 9 months ago

    My partner and myself only started property investing 2 years ago and we are in your age bracket also – I found it bit hard at first taking the first steps however we are now purchasing our 3rd one so it does get simpler.
    When we started out I just looked for property initially, went to seminars and read everything I could lay my hands on as far…[Read more]

  • MIKALA replied to the topic Investment Expenses in the forum Legal & Accounting 18 years, 9 months ago

    Hi,
    The whole essence of claiming deductions is the purpose for which the expense was incurred. If the purpose was for investment then it is a claimable deduction – I have claimed books/seminars etc filing cabinet workstation – as the sole purpose I paid for these items was for investment.
    As I buy under individual name I cannot answer for the…[Read more]

  • MIKALA replied to the topic TRUSTS/ASSET PROTECTION in the forum Legal & Accounting 18 years, 9 months ago

    Thanks for the links and great advice – looks like I have some reading to do….

    MIKALA

  • MIKALA replied to the topic TRUSTS/ASSET PROTECTION in the forum Legal & Accounting 18 years, 9 months ago

    Thanks,Redwing…will send a PM

    MIKALA

  • MIKALA replied to the topic CALCULATOR RESULTS in the forum Help Needed! 18 years, 9 months ago

    Hi Redwing,

    Is the property new ? If so then you can add in the tax benefits (depreciation included) as other income in your calcs – in figures would make your cashflow a bit better. I recently bought the ID and was advised that this is where you add the benefit.
    Also if new you wouldn’t really need to allow $650 pa for maintenance costs for at…[Read more]

  • MIKALA replied to the topic HIA CONTRACT QUESTION in the forum Value Adding 18 years, 10 months ago

    Thanks for your reply Michael,
    Would really appreciate getting more info on the clauses referred to, if not for this time, then for the future – I’m a fast learner.
    The actual markup on the last invoice he gave us as compared to the agreed prices actually works out at 55% more in total – he charged more for the original prices before adding the…[Read more]

  • MIKALA replied to the topic HIA CONTRACT QUESTION in the forum Value Adding 18 years, 10 months ago

    Thanks Redwing,
    Have done as you suggested and will see what Michael has to say…

    Regards,

    MIKALA

  • MIKALA replied to the topic HIA CONTRACT QUESTION in the forum Value Adding 18 years, 10 months ago

    Thanks for your reply Redwing – at the risk of appearing ignorant, would you tell me who REBA and DOCEP are ? Would they be familiar with Queensland situations ? Although the contract we signed is one issued nationally I believe…

    MIKALA

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MIKALA

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