Total Members: 155,511

okkamooie

  • Good LuckDon

  • okkamooie replied to the topic Getting Started in the forum Help Needed! 15 years ago

    I agree with Terry.Interest only non deductable debt first, I would also add to look at deals that allow you to increase your equity faster. i.e. renos, small subdivisions, do stuff yourself, development's.  This will allow you to increase your equity faster and obviously move you to your goals faster.Good LuckDon

  • okkamooie replied to the topic PPOR question in the forum Legal & Accounting 15 years ago

    Hi AndersBI beleive there are stamp duty concessions for owner occupiers in Queensland but I am unsure if this only applies to the first ever owner occupied place purchased or any place purchased for PPOR.  Check out the office of state revenue website http://www.osr.qld.gov.au .  I am sure that there would be something there to advise you.You could a…[Read more]

  • okkamooie replied to the topic building insurance in the forum Help Needed! 15 years ago

    Hi Ray30Congradulations on the purchase of your first investment property.If you check the fine print on the contract it normally states who is responsible for insurance between signing and settlement.  I have just checked a standard REIQ contract (Queensland). And under the heading of "risk" it states that "The property is at the Buyers's risk…[Read more]

  • okkamooie replied to the topic Depreciation in the forum Help Needed! 15 years ago

    Hi BundydogDepreciation is made up of 2 components, Furnature, fittings and Equipment (ovens, cook tops, rangehoods,carpet, hot water systems, window coverings, dishwashers, air conditioners etc) and special building writeoff.  Given the age of the houses you are intereste in the you would have no access to the special building write off, but you…[Read more]

  • Hi MicmanOne of the goals of property development is to reduce non tax deductable debt and increase tax deductable debt.With this goal in mind, I would pay as much as you are comfortable onto your PPOR (Reducing your non deductable debt) and then set up a Line Of Credit for the investment property(s) and borrow 100% uning your LOC as a deposit…[Read more]

  • MadeinitalyI would like to know a few more details.  Are you handy with renovations or rejuvinations.Do you want to buy your own house soon or in the near future,Would you feel confident in identifying a block of land, negotiating with a builder and sub contractors,are you interested in doing subdivisions.Don

  • JasonA deposit is put up to show the seller that you are genuine and are prepared to loose some or all of your deposit if you do not follow through with the purchase.  Deposits can be up to 10% of the purchase price but in thery thay can be as low as 1 dollar (not normal) but it shows that you have something to loose by not following…[Read more]

  • okkamooie replied to the topic please explain in the forum Help Needed! 15 years ago

    LostieWho is responsible for insuring a property while it is between contract signing and settlement can vary depending on the standard contract used and any special terms on the contract.  It is not purley the seller to settlement date.  For me, while ever you have a vested interest in the property then you have an insurable interest.  By ent…[Read more]

  • okkamooie replied to the topic Help needed in the forum Help Needed! 15 years ago

    NucopiaThere are many things that determine the price of insurance premiums.The value of the property insured value of contents, risk of the suburb, rental income, size of public liability, claim history (these are the major ones as I see them).Based on all these your premium is determined.Given the information you have given above I would expect…[Read more]

  • JennyI would probably continue to have the property shortfall grow in the LOC until you wanted to go for the next IP and then have your current property and your PPOR revalued and increase the LOC at that time. Not much point rocking the boat unless you wanted to do something with it.Don

  • Hi Jase and Flick.The house is looking a million bucks.  What's your estimated date for completion?Don

  • Hi WinzerI would be surprised if you have any recourse (unless it was written as a clause in the contractz).  That's what a pre settlement inspection is for.Without knowing what is under the house one man's trash is another man's tressure,  have a garage sale and see if you can make some bucks from it.Don

  • okkamooie replied to the topic revoking finance? in the forum Finance 15 years, 1 month ago

    BrookAs far as I know they can do this if no offer doccuiments had been signed (no contract with them until the offer doccuiments are signed).  Out of curiosity had they signed any offer doccuiments yet.  If doccuiments had been signed you could approach the banking ombudsman to confirm if they have acted appropriatley.Don

  • Well done AmandaI love hearing about people making a great profitdon

  • Hi CharlieI use a clause "subject to successful due dillagence review" you can then put a timeframe on that due dilligance that should allow you to see if council will approve prior to going unconditional.If the selling party knows that you are intending to build units on it then "subject to council approval" makes good sense.Do however check with…[Read more]

  • I agree with CRJIf you have the intention of buying off the plan and reselling at the time of completion then you are doing this as a profit making venture.  The ATO will want their pound of flesh.  Better to be register up front and keep the monkey off your back.RegardsDon

  • Hey AllI personally hate paying the agents fee but see it as a necessary evil and if you get a good one as stated above then they should be able to get the fee back for you.To quote an example we had a property on the market.  We didn't have much interest for about 4 weeks and would be prepared to take a price 30k less than our list price (we…[Read more]

  • okkamooie replied to the topic sell or hold in the forum Help Needed! 15 years, 1 month ago

    EttieWell done for buy in Perth a getting signifiant gains due to rising market.  I had a look at it 2 years ago and thought it was overheated.  Obviously I was wrong.I personally like the idea of getting out of Perth.  Given it's capital growth in the past 3 years it would be hard to immagine that it will continue for the next 3 years (but hey I…[Read more]

  • Hey JohannThe best tax advantages as I see them are: The depreciation (plant and equipment) and capital allowance (building) are the highest that they will be so non cash deductions are at their maximum.  It is also worth noting that you get 6 months depreciation in the first year's tax return regardless of when it is completed.  This may be wel…[Read more]

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