Total Members: 158,532

Pimobpi

  • Pimobpi replied to the topic Advice in the forum Help Needed! 8 years ago

    Hi mate, you can message me anytime you like – no problems.

    I know what you mean about there being a bit of an information void with respect to the property industry – I think that this site does very well to help fill that void. Some replies may be lax in word count but those same replies usually make up for it in content accuracy. Some…[Read more]

  • Pimobpi replied to the topic Advice in the forum Help Needed! 8 years ago

    Hi Bla,

    It’s great to read that you are putting your money & your mind to good use. I’m pretty sure that I was playing with my Sega Dreamcast video game console at your age.

    I tend to agree with you about Sunshine, it has done (and probably will continue to do) extremely well over the years.
    There has been a big shift in attitudes regarding…[Read more]

  • Pimobpi replied to the topic Advice in the forum Help Needed! 8 years ago

    Hi bla,

    Well done for looking to increase your wealth by looking for property in an area with subdivision potential.
    I think that it is always a good idea to learn different ways of increasing knowledge. I wish I was thinking similar
    to you when I was only 23 years old. I made a point to read some of your older posts so I know that the place…[Read more]

  • Pimobpi replied to the topic Locking in equity? in the forum Finance 8 years, 2 months ago

    Hey Benny, thanks for assisting & for providing the useful link.

    I must be giving out incorrect vibes. The “available equity” LVR subject was clear to me from the beginning. That is not where I wanted further assistance but I appreciate your reply about that topic. I understand that many property owners have equity but only 80% to 90% of that…[Read more]

  • Pimobpi replied to the topic Making cash flow positive in the forum Help Needed! 8 years, 2 months ago

    Hi D.Stonefield,

    Your question: “Am I better off to put a deposit down of more than 20% to make the place cash flow positive. Or is it not worth it?”

    I believe that anyone can artificially make any property “cash flow” positive by increasing the deposit outlay but that’s not what is really meant for an investment to stand alone as being cash…[Read more]

  • Pimobpi replied to the topic Locking in equity? in the forum Finance 8 years, 2 months ago

    Hi Corey,

    Liz does not indicate how she uses her Offset account. Perhaps she only uses it for investment purposes. If so, I don’t see issues.

    Are there issues if she used her Offset account for personal purposes? (Considering that the equity released funds are also located in that Offset account).

    If Offset is used for personal, wouldn’t…[Read more]

  • Pimobpi replied to the topic Locking in equity? in the forum Finance 8 years, 2 months ago

    Welcome to this site Elizabeth. You’ve asked a fantastic question & many of us can learn from it.

    Hi Corey, it is obvious that you have an in-depth knowledge – I’ve read many of your entries & am learning a lot from you.

    Could it be that you believe Elizabeth is referring to a PPOR loan……..instead of referring to her investment property…[Read more]

  • Pimobpi replied to the topic Newby trying to get started in the forum Help Needed! 8 years, 2 months ago

    Hi Dwayne, welcome – I’m sure that this site will impress you.

    I know that you are only asking for our ideas on best property types to start with etc. I want you to look at answering some different types of questions because our responses are what’s right for us and maybe not what’s right for you….although I like the first response that you…[Read more]

  • Pimobpi replied to the topic Calling the council for planning advice in the forum Help Needed! 8 years, 2 months ago

    Hi & welcome to the site. I am sure that you’ll learn heaps & be glad that you asked questions.

    I’m in favor of being honest & transparent but an idea would be to call the council (or go there) & ask them for information on the very street / nearby street that you live in. Perhaps give them an example of a similar sized block.

    If they ask, say…[Read more]

  • Pimobpi replied to the topic Need advice in the forum Help Needed! 8 years, 2 months ago

    Thanks Benny, much appreciated.

    It’s always a pleasure reading your posts – lots of respect for your experience & for your opinions.
    You are a very wise person.

    Well done for going through it all – that’s not an easy task during this fast-pace life.

    Keep well.

  • Pimobpi replied to the topic Need advice in the forum Help Needed! 8 years, 2 months ago

    Hi JT,

    Great work discovering 2 properties that interest you.
    Please excuse this very lengthy entry – I’ve always struggled to explain myself concisely. I guess that readers can choose to skip this reply – it’s only text.

    Understandably (as this is your 1st IP) you are looking at acquiring just one property. It seems that you see independent…[Read more]

  • Pimobpi replied to the topic Structuring a Discretionary Trust Part 1 in the forum Legal & Accounting 8 years, 6 months ago

    Well written. Thanks again Terry.

  • Pimobpi replied to the topic Structuring a Discretionary Trust Part 1 in the forum Legal & Accounting 8 years, 6 months ago

    Oh OK, a Company is considered as a “non biological” individual & can make purchases in the same way as a “biological” individual.
    ……whereas a Trust cannot do the same because a Trust is considered simply a relationship between entities (not an entity itself).

    Sorry to put it so crudely but that’s the impression that I get from your…[Read more]

  • Pimobpi replied to the topic Structuring a Discretionary Trust Part 1 in the forum Legal & Accounting 8 years, 6 months ago

    Hi Terry,

    Thanks for the 1st part (of what I hope to be many more).
    If property is to be purchased, should an entity nominate the name of the trust or the name of the company (or both names) on the contracts?

    I’ve never purchased within a company/trust partnership before but I think that I’ve seen just the Trust names on contracts.
    Have you…[Read more]

  • Pimobpi replied to the topic Where to start? 2Bed 1bath 1Garage x 3 villa unit in the forum Help Needed! 8 years, 6 months ago

    Hi,

    You want to buy land/land with an old house and then build 3 villa units (2Bed 1bath 1Garage) and then sell them.

    I would like to give you some food for thought whilst you find the financial answers that you are looking for.

    What if that particular combination is not what best suits the area or does not give you the best return?
    Will you…[Read more]

  • Pimobpi replied to the topic GST and possible other taxes on development. in the forum Help Needed! 8 years, 11 months ago

    OK, I’ll have one last bash at this one.
    This is what I have found elsewhere so I don’t know how accurate it is but I think it best describes the GST situation:-

    1) you build a residential property

    2) if you claim GST credits throughout construction

    3) if you sell, you build your gst into the price and remit back to the govt

    4) if you keep…[Read more]

  • Pimobpi replied to the topic GST and possible other taxes on development. in the forum Help Needed! 8 years, 11 months ago

    Actually I am now very sure that my above entry is extremely incorrect.
    Hopefully someone with GST knowledge will assist.

    What happens with GST if a newly created property is rented (because it cannot sell)?

  • Pimobpi replied to the topic Help, Feeling foolish, embarrassed,and fearful . in the forum Help Needed! 8 years, 11 months ago

    Hi & welcome, I hope that you get a lot of useful feedback for your particular situation.

    I wont make comments regarding your decision to purchase property in Gladstone as I’m sure that you are not alone in making that move.

    What I can reply to is your question regarding where to put in any extra money that you earn.

    Generally the priorities of…[Read more]

  • Pimobpi replied to the topic GST and possible other taxes on development. in the forum Help Needed! 8 years, 11 months ago

    Hi Solomon & all,

    I am quoting your above comment as I believe that the GST situation is a little more complex than simply holding a development property for 5-6 years and then not paying the GST back but then paying CGT with income tax. (BTW, I am really hoping that I am wrong) & I want the GST experts on this forum to prove it. GST is…[Read more]

  • Pimobpi replied to the topic Help!!! Negative Equity what are our options? in the forum Help Needed! 8 years, 11 months ago

    Hi, your post……”The current situation is this:
    PPOR – Value $430k, Mortgage $400k. Subdivision potential for 1 into 2 lots with one a corner duplex (approx. $80k total cost) or a 1 into 3 lot reconfiguration (approx. $120k), ideally we would like to do this not sure how to achieve it though with other financial issues.”

    My reply……Why is t…[Read more]

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