[Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024]

December 6, 2003 - 10:43 am

Abbee

We are considering hosting a SE Qld get together dependant on the numbers. Will email you details if you are interested.

Cheers Richard
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http://www.fhog.com.au

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Richard Taylor | Australia's leading private lender

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December 6, 2003 - 10:38 am

Phobia

80% at 7.35% reducing over 2 years available.

Cheers Richard
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http://www.fhog.com.au

There is no such thing as a problem.
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Richard Taylor | Australia's leading private lender

[Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024]

December 3, 2003 - 2:15 am

Mel

No as I took the money off Bill i was offering odds on there not being another increase.

Cheers Richard
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http://www.fhog.com.au

There is no such thing as a problem.
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Richard Taylor | Australia's leading private lender

[Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024]

December 3, 2003 - 2:10 am

Shaun

Think your post was 6 minutes late.

Cheers Richard
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http://www.fhog.com.au

There is no such thing as a problem.
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Richard Taylor | Australia's leading private lender

[Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024]

December 3, 2003 - 2:09 am

Mel

Thanks for letting the RBA cat out fo the bag I had intended to clean up.

Cheers Richard
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http://www.fhog.com.au

There is no such thing as a problem.
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Richard Taylor | Australia's leading private lender

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December 2, 2003 - 8:33 am

To subdivide a block of land there are many steps:

1) Is the zoning & size of the land suitable to do so. A search of the Town Plan will tell you.
2) The property will need to be surveyed and the plan of subdivision submitted to the Local Authority for consideration. Needless to say “yes” they is an application fee.
3) If approved the Development Approval will contain certain conditions which may include amongst others:

Provision of all services to the new property i.e sewerage, stormwater, electrical and telecommunications

Provision of a driveway and possibly a new road depending on the side of the original block and the number of Lots. This maybe bonded in certain circumstances.

Payment of Headworks and Parkland contributions which will vary from Council to Council.

4) Granting of easements if necesary.

5) Consent from your mortgagee if the land is financed.

6) Lodge the plan of subdivision into the Dept of Natural Resources to seal the new title.

All in all (and this is a general overview) a lenghthy process. We are currently subdividing 2 houses in an inner Brisbane suburb into 18 blocks and anticipate it will take 8 months and another 4 months to install the road and services.

Cheers Richard
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http://www.fhog.com.au

There is no such thing as a problem.
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Richard Taylor | Australia's leading private lender

[Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024]

December 1, 2003 - 7:03 am

Buying a good priced IP is like anything else in business it takes time and research.

We have over 20 homes in Rockhampton and thanks to the contacts of 1 decent real estate agent are still able to find homes that meet our criteria.

Remember Rome wasn’t built in a day.

Cheers Richard
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http://www.fhog.com.au

There is no such thing as a problem.
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Richard Taylor | Australia's leading private lender

[Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024]

December 1, 2003 - 3:33 am

Guys

Watch this space Wednesday morning as i have a wager with BillfromOz that we will not get a 50 basis point increase.

Cheers Richard
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http://www.fhog.com.au

There is no such thing as a problem.
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Richard Taylor | Australia's leading private lender

[Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024]

November 27, 2003 - 9:50 am

Fullout

You might like to refer to a previous post on the subject of Put & Call Options when I outlined how we utilise them and the benefits of such stretegy.

Cheers Richard
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http://www.fhog.com.au

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Richard Taylor | Australia's leading private lender

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November 27, 2003 - 7:24 am

Interesting that you mention Mt Morgan

Funny that a large organisation which will remain nameless settled on 19 houses in Mt Morgan during October. Don’t think they thought it was going backwards

Cheers Richard
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Richard Taylor | Australia's leading private lender

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November 21, 2003 - 3:29 am

We have 22 properties in Rockhampton and would recommend Stephen West at Statewide Brokers.

He has found many properties for us all at the lower end of the market and then the wrappees to go with it.

Cheers Richard
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http://www.fhog.com.au

There is no such thing as a problem.
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Richard Taylor | Australia's leading private lender

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November 19, 2003 - 7:21 am

We purchased a property in Surat in Qld in June of this year for $32,000 and had it revalued by NAB last week for $46,000.

Looking to wrap it now for $66,000.

Cheers Richard
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Richard Taylor | Australia's leading private lender

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November 19, 2003 - 7:17 am

Prop

In a word “Yes”

Conversely the same would happen if you had sold the property and received $20,000 deposit. On the day of settlement the purchaser was unable to perform and you terminated and took action for Specific Performance.

Your deposit would be taxed as income and if you were registered for GST and the transaction had GCT payable on it then 1/11 of the $20,000 would paid in GST.

Cheers Richard
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http://www.fhog.com.au

There is no such thing as a problem.
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Richard Taylor | Australia's leading private lender

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November 19, 2003 - 7:06 am

Murmur

Another one which appears to have been missed is Building Write Off.

Cheers Richard
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Richard Taylor | Australia's leading private lender

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November 17, 2003 - 8:32 am

Simon

Don’t worry about not landscaping the property with property values have done what they have over the last few years i am sure that you will have equity in the property.

Question comes about how to structure the loan. Loc is usually best served as it gives you the flexibility to act fast in the future as well as keeping your home loan separate to any investment borrowings.

If you want to email me with further personal details i might be able to suggest a few things.

Cheers Richard
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http://www.fhog.com.au

There is no such thing as a problem.
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Richard Taylor | Australia's leading private lender

[Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024]

November 17, 2003 - 8:28 am

Well guys

Hate to break it to you that England will overcome 1991 and win the Cup.

As a Pom i have had to endure a decade of poor performances in most sports but at last the tide is starting to turn.

Remember what god created on the 8th Day – Johnny Wilkinson and weep.

Here’s to Sunday’s forum fun.

Cheers Richard
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http://www.fhog.com.au

There is no such thing as a problem.
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Richard Taylor | Australia's leading private lender

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November 17, 2003 - 7:40 am

Claudine

Guess i am a little biased towards the Sunshine State.

We are still in most areas experiencing Capital Growth like never before and with the influx of Southern population vacancy rates are also low.

Cheers Richard
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Richard Taylor | Australia's leading private lender

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November 17, 2003 - 7:39 am

Crashy

Presumably the $35K doesnt include GST on the margin sale?

Cheers Richard
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http://www.fhog.com.au

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Richard Taylor | Australia's leading private lender

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November 17, 2003 - 7:37 am

How big a wallet are we talking about <10Mil?

Cheers Richard
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http://www.fhog.com.au

There is no such thing as a problem.
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Richard Taylor | Australia's leading private lender

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November 17, 2003 - 5:57 am

mikeej

Westan is pretty much right.

If you subdivide the front house off the cost base placed on the value of the land on the back 2 blocks will be proportionate to the land area of each bock.

I.e if land value = $100K and total land size is 1000 sq M. Front house – 500 Sq M and back 2 blocks are 250 Sq each then $25K will be your cost base on the rear blocks.

When you have completed building the 2 new houses GST will be paid on the margin between the Sale price and the $25,000. Along the way you wil have course claimed your GST credits from the construction.

As the front house is second hand you will not be liable for GST however will not be able to claim the GST credits for any expenditure made on the front house.

When it comes to IT or CGT depends whether the ATO classify this as a living for you the summary Westan gave is good enough.

There is of course nothing to stop you building the 2 rear houses and moving into one of them and then selling it down the track and classifying it as a PPOR. If you did this you would probably build 2 slightly differently and direct the costs to the property you were going to live in.

Cheers Richard
[email protected]
http://www.fhog.com.au

There is no such thing as a problem.
Just a solution waiting to be found

Richard Taylor | Australia's leading private lender