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  • Profile photo of Scott No MatesScott No Mates
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    @scott-no-mates
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    Can I distribute any rental income to my sons? (they are only 1.5 and 3 yrs old though).

    Yes, however they are charged tax at the top marginal rate unless it is ‘excepted trust income’ (eg from a testamentary trust).

    Profile photo of Scott No MatesScott No Mates
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    You must rely on the S32 not the advert as errors are quite common.

    The agent would have pulled the size from another source like RP Data.

    Profile photo of Scott No MatesScott No Mates
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    Does 285m2 qualify under your council’s LEP for separate titling? You will find that unless there is a specific exemption or mention, the minimum block size may be 400m2 and you will be well short which is why the developer went the way that they did.

    Profile photo of Scott No MatesScott No Mates
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    what is wholesaling?

    I had a cheap yacht which hit a reef & sank,  does that count?

    Profile photo of Scott No MatesScott No Mates
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    If it includes building a wall then you may require consent.

    Profile photo of Scott No MatesScott No Mates
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    So the deals are inflated by $20k in addition to the money you’re paying to a biased buyer’s agent who is already in bed with a builder and possibly the land owner. Not independent advice IMHO.

    Go to an independent BA who will provide options which meet your requirements.

    Profile photo of Scott No MatesScott No Mates
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    Your assumption of equity required of $47k is far shy of the normal requirement of 30% for commercial property. 

    Profile photo of Scott No MatesScott No Mates
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    It’s been on the agenda for a long time. I should so something about it whilst the apocalypse passes.

    Profile photo of Scott No MatesScott No Mates
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    You can borrow to purchase but cannot borrow to renovate (make sure that you have sufficient funds to complete the works without tying up all of your capital).

    Will you being converting to residential (restrictions on what you can do in super) or will your business be renting it from the SMSF. Any rent paid will go to the fund (less any tax payable).

    $40k is much less than what is required to be effective for a SMSF, you won’t get a land tax exemption either.

    Profile photo of Scott No MatesScott No Mates
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    High crime rate – are they the official figures or just hearsay?

    How long will it take to commute to work from 20km and 50 km (50 km is 2 1/2 times further from the city)

    Profile photo of Scott No MatesScott No Mates
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    After reading the rent review clause,  go to abs.gov.au and get the CPI table download. This is an Excel file.

    Use the all groups Adelaide

     

    June 2019 ÷ June 2016 × current rent.

    113.7 / 107.5 = 1.0576744186 x rent

     

    You will also need to do a back rent calculation for the period after the rent review to current (even if this is prior to your ownership, it is in arrears).

    Profile photo of Scott No MatesScott No Mates
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    By the sound of it you intend to run the business of a builder, you will need a builders licence. Owner builders licences are restricted to PPOR not flipping.

    Profile photo of Scott No MatesScott No Mates
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    Your first port of call is the BCA – you need to determine the type of construction material that the building is required to be constructed.

    I have previously built light-weight construction using Hebel panels, styrocon and metal sheet/purlins each solution was dictated by the location.

    Profile photo of Scott No MatesScott No Mates
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    You look for comparable sales – ie other 3 bedroom townhouses nearby.

    Land value means precious little unless the site is massively underdeveloped.

    Profile photo of Scott No MatesScott No Mates
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    Stamp duty (at market value for the % that you are buying), legal fees (you, sister & mother all require advice), provision for capital gains tax (payable by your sister), discharge of mortgage.

    Profile photo of Scott No MatesScott No Mates
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    It’s a bit late now. You should have raised this matter with your building & pest inspector prior to settlement and also with your solicitor. The vendor has got the cash and is well on the way to Bermuda.

    Profile photo of Scott No MatesScott No Mates
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    Profile photo of Scott No MatesScott No Mates
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    @cubster_2 – have you checked whether he holds a builder’s licence (for the type of work that he’ll be undertaking)? Reference check?

    Has he taken out home warranty insurance? If not you may have little recourse through fair trading/VCat other than stopping them undertaking more work elsewhere.

    Profile photo of Scott No MatesScott No Mates
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    @sako – what do you mean by ‘becoming a builder’?

    The building industry is very wide – there are jobs at all levels from unskilled labourers, semi-skilled trades (concretors, gyprockers, landscapers etc), general tradies (brickies, painters, chippies, metalworkers, stonemasons, plasterers, floor layers, plumbers, sparkies etc), professional builders (project managers, site managers, site engineers, estimators, contracts administrators, quantity surveyors) and more. Each bod calls themselves ‘a builder’.

    To get a builders licence as a minimum you’ll need to complete a trade (4 yr apprenticeship) then get your Cert IV in building and after suitable experience (diarised etc), then you can apply for a licence.

    Make enquiries through HIA or Master Builders Vic.

    Profile photo of Scott No MatesScott No Mates
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    It is not a useful measure of productivity. These are commercial assets and valued on their capacity for output.

    Capacity for production is determined by several factors (planning controls):
    Zoning: A property with a IN1 zoning (general industrial) would be more valuable than one with and IN2 (light industrial) zoning as the types of uses are more diverse.
    FSR: How big can you go?
    Type of construction: Does the process require protection from the elements & how much ie lightweight construction or precast concrete or no walls just undercover etc
    Functional obsolescence (are high bays or large column free space desirable for the type of use?)

Viewing 20 posts - 1 through 20 (of 3,802 total)