hi,

I’d certainly be considering this, but only provided:

1. I could get insurance (you’ll need to ring around and spell out that the property is on a flood plain)

2, I could get finance. No doubt some places will knock you back on the basis that it floods.

Again, this is a matter of phone calls to various lenders.

Cheers,

Steve…[Read more]

Hi,

Within a 2 hour drive from Brisbane (any direction but east [] )

Bye

Steve McKnight

**********
Remember that success comes from doing things differently.
**********

Hi,

Thanks for your post… and your purchase []

quote:I came to a decision this morning that being proactive in terms of property aquisition is better than sitting on my rear-end thinking its all too hard.

Excellent! I was at the same point in May 1999. The key now is to turn your resolve into momentum, which is done by continuing to take…[Read more]

Hi,

Check out:

https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=584

In fact, use the search function using “foreclosure” and see what comes up.

Bye

Steve McKnight

**********
Remember that success comes from doing things differently.
**********

Hi,

In respect to your question I would imagine that you should seek legal advice.

From my research I found:

quote:Further, a guarantee that contains an “all accounts” (or “all moneys”) clause cannot be enforced in respect of further credit unless certain notice and consent provisions are complied with. So too, if a guarantee is secured by an…

[Read more]

Hi Brendan,

Thanks for your post and welcome to the forum. I’ll take a stab at trying to answer your questions.

quote:Firstly, what is the useful life of an apartment?

For tax purposes, you are generally allowed a income producing building writeoff of 2.5%. This suggests that the tax office expects the building will last 40 years.

Of course,…[Read more]

Hi Nathan,

Last year Dave and I purchased a block of units for $530,000. We knew it was a great deal but didn’t have enough money to fund a 20% deposit needed as the bank would only lend 80%.

So what we did is pay $10,000 deposit (to the vendor) with the knowledge that we’d have to come up with the balance ($96,000) + closing costs within six…[Read more]

Hi Rick,

I have been to many free seminars and the message is always the same… get the tenant and the taxman to fund your financial independence.

What’s important is to differentiate between the facts and the hype.

If you are determined to buy an inner city property then you might find that the stamp duty savings are less than the discount…[Read more]

Hi,

Once again, it’s important to look at what outcome you are trying to achieve.

Leigh has rightly pointed out that if you are planning to invest then you will need capital… but if you are already on the financial red line (coping only just) then there are perhaps some personal money habits that you need to first master.

quote:Question how…

[Read more]

Hi David,

Thanks for your post and welcome to the forum.

A couple of questions that I’d welcome a reply to:

1. What were the growth projections that you were told?

2. You say you are just getting by. What is your investing goal?

Hey – if you like, let’s make this a case study?! Did they provide you with a financial analysis? If you’d like…[Read more]

Hi,

It might be tricky for someone to recommend a local from Geelong.

But what I’d suggest doing is ringing successful companies in the area and ask them if they would mind telling you who their accountant, solicitor, banker etc. was.

You never know where the thread will lead you!

Please keep us informed how your investing goes.

Bye

Steve…[Read more]

Alex,

I have heard the same ad.

Their website says:

quote:Wholesale Property Brokers investigates, researches, sources, negotiates and underwrites quality residential property.

From my reading these guys are able to buy wholesale from the developer and then charge the property to the client and wholesale plus margin.

On the back-end they…[Read more]

Hi,

Thanks for your post and welcome to the forum.

I’m not sure about the specifics of the FHOG in this area.

Only you can say whether it is a good idea or not, but be careful about mixing family and investing together.

You are making an investing decision and your son is making an lifestyle decision. I would hate some unforseen circumstance…[Read more]

Hi,

Re: principal place of residence (PPOR) – there is no time frame established, however if questioned you will need to prove that you lived there.

Yes – once you move into it as a home then all expenses become of a private and domestic nature so no tax deductions.

Hmmmm – don’t know about the land & then house issue. That’s going to require…[Read more]

RC,

The way around the depreciation write down of the cost base is to assigned contract values for the land, buildings and chattles seperately.

As such, and getting a bit technical here, you could assign an ‘at written down value’ for the fixtures and fittings and have no problem with the chattles.

Re: the building, if you purchased it for…[Read more]

Hi Matt,

Interesting question.

I’d imagine that:

1. since you retained ownership until the option was exercised

2. since the option cannot be exercised retro-spectively

I’d be claiming the depreciation up until the option was executed.

Can’t see any drawbacks and the benefits would be the usual tax offset.

Cheers,

Steve…[Read more]

Hi Bob,

Thanks for your post.

You ask:

quote:
Does Aust have this type of encumbrance on a property and where would I start to look for these properties in WA

No, tax liens do not exist as such in Australia. The circumstance giving rise to the lien (ie: default on paying rates etc.) certainly does happen from time to tim, but the recovery…[Read more]

OK,

What’s been said covers just about all the bases.

Let’s move on!

Bye

Steve McKnight

**********
Remember that success comes from doing things differently.
**********

Hi RC,

One of the advantages of lease-options is that because you are just setting up a normal residential lease, it is much easier to get finance as banks assess the loan under normal lending criteria.

So, you’re right!

Bye

Steve McKnight

**********
Remember that success comes from doing things differently.
**********

Hi Emma,

Thanks for your post and welcome to the forum.

I think you have been given some excellent tips on this post.

Might I just add that you firmly understand the difference between positive and negative gearing.

What is it that you expect from your property?

Do you want capital gains or cashflow?

What’s the end goal? Financial…[Read more]