Terryw replied to the topic 11 SECOND RULE in the forum General Property 21 years, 1 month ago
Why not. If it is positive cashflow in a good area, it would be a very good buy. usually anyway!
Terryw
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Terryw replied to the topic Owner Occupy Renovator in the forum General Property 21 years, 1 month ago
If they ATO thinks you are doing it as a business, then technically you would have to pay CGT on the first house!
But realistically you should be able to do a few, and if picked up could always argue your case – had to move due to bad neighbours, work, changing family circumstances etc.
But why sell? Why not keep?
Terryw
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Terryw replied to the topic Getting Started… in the forum Help Needed! 21 years, 1 month ago
Check out Steve Navra’s seminars. http://www.navra.com.au. They are cheap, and very good.
Terryw
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Terryw replied to the topic Employment checks? in the forum Help Needed! 21 years, 1 month ago
It differs between banks and even within banks. SOme do not do checks at all, others ring a portion of employers to check.
Generally it is done first up, but you never know. If I was her, I would not hand in my notice until I get full approval in writing.
Which bank is she with?
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Terryw replied to the topic To buy or built? in the forum Help Needed! 21 years, 1 month ago
A 3rd option is to leverage off the first property and use this to buy one or two more.
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Terryw replied to the topic What would you do…. hold or sell? in the forum General Property 21 years, 1 month ago
Hi Pinny
I am not sure selling is the right thing to do. If you are only going to buy more property to replace the one you have sold, then you must factor in all selling costs such as agents fees, legals, NSW exit tax, CGT etc and then when you buy again you have loan costs, stamp duty, stamp duty on mortgage, legals etc.
It seems you think your…[Read more] -
Terryw replied to the topic Niseko Japan Property Question in the forum General Property 21 years, 1 month ago
Rumin. lets hope that is the start of the next boom.
Terryw
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Terryw replied to the topic What would you do…. hold or sell? in the forum General Property 21 years, 1 month ago
Some questions to ponder:
Does your current home have a mortgage?
If you sell, what ywill you do with the money?
Do you think it will drop in value further?
Is $285,000 gain in 6 years really that scary? That’s more than doubled. Imagine if you had pruchased a cashflow positive property with no capital growth instead.Terryw
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Terryw replied to the topic ~~JOKE~~JacknBob in the forum Forum Frolic 21 years, 1 month ago
Hey, I think I know Jack!
Terryw
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Terryw replied to the topic Changing Loan Types in the forum Finance 21 years, 1 month ago
Usually just a switch fee of a few hundered $$.
Terryw
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Terryw replied to the topic finance for the jobless in the forum Finance 21 years, 1 month ago
Yes there are low docs up to 95%. Most require an ABN held for at least 1 year and/or a letter from an accountant. I am not sure, off the top of my head, if they have redraw. Rates are high – 9.5%+
Terryw
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Terryw replied to the topic Got my Tassie land tax bill recently in the forum No Subject 21 years, 1 month ago
Challenge it! The values used were way too high.
Terryw
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Terryw replied to the topic borrow while living abroad in the forum Finance 21 years, 1 month ago
Hi Woodsman
If one person was in Australia, I beleive the LMI people would look at it, but probably wouldn’t count the income of the overseas person.
Jack, could you explain number 8???? “replay your loads”
Terryw
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Terryw replied to the topic wierd thing on my land title in the forum Help Needed! 21 years, 1 month ago
Sounds similar to a caveat. Have you asked the land titles office? Does it have a number next to it? if so you should be able to get a copy (of whateve it is) like you would with a caveat and this should outline the restricitons.
A solicitor would be the next best person to call.
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Terryw replied to the topic Need to sell before buying in the forum Help Needed! 21 years, 1 month ago
Easy. They could obtain a loan on the new one using the current one as additional security. A No doc would work. Once they have moved into the new one, they can then sell the old one and pay off the loan.
Terryw
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Terryw replied to the topic Principle & Interest vs Interest only in the forum Finance 21 years, 1 month ago
From a tax perspective, you should have IO on investment loans while paying all extra off your non-deductible debt first.
Terryw
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Terryw replied to the topic Q re company/trusts for investing in the forum Legal & Accounting 21 years, 1 month ago
Marliw
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Terryw replied to the topic Converting non deductible debt into deductible in the forum Legal & Accounting 21 years, 1 month ago
Dazzling. yes, normally they would, but these are adult children!
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Terryw replied to the topic Land Tax New valuation in the forum No Subject 21 years, 1 month ago
Thats good news! Your properties must have risen considerably!
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Terryw replied to the topic Trust, Company, Super or personal name to buy PI? in the forum Legal & Accounting 21 years, 1 month ago
You should look at trusts. Probably discretionary or hybrid discretionary trusts. If you wish to use a super fund, the fund will have to pay cash for the properties. ie they cannot be mortgaged under a superfund.
Terryw
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