Total Members: 158,284

Wake

  • Wake replied to the topic Positive real estate team? in the forum Help Needed! 11 years, 8 months ago

    Hi Nooob,

    I think you need to determine what you want out of a mentoring program. If you want someone who can explain and guide you through the investing process, teach you about different investing strategies and provide the support you require, and generally help you minimise the chances of making expensive mistakes, then that is one thing. If…[Read more]

  • Wake replied to the topic Positive real estate team? in the forum Hi Nooob,
    I think you need
    11 years, 8 months ago

    Hi Nooob,

    I think you need to determine what you want out of a mentoring program. If you want someone who can explain and guide you through the investing process, teach you about different investing strategies and provide the support you require, and generally help you minimise the chances of making expensive mistakes, then that is one thing. If…[Read more]

  • Wake replied to the topic Positive real estate team? in the forum Help Needed! 11 years, 8 months ago

    Hi Nooob,I think you need to determine what you want out of a mentoring program. If you want someone who can explain and guide you through the investing process, teach you about different investing strategies and provide the support you require, and generally help you minimise the chances of making expensive mistakes, then that is one thing. If…[Read more]

  • Wake replied to the topic No Body Corp in the forum General Property 11 years, 9 months ago

    It is possible if the townhouses are free standing, and the strata plan shows that each townhouse is completely within the boundary of the respective lot. In this case the buildings are not common property. If there is no common electricity, water, gardens or lawns then apart from any common services running through any of the lots, pretty much…[Read more]

  • Wake replied to the topic Offsetting a loss against a capital gain – query in the forum Legal & Accounting 11 years, 10 months ago

    Unfortunately yes, without seeking legal advice first . There's not much equity available so they would fall far short of the final amount, but I guess anything is better than nothing for the Administrator if they have creditors to pay.So, they employed an investing strategy that carries a greater element of risk than some, without fully…[Read more]

  • Wake replied to the topic Offsetting a loss against a capital gain – query in the forum Legal & Accounting 11 years, 10 months ago

    We have been trying to tell them that, but they still prefer to employ the ostrich theory. This conflict of opinions from the accountants has just raised the issue again. Mind you, they are just now doing their 2011 tax returns so that may give you an idea of how importantly they view their wealth creation, They have a few other properties and…[Read more]

  • Wake replied to the topic Offsetting a loss against a capital gain – query in the forum Legal & Accounting 11 years, 10 months ago

    Yep. Their contract states they can be liable for all rates, strata levies etc plus two types of interest daily (don't remember know what they were but it totalled approx $500 per day) PLUS the sale shortfall!!Approx 1 year ago, before the unit eventually sold, they got a letter from the receiver and had to send details of all their assets etc.…[Read more]

  • Wake replied to the topic Offsetting a loss against a capital gain – query in the forum Legal & Accounting 11 years, 10 months ago

    QLD. I read the contract <moderator: delete language> – which is more than they had done – and all the possible penalties for not settling are clearly spelt out. I truly hope they are not pursued because it would bankrupt them and even then the other party would still not recover their money. Unfortunately the developer went bankrupt because there…[Read more]

  • Wake replied to the topic Offsetting a loss against a capital gain – query in the forum Legal & Accounting 11 years, 10 months ago

    Thanks Terry. Yes, for both properties they are tenants in common 50/50. Pretty sure everything happened in the same financial year, although in theory the loss, which happened first, should carry over anyway. Hope for their sake the 2nd accountant is wrong. There is still the chance that the receiver may chase them for the shortfall (and all…[Read more]

  • Wake replied to the topic 2012 Orange nsw in the forum Help Needed! 11 years, 10 months ago

    Hi,There are a few things to consider. As with many locations, once a place is identified as a "Hotspot" investors tend to flock there and the supply and demand levels can be altered. There have been a huge number of new homes built in recent times which has resulted in a lot more rentals coming on the market. I know the media is still saying the…[Read more]

  • Wake replied to the topic Home insurance emerald in the forum Help Needed! 11 years, 11 months ago

    I just got insurance on a new IP in Emerald through CGU – but I had to do it over the phone. Their website system balked at the postcode (due to flooding I would assume) but over the phone the girl could override that.

  • Wake replied to the topic Risk of defaulting owners in a body corporate in the forum Help Needed! 12 years, 7 months ago

    After reading the link above, it seems to be referring to a particular scheme have 33% of owners in arrears. That would be an exceptional case!! In my experience, across a strata management portfolio it would be more typical to have perhaps 3% of owners more than 30 days in arrears, and perhaps 1% more than 90 days in arrears. It should also be…[Read more]

  • Wake replied to the topic Risk of defaulting owners in a body corporate in the forum Help Needed! 12 years, 7 months ago

    Not in NSW. Don't know about other states. I would have thought the prospect of bankruptcy might be an incentive? However, that still does not help the other owners during the lengthy period required to get from initial arreas to finalising bankruptcy.You are correct. This is just one of the risks associated with buying strata title.

  • Wake replied to the topic Risk of defaulting owners in a body corporate in the forum Help Needed! 12 years, 7 months ago

    This can be an issue, but fortunately large $$$ arrears and lengthy proceedings are not that common. In NSW there is legislation that sets out the procedure for recovering levy arrears by the owners corp. It starts with reminder letters/letters of demand then moves to a solicitor/debt collection agency who can issue a statement of claim, then have…[Read more]

  • Wake replied to the topic Moving out of PPOR – help needed in the forum Help Needed! 12 years, 8 months ago

    Hi Mike,Yes it appears that you will be better off. If you PM me, I will ask you a few more questions, and then I can give you an estimate of your after tax position in this scenario.

  • Wake replied to the topic Property Inspection Template? in the forum Help Needed! 12 years, 8 months ago

    I have a copy of the PATTERN (Property & Tenant Tactical Evaluation Resource Network) Property Analysis Worksheet. It says its Version 1.0, but since I can't recall how many years I have had it, I don't know if its the one you are looking for?

  • Hi Jarad,You don't have PM turned on. Would be interested in chatting about Orange.

  • Joe, the owners corporation and body corporate are the same thing so not sure what you mean. If the invoice says it is from the owners corporation, and you are expected to pay the owners corporation, I would politely tell them to go fish. If its an invoice from the strata management company, asking you to pay them directly, then unless they can…[Read more]

  • Wake replied to the topic Help with Body Corporate please!! in the forum Help Needed! 12 years, 9 months ago

    My suggestion would be to document the problems, and take photos. identify which by-laws are being breached and ask the strata manager, in writing, to address the breaches, in writing, with the offending owners, and provide you with a copy. If the letters are ineffective, then either you as an individual owner, or the owners corporation, can lodge…[Read more]

  • Wake replied to the topic Unit Requires Partial New Roof in the forum Help Needed! 12 years, 9 months ago

    Colin, that is called Company Title, and as flawed as the Strata Title system may be in NSW, it is infinitely better than the old Company Title system. The expense and process involved to convert an old Company Title scheme to StrataTitle is big enough. Even if it were possible, no owners corporation would do the reverse process.I doubt many…[Read more]

  • Load More

Wake

Step 1 - 0% Complete

Fill Out Your Member Profile Below

Fill in the required fields below to complete your registration.

Registration not only grants you full access to this website, but will also enable us to send you our newsletter, latest investor tips, strategies and information about events/products relevant to investors. You can opt out at any time.

Used to log in to the website and for targeting with messages. Alphanumeric characters only. No spaces allowed..

Member Login
Lost your password?
×
158,284

Register Free To Unlock Unrestricted Access To PropertyInvesting.com

×
1-Day Millionaire Mastermind Workshop - Only LIVE Training in 2019!