Looks like your choice of an IP in darwin has done well, almost doubled in 7 years. Is Durack out near palmerston? I was born and bred in Darwin, and as growing up there always remembered it as being expensive for rentals. I dont think Durack was even established when i left in 1985, but i still frequently vist my daughter and family…[Read more]

Correct me if i am wrong, i though that i read somewhere that the smoke detectors had to be checked annually, by someone that was qualified to do so.

If that is the case, what makes someone qualified, and i imagine that it would only add to the cost of ownig an investment property, if you were not able to complete the task yourself as…[Read more]

Let me say firstly, i have never done a development project and am certaintly not the full bottle on the pros and cons.

When i bought my current PPOR which is on a corner block with ocean views from all rooms of my home, it had approval for a second storey extension. My home faces to the ocean, which is great, but there is a vacant…[Read more]

The right answer is always the LOWEST interest right with low escape fees. The best right now is clearly http://www.ratebusters.com.au. The variable rate is just 6.92%. on a $300k loan that is $50 PER WEEK cheaper than ANZ and other…[Read more]

A lot of very interesting views!! We have been a 1 car family over the last ten years, driving a reasonable bomb, and have only just recently bought 2 new cars within the last 12 months. I suppose i should have asked this question before the horse had actually bolted!! It is only since my introduction to this forum in the last few months,…[Read more]

Wayne

I am currently holding block of land which i am waiting release of titles, i have onsold this block prior to my settlement. I had to pay the stamp duty before the end of first 12 months, and both contracts will settle immediately after one another.

As Richard had mentioned, you have to own it first, before you can sell, hence the need…[Read more]

Do you deal with WA clients? Also i have a current LOC (200k) on my PPOR, do lenders see this as a debt, even if there is no draw down on the LOC, am i better off closing this LOC loan?

Wayne

“What is the lap record, and which way do i go?”

I would have thought your accountant would know this stuff.
Exactly, the very thought that he could not tell me straight of the bat has got me now a little worried, i have just changed thid year from an accountant that i had been using over the last 10 years.

Just checking the thoughts of some of you property gurus, should the…[Read more]

A very interesting thread for myself, as we type i have my Finacial records in with the accountant, and find myself in this exact position.

The information on this thread and previous threads on this subject alerted myself that i may not have to pay CGT on one of my propertries, resulting in a saving of $30,000. I asked my accountant,…[Read more]

I run my investment properties on Posh software, it can be found in the back pages of the API magazine. It can produce a variety of reports, which will make your time at the end of the year less stressful. If you enter the data as it is accrued, it does not take up to much of your time.

I also have a simple but effective spreadsheet…[Read more]

I am currently a sales rep in WA. Do know what state your purchase is in, but in WA, a buyer has the right to withdraw their offer anytime up to the vendor accepting the offer. If the vendor has not signed or counter offered, i belive you have every right to withdraw your offer and not putting your deposit at risk.

Regards

Wayne

“What…[Read more]

Like all the other guys have said, dont sell. I am a Darwinian, born and bred, and from what i remember the rents being, you would most likely get a far better rent return on your current property, than if you were to sell and buy another IP elsewhere.

Go the Buffalos!!

Wayne

“What is the lap record, and which way do i go?”

Totally agree with Terry and Richard, why hang on to an asset that is costing you money and doesnt allow deductions.

What are the advantages of buying vacant land only over a house and has anyone done this in the past and would recommend it as an option?? Any thoughts would be greatly appreciated.

Saying that i currently am holding 2…[Read more]

Hope all goes well on the day!

Regards

Wayne

“What is the lap record, and which way do i go?”

Yes it is brand new, it is on the Gold Coast on the canals, 4 kms from Surfers Paradise with views over the city. It also came fully furnished, the family and i spent 4 weeks in it last August when we went over to take possession of the property.

I have been investing in property over the last ten years, and done very well, to the…[Read more]

I will be in contact.

Wayne

“Whats the lap record, and which way do i go?”

Wayne

“What is the lap record, and which way do i go?”

Wayne

“What is the lap record, and which way do i go?”

The bank forced us to put the loan in both our names and used the property as security.

Wayne

“What is the lap record, and which way do i go?”

I have recently found a guy at RSM Bird Cameron, he has saved us heaps of money since joining his company.

I previously was using an accountant in Rockingham for the last ten years, but found he was too reactive, it was always after the end of the tax year that i found out i had to pay tax through capital gains. I knew prior that i would…[Read more]

The house was paid outright, why do you ask?

Wayne

Dongara near Geraldton, Western Australia

Wayne

Just had a brief look through, obviously needs further reading.

the interest is incurred with one end in view, the gaining or producing of assessable income; and

Even though i may not plan to build on the land, a capital gain is assessable income.

I hope this is not too personal, but do you hold land that you clain deductions on, pass on…[Read more]

Scott

I imagine you would want a right to reply?

Wayne

thanks for your extensive and informative reply, i will check it out, may take me a while to decipher it though.

Karm

Thanks for the leads for an accountant, unfortunately i am on the other side of the country. I will however keep an eye for some second hand goats for my wealth building strategies.

Wayne

I would have to purchase the land first, then they could place just about anything on the restrictive covenant for a total cost of approximately $1500. Apparently his compant does many of them in the rich suburbs,…[Read more]

Maybe the same case Terry was refering to. My understanding was that there were no deductions in finacial years that the land was being held, but on selling the interest and buying costs could be added to your cost base, and in return reduce the amount of CGT payable.

I dont know why i thought this, may have read it somewhwere, dont…[Read more]

There is so much information i found my self going around in circles, though the journey did reveal heaps of other interesting things in regards to rental properties.

I think i may have to ring them, i dont like giving my name to them and was trying to avoid…[Read more]

Thanks for the input. The other intersting thing that we found out later, was that the raffle organisers would only allow the title to be in the name that the ticket was bought in.

We wanted to put it in the name of our family trust, but were unable. You dont expect to ever be in this type of situation, but we certaintly ensure that now…[Read more]

When we found out we won the home and recieved the credit card statement, the only trasaction was the purchase of the tickets, they allowed the direct debit to proceed.

We did recieve about $5000 of…[Read more]

I was not sure, because i thought that you had to charge market value rent? I will obviousley run it past the accountant, but it is always good to get external advice as well

Thanks anyway!

My biggest hindsight mistake ended up being a good thing, you know the old saying ” one door closes, another opens”.

I bought a duplex in 1998 opposite the green acres caravan park in Dunsborough for $175,00. It was only one street back from the ocean and had a lane way opposite to the beach. I was renting it out as holiday…[Read more]

Regards

Wayne

Has anybody heard if meeting is still planned for this Wednesday, i dont have access to my emails at the moment. But if it is still on, could some call and let me know details.

Wayne10539
Mobile: 0428 941 059

Your not alone, i have been unable to get through to KelIy also, niether through this site or email.

Does not leave much time for details.

Nat23 or celeste have you had any luck?

Wayne

Were you involved in the original Western Australian chapter of the investors club? Are to organising it on behalf of any other party that may have an financial invested interest?

Do you have an agenda for the first night, and have you had much interest at this point? Will it be in Perth, as i would have to travel from Dongara?

Regards

Wayne

Thanks for the reply, i have been getting conflicting stories in regards to whom can place the covenant, some say the owner and others say the developer. I am glad your own situation as turned out well. Also if you are still in LA when we come over, i will drop you a line and have that beer.

Bridgebuff

Buying thye block and building a…[Read more]

As for Disneyland, i think we are staying at the Circus Circus hotel, which i believe is not that far from Disneyland, plan to do the Vegas and Grand Canyon thing also. I will…[Read more]

I was not sure if i could mention the car dealer, i certaintly would like to have done so.

I totally agree with you in regards to buying a new car, it is not certaintly the best financial move, the not deductible debt scenario. My wife had her heart set on it, and i would of been playing with fire should i suggest anything less.

I…[Read more]

I am having trouble convincing lenders that i can service the loans, and the fact that LMI protects the lender, i would assume that it would be easier to ontain finance.

Terry, as you have pointed out, you still have to pass the LMI’s company criteria. I thought that i would only have to satisfy the lenders…[Read more]

Contrarian,

Have we had one too many bad experiences with real estate agents?

Finding the right agent can be a useful investing tool in your journey to building your investment portfolio.

Wayne

Deppro have an office in Perth, should cost approximately $450 to have a depreciation schedule done.

Regards

Wayne

I believe that there are better oportunities on the east coast at the moment, and have recently returned from QLD where there…[Read more]

I totally agree with you, about the majority of real estate agents, they dont see the picture from the investors eyes. I dont know how many times i asked questions of them, and they have had no idea about property investing.

To have a clue about what the words “investment property” mean!

I am an investor that had to get an agent’s license…[Read more]

Simon i have not completed my tax return for FYE 06, am i able to claim the depreciation over the last 4 years even if the properties had been sold in the FYE 06?

Scott, i will give you a call shortly.

Regards

Wayne

Thanks for the info, am i able to claim depreciation on my properties for previous years not claimed? I am currently settling on a IP in December 06, which i have had for 2 years, am i able to claim depreciation on this for financial years 06 and 07 even though it is going through settlement?

What would my options for depreciation of…[Read more]