hi all
i am trying to do the figures on my property to see whether to hold or sell.
i can only get so far and my head just gets confused and can’t think clearly and objectively.
the issues im trying to deal with are
projections
refinancing
cashflow
risks
tax issues
sell or hold
hope someone responds
regards
alfGee Alf
we need a bit more details if you want some response.
Like where the property is.
how much is it rented for
what is the market value now
what will be the cost to keep ie any large maintenance issues.
if you sell how much CGT will you pay
what you will do with the cash?profit if any (ie another property and then we need all the info on the new one to see if it is better).
we also need to know what your stategy is ie Buy and hold ? etc.
What is your long term goals in investing.
all these things must be taken into consideration. If yopu have no plan you will make short term decissions when you have to have a long term plan. If you don’t you will be influenced by every little bit of negative news ie “property market to drop by 30%”
you need a stategy .
if some of this is too personal for the forum email me at [email protected] and i will share my thoughts
regards westanhi westan
yes some of the stuff is a bit personal but i will email you.
You may just be a lifesaver.
I have gone to my accountant but he is absolutely useless when it comes to sharing some direction.
I think he is only interested in shares i am going to change once i find one that is competent in property accountancy.
kind regards
alfAlf – I hope I haven’t worried you into selling up your IP by talking about “The Whittler“
hi johnny
No not at all have been deciding for a while still not sure it goes a bit deeper than the whittler.
How are you going have you soughted your own stuff out.
regards
alfHi Alf,[
]
The main reason to keep a property is that is either an appreciating asset or is a scource of income.Risks with property are quite low so the main reason to sell is your financial position,unless of course you have used value adding methods such as renos or wraps to flick on when finished.
I can help you with an analysis of your situation off lineregards
Bryce Inglis
[email protected]
http://www.ipal.com.auHi alf
yes you need a good accountant. i’ve just made contact with one many on the forum use. He is a property investor himself and is very knowledgeable about all investing and trusts etc. He has written a book on trusts. I found that the acountants i was using knew about the same as i did about tax and property investing (a worry). I think i have a very good knowledge but i want someone who know more that me to advise in that regard. I went to an accountant about 6 years ago when i first thought about investing in cash positive properties. He advised against it and said i sound invest in education bonds for my children future education. Luckily i didn’t follow his advice (which cost me $70, i still have the receipt one day i’ll frame it). Today these properties have made enough money that i no longer need to work. So yes get a good accountant.
If your in melbourne i’ll tell who it is. AD on the forum has mentioned in the past that he travels from interstate to see this accountant.
regards westansorry one other comment. i’m actually selling a few (about 12 properties) but i’m using the money to reinvest in another area of the property market. The reason i’m selling is, my property prices have risen and this new investment has better returns.
westanHi Alf,
I think you need the input of a few experts, I’d be surprised if one person could answer all of your concerns.
Whilst I do not comment on investment strategy or tax strategies, I feel I have some useful advice on refinance and loan structures. Feel free to contact me on [email protected] if you would like help in the finance area.
Gary Y.
Gary Young
Home Loan Connexion
Mobile 0407 64 66 32
Fax +61 7 4636 4841Hi Alf
The only way I’ll be able to sort the “Whittler” out is to sell up and get out, but I wouldn’t give them that satisfaction. I’m an owner, and they have more power in our strata corporation than I do [:0)].
If anyone is wondering who the “Whittler” is – please refer to my posting “Whittles Strata Managers – MGA Group of Companies“, posted 16/8/03 [}
]hi all and a great thanks
Westan
i will email you shortly probably monday. I am interested to know of that accountant in melbourne even though i am in adelaide if he as good as you say an i have a healthy respect from someone that has done it and knows the business.
Dont mind getting over to Melbourne once a year.Bryce
I greatly appreciate this Bryce as i need an analysis which is unbiased.
Everyone i have been involved with plays me the tune that suits them for there own ends. I just need the right people that dont have a vested interest and are totally independent. I feel i am too involved and my judgement needs some logical input. Thanks again bryce i will email you probably monday. Any thing specifc you need please let me know via forum is ok.Gary
Thankyou also and i will email probably Monday yes i have been looking at the refinance side. The bank i am with is tightening up and wont even do a valuation unless i am purchasing another property.Johnny
Id be interested to know your experience with whittler if you dont want to mention it on the forum you can email me [email protected]kind regards
alfAlf.
Download my little IP simulator application EZ-Rent. You may find it of some use?
EZ-Rent. The free tax and cashflow simulator for Australian property investors.
http://www.ez-rent.comhi ezi rent
thanks i’ll do that much appreciated
regards
alfALf…
If your bank is “tightening up” and making it alot more difficult for you. I suggest looking for another bank.. Or better yet a decent broker..
gl
Calron the Alcamist
Turning things into gold is fun.
[email protected][]
]
]The topic ‘someone good with figures help?’ is closed to new replies.
