Hello folks this is my first post here .
Could someone recommend a good professional adviser in connection with selling IPs? I started buying in 1997 after reading the Jan Som ers books , now have 5 IPs which have made good CGs but have kept me pretty broke these last years. With my income from the music biz being so up and down,negative gearing is even less viable!
I’m thinking selling a couple ( but which ones ? ) will help by reducing debt, otherwise can’t continue .
Cheers ,
Michael
P.S. Attended the book launch 5th october in Sydney thanks Steve , your books have made me think of other possibilies in RE investing.Hi MLV,
As I see it you can either sell one/two of the properties that have made the most gains and thus have the greatest capacity to reduce your debt levels. The flip side of this is that these are also likely to be the better long term performers – as such it may be a case of short term benefits but at a long term ‘loss’
The other (maybe better) is to sell a couple of underperformers either in a growth or rental return sense and cut out some of the debt this way.
Ultimately your choice – but a word of caution try not to sell both properties in the same financial year otherwise you will be up for increased CGT – be aware that CGT is determined from date the sale contract is signed.
I also suggest that a discussion with your accountant would be in your interest before you progress too much further down this line of thought.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Thanks for your reply Derek.
Yes , point taken, it’s a bit of quandry.
I’m wondering how much more CG Tax I would be up for if I sold 2 in the one year rather than across 2 years, as I’m inclined to just get on with it now. The other 3 would then be cf+ …I would then rebuild from there .
Time for the accountant hey.
Regards,
MichaelGood Finance advisor Martin Bozdas 0418 988890 or 9639 3222
Rydalmere, Sydney
Say Sue Foley recommended you
Hi MLV,
the rate of CGT depends on how have u structured your IP’s. have a look at CGT on the ATO website.
Cheers
Hey thanks for replies Sue “preciserealty” and “showmethemoney” …I’ll check those things out . At the same time I’m looking at a couple of small CF+ places I’ve found out of major cities but, so far , banks saying they won’t lend in those postcodes, great ! grrr. Cheers, M
Interestingly this is the first time I have noticed so many ‘selling’ posts and threads around here. Perhaps it is as a result of Steve’s recent book or newsletter, or perhaps it is because this forum is a good way of guaging (sp?) the property market. I wonder if we are at the stage of a few more now ‘thinking of selling’ then in the future there will be more people ‘thinking of selling’ and others actually selling. The more that sell at once the lower the prices will drop. So in a way if you want to sell do it now and be ahead of the pack. save your money to buy back later when everyone wants to sell but there are few buyers.
let the debate commence….
joy to the world
Thnx Sue “preciserealty” , have spoken with Martin as per your recommendation. He had some interesting things to say and have arranged meeting to check figures on a sale and purchase . Regards, M
*puts hand up as someone who is thinking of buying*
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I know I can, I know I can
…..indeed …and selling
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