Forum Replies Created
Why don’t all you negative doom and gloomer’s take your negativity to [email protected] . There is never a perfect time to invest into property but, you must start sometime. Keep inventing excuses and remain reactive instead of proactive and you WILL be part of the devastated 90%+ who retire poor….
Bullseye, as always Richard.
As promised NikNak, you are now starting to receive the excellent feedback from 2 of our 'senior' contributors and what both Terry and Jamie say should go a long way to helping answer your questions. Thanks again for your usual positive input guys !
Thanks Scott – your wisdom and knowledge is always appreciated – even if you're opinionated.
One of these days I'll have to get accreditation for NSW's – you simply can't know ALL the individual state laws. However, for the benefit of NikNak, I still believe 'tis better to cut one's losses now than reap a potentially bad harvest that make the cost of the seeds look insignificant – if you understand my analogy!Welcome to our forum NikNak…..
.There are just so many variations and structures available to you from a variety of lenders and I could spend time running through a few examples for you however, this in itself can present problems, as you will be receiving suggestions that do not factor in all contingencies of your personal situation such as short and long term goals, available equity, your current tax liability, whether you are applying depreciation and variation, and so on…..
This forum has a few REAL good mortgage brokers who will probably offer you up some very good suggestions and ideas to help answer your question(s). If you feel the answers are incomplete or simply not helping you to set yourselves up as best you can, then feel free to drop me a line and we'll show you how we would not assess you on the one dimension of finance, but also encompass all your specific needs and circumstances.Hello NSW2011.
How, from a legal standpoint, can you possibly lose your deposit should you decide to cool off during your legislated cooling off period? Answer: you can't. Your deposit is deemed 'consideration' under contract law and is used to enforce a contract between a seller and buyer AFTER the expiration of cooling off. You do not need any reason to cool off under a real estate sales contract as cooling off (which varies in times from state to state) has been a fundamental tenet of real estate purchases for some time now so people such as yourself are given time to fully consider the significant purchase you are about to make, make relevant inspections and enquiries of professionals, and so on. From what you have said you have already expended some significant monies in prospecting the viability of this purchase. My humble personal suggestion is to cool off, have your deposit refunded in full, and seek greener property purchase pastures.Well said JT7 – you must be a local down south like myself. Yes, Seaford is going to be HUGE and I forgot about the rail extension so infrastructure down south is amazing and getting better!
Absolutely Scott, Absolutely!
Even more enjoyable when you can be a thorn in one of the greedy ones!!! LOLHi Zenetti.
There are ways to prevent this developer from bending you over a desk and giving it to you. PLEASE don't be intimidated by his size or prior success in squashing the 'little guy'. At the very least, there are ways to turn him into a voodoo doll and just keep sticking pins in him. I sincerely wish you well!Hi Debbie.You need to discuss most of the above posts with:
1. Accountant re: Tax Variation 221d Form
2. Mortgage Broker to explore your options on the existing loan.
3. Real Estate Agent/Property Manager about regular 6 monthly rental increases in line with CPI.
4. Buy and read Jan Somers' book 'Wealth from Residential Property', it will amaze you and give you a 'bible' to wotk by.Hi BytheBay.
I live in Adelaide and yes the are areas in Adelaide that we believe will receive phenomenal growth are places such as Christies Beach, Port Noarlunga South, Aldinga, Moana, etc in the south and Two Wells, Virginia, Gawler, etc in the north. Opening of Northern Expressway; widening of Southern Expressway; and the $817million expressway overpass of Main South Rd to connect both the Northern & Southern Expressways signals great growth potential for many areas around Adelaide. Median house values grew from $234K in Sept 2005 to over $400K in Sept 2010 (rpdata). Oh yeah, Adelaide has been the sleeper for a while now and we're already starting to see the signs of it's growth taking off – and it's still the cheapest mainland capital city to invest into and our rental returns have always been consistent and strong.
Welcome to our forum AR.
Feel free to send me a personal email below and i would be happy to answer your question privately.
Kind regards,
You have now entered the Family Law Twilight Zone and it does not matter how 'smart' you think you can set up discretionary and family unit trusts, SMSF's, or otherwise, you cannot avoid your obligations under Family Law. Unfortunately, it's as black & white as that. Remember the Law can be a TURTLE and an ASS – it's SLOW and it's STUPID at times.
Hi Rin.
May I suggest you look at the link below for a start to a NZ property investor mentor.Great story Emma and Broker's like Richard and myself love to hear the Broking industry is constantly improving and clients' needs are being truly met.
You see folks, Mortgage Brokers are here to help YOU to get what is best for YOU. Their qualifications don't come easily or cheaply and they have a fiduciary duty of care to always act in your best interests. Why would you try and do it all youself when they're free of cost to you as well?????Hi again Zenetti.
Seems you're still having problems with this damn developer trying to secure the air/space above you to secure uninterrupted views for his off the plan development. There are a number of options open to you and if the matter is urgent why not seek an court ordered injunction effectively freezing the developers ability to continue until either a court has mandated an acceptance of this tom foolery or new legislation is passed? Why not place an application to Council to have your place developed (bluff, of course) but it will cause Local Council to delay the other developer until full consideration is given to your application.
You see, you need to be a 'thorn in their side' and find ways to delay and bluff until you can obtain either some legal clarity or the developer simply gets pissed off and realises this is too hard and just walks away. There are many other ways of delaying and just being an outright pain and some can be even more so depending on the support you have from your neighbours. Class Actions have a lot more clout than just one voice crying in the wilderness.
Drop me a line if you want to 'chew the grissle' a bit more……..Welcome to our forum costadam.Here's a little something I put together for beginners and I hope it is of some help to you.
BASICS FOR THE BEGINNER PROPERTY INVESTOR
Take a look at a map of the region you are considering, identify the local CBD and draw a circle 15 kms around the central point. Start looking for your property within the circle.
Research, research, research! Review data showing median sale prices and rental yields on comparable properties.
For affordability, stay within the second and third quartile of prices in the suburb for both price and rent.
Check demographics, especially population numbers, growth and density.
Is the property within close proximity to schools, shopping centres, university or business hubs that are well established and likely to appeal to good quality tenants?
Does the area have an established public transport network and is it close to the main arterial road network?
Check the local government website for developments planned for the suburb/region, e.g. high density dwellings.
What is the land size? Is there potential for subdivision (or to increase the size of the existing dwelling) at a later stage to increase the marketability?
The newer the property the better the depreciation benefits for tax minimisation benefits.
Unit – best features: minimum two bedrooms, built in robes, bathroom + ensuite, internal laundry and lockup garage.
House – best features: minimum three bedrooms, built in robes, two bathrooms, lockup garage (parking for two), extra storage, low maintenance fully fenced yard.
Is there a current tenant and if so are they paying market rent?
Invest time to find a quality property manager.
Is the property a PPOR or an existing IP?
How far along are you with the sub-division? Have you Council approval and plans in place?
If existing PPOR, have you re-structured existing mortgage (if you have one) to be acceptable to the ATO that it is to become an IP for tax minimisation purposes?
When did you want to claim these costs as deductions? This financial year or at the completion of the development?
What is the purpose of the sub-division? Are you simply sub-dividing the land or will you be putting houses on that will be rented out? This relates directly to the ATO and the allowable tax applications.
I don't mean to appear difficult with all these questions but, as you see, there is no simple yes or no answer – which probably explains why you can't find answers in these public forums.Welcome willo352.
Yes, the ATO allows ordinary Aussie's to reduce or vary their tax in the weekly paypacket on a leveraged investment property. It's called a tax variation form 221d. Have a look at the link below and this may help you to understand further. Word of warning though: the ATO is anal about a 221d's figures being projected reasonably accurately. If you make significant errors you can go to jail for tax avoidance/over claiming.
Welcome bullsta. Ashame it couldn't be under better circumstances.
The Purchaser bought under 'Auction Conditions' which means he signed an 'unconditional contract'. Basic contract law 1.01 states that for an (unconditional) contract to become binding 'consideration' must take place. Consideration is money changing hands between seller and purchaser – in this case a $1000 deposit. The amount of deposit is irrelevant in most cases as long as a deposit has been paid then consideration under contract law has been met. The reason a 10% deposit is usually required at property auctions is to make it more difficult for a purchaser to simply walk away. There is the possibility that your real estate agent, who has a fiduciary duty of care to you the vendor, could be held partly/substantially liable for accepting a deposit that was clearly not enough. This is black and white – the Purchaser is bound to fulfill his obligations under the contract. He has breached these conditions. You must talk with a lawyer as you will now have the legal recourse to sue the Purchaser (and possibly the agent and his/her professional indemnity) and claim both specific and general damages for your losses.
