Forum Replies Created
Yes I attended the Brisbane Masterclass in April 2006, although I believe the format has now changed.
I would say that it was targetted more to new investors and those just starting out. While it didn’t provide me with a lot of new content it did confirm that we are heading along the correct path and it was great to mingle with other like minded (crazy) property folks.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”You should first visit the Council and ask to speak to someone in the Building & Development Section. Ask them what the policy and fees are in relation to:
Local town planning regulations
Land zoning restrictions
Min. size of lots
Access to water and sewerage services. Do they need upgrading?
Setback requirements
Min. building envelope
Parks and open space
Easements
Vehicle access including Council refuse collection
Storm Water magagement
Increased noise from new development
Enviromental and heritage issues.
Do soil conditions impact on road/footpath design
Footpath
Lighting
Signage
Flooding?
Restrictive overlays
Erosion and silt management
If Fire extinguishers are required
Dust control
Water management plan during civil works
Headwork contributions to be paid $$$$$$$$$$$
How to lodge a Development Application (DA)After you have this information talk with a town planner who can guide you through the process which could take months/years from start to completion. You’ll also need the services of an Engineer and Surveyor.
Also consider how you are going to fund the holding costs while the subdivision is being processed.
Another option is to seek DA approval and then sell the block to a Developer.
You risk taking on too much for your first attempt at subdividing.
I can see your keen to do this but set yourself up to succeed by trying a small 1 into 2 lot first, then tackle something like this later.
Best wishes.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”One of the cheapest ways to rid the smell of pet odour is to flood the area with “Cloudy Ammonia” , soak, and then go over with a steam mop. Test a small area first as it may change the colour of the timber. I use it all the time on the tiles around our toilet as we have boys!!
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Jaffasoft,
Which on-line ABN registration are you using? The one at http://www.abr.gov.au is easy to use, and you can also apply for a TFN.
There is also a good “help” section.
Also an ABN number takes around 28 days to issue from lodgement of the forms.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I got in for FREE, even better by using my API magazine ticket.
I too enjoyed the Expo and purchased Gary Seeto’s new book for the bargain price $20 which he personally autographed. I also got a chance to see his new boardgame ($330 – ouch!) I also caught up with Michael Yardney, who is looking fantastic having lost some weight.
We even got free Sushi and coffee from the Franchise expo next door!
Great day.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I’m an ex number cruncher myself and note that the industry has changed a lot since GST was brought in.
Business is that good that Accountants now ask the “bad” clients to leave preferring to concentrate on the one’s that pay bills and never phone to complain.
I worked for 15 years mainly with small business people and always took the time to to pay an annual visit, phone on a regular basis, and knew the names of all their children, even down to the family dog. People like to feel that your care, but as Derek says that can also offer proactive advice to clients. A lot of Accountants look at “you can’t do that” without offering sound alternatives. I would agree that if you are looking at offering your services to investors that you also need to “walk the talk” and be a property investor yourself with a good sound knowledge of tax structuring.
If this is you then please drop me a “PM”Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”A small but enthusiastic group braved the Brisbane chilly conditions last night and met at the Breakfast Creek Hotel for the inaugral Brisbane North Get Together.
Colin’s “orange” shirt was more a shade of mission brown, but after a few drinks it was hard to tell !! This was a great opportunity to network and put a face to a name, and well worth the effort. I’m currently working to establish a new website so I’m looking for people that may be interested in a free plug to get the site off and running. Perhaps we’ll see you next time.
Thank you Colin for the effort you made to organise the evening.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Cata,
I just wanted to clarify is Wednesday night for dinner or just drinks and a chat ?Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I too would also like to say a huge thank you to both Steve and Dave for providing this FREE forum service to us property nuts. I have linked up with some amazing people from this site which has given me the motivation to continue on the road to financial freedom.
I also enjoyed attending your Masterclass in Brisbane and wish you every success in the future.
Kind regardsAmanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Wow. I also read this impressive story but didn’t realise it was our very own “Dazzling”. Nice to put a face to a name.
First “Dr X” and now “Dazzling” where will is stop !Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Ned,
Yes I too must admit having worked in tax accounting, but happily in property investment now. I would appreciate it if you could explain further about the ATO backflip on building writeoff and the section about non deductible interest ?? I’m sure it would be of interest to others also .
Thanks,Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I think Elka has covered most issues but if you’re not sure the tax office have a free booklet called “2006 Rental Properties” which you can dowload or get posted out:
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Very sound advice here from Richard but I think you need to talk with either a Solictor or Accountant as each persons personal situation differs and its impossible to really determine here all the circumstances.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Nats,
One of the major benefits of lodging through your Accountant is that they receive a lodgement program allowing them to lodge tax returns as late as next May 2007, otherwise its due 31/10/2006. Of course if you’re entitled to a refund you can lodge early but this certainly is an advantage if you’ve got a capital gains tax bill to pay.
If you need further help the tax office have a free publication “2006 Rental Guide” which you can downloan or have posted out.
http://www.ato.gov.au/individuals/content.asp?doc=/content/66031.htm&pc=001/002/042/011&mnu=5394&mfp=001/002&st=&cy=1
I left the profession after 15 years and now pursue my property passion. Much more fun than doing tax returns !!Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”You can download a free postcode search from http://www.propertyvalue.com.au. For actual property sales data (for a fee) you could try http://www.abr.com.au
Hope this helps, otherwise these figures are usually printed in the monthly API Magazine available from your newsagent.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”You’ll find general information about FHOG at
http://www.firsthome.gov.auAmanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Yes this is normal. Accountants just like Solicitors and other professionals charge a set rate per hour and this is scaled depending on how experienced you are. Accountants must complete daily time sheets (boring !) to allocate their time during the day, and usually at least 80% of the day must be charged to clients. A Partner can command fees of around $200 per hour and usually interview clients and deal with complicated tax issues. A Manager will be on a lower rate, possibly $120 per hour and the “tax workers” lower again, perhaps around $90 per hour.
To keep the costs down work is usually passed down the line but the Partner is ultimately responsible. The Partner could still do your tax return at $200 per hour but its much cheaper to allow the “tax worker” to do the same job.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Its a free service to obtain a copy of your own credit file although it takes around 3 weeks. http://www.mycreditfile.com.au
We recently received ours and were surprised how little was recorded. The information was years out of date and didn’t include bank loans and credit cards we have obtained over the last 4 years.
They provided us with a blank form to update our details if we so desired. Needless to say we declined the offer !!Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”It would be impossible to estimate your costs as each property and area is different. May I suggest you have a read of the following books:
“Smarter Property Improvement” by Peter Cerexhe
“Aust’n Property Development” Ron ForleeAmanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”We were advised not to remove the cladding on our property as it would be very time consuming to plug up all the holes created by the framing that is used to attach the cladding to the original weatherboards.
Not sure if you can paint over it though as its so smooth ?Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
