Forum Replies Created
I asked Steve this very question during the Brisbane Property Masterclass and he replied that all good tenants should be on at least a 1 year lease. He further stated that an increase depends on market conditions and demands, but its better to have small increases annualy than a big lump.
Sounds fair to me.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Come on Dazzling, give the guy a break. You can have your very own “Minty”
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Xenia,
Most employees will have superannuation held in work superannuation like “Gosuper” or “AMP” etc. but a self managed super fund is more personal. It usually consists of up to 4 family members that pool their superannuation into a SMSF. This is a seperate legal entity that must prepare finiancial accounts and lodge tax returns just like a trust or company, at the concessional tax rate of 15%, however it must also be audited each year, and follow strict laws as set down by the Tax Office. These funds must be held by the SMSF for the sole benefit of the members on retirement.
Most people self employed or in business will use a SMSF to allow them a tax deductible contribution, thus reducing their personal income tax bill. By managing the fund yourself, providing you follow the “rules” you can decide yourself where and what the fund invests in.
I hope this has made it a bit clearer !!Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I’m out west of Ipswich but don’t mind a drive into the “big smoke”.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I taught myself to tile a few years ago after watching a professional, getting a book and watching that video from Bunnings. Its not hard but very slow at first. A grinder is good for cutting and DTA have some great tools (from Bunnings) which may set you back $200 at first, but then you’ve got them for life. Make sure you seal, waterproof and prepare the area first. This may require putting down 10mm fibre cement sheeting.
You’ll be so proud of the end result I’m sure, even if you do have sore knees !!Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Cata,
I found myself down in the dumps several weeks ago too and made this post titled “Mission Statement”
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=24033
I thank those who posted words of encouragement on this forum. It has helped by being around like minded people who realise that we all have “grey” times.
Try to put problems into seperate boxes and tackle them one at a time so its not so overwhelming. We all deserve wealth in its many forms. Keep shining.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Wex, a self managed super fund must meet the following Compliance filters
1. Prohibition from lending & giving financial assistance to members & relatives Sec 65
2. Restriction on asset acquisition from related parties Sec 66
3. Prohibition on borrowing Sec 67
4. Investment must be at arm’s length Sec 109
5. In-house assets restrictions Sec 69
6. Sole purpose test Sec 62This is not an area of law to test without first seeking professional advice but on the face of it I’d say “NO”.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Sorry Redwing, but a S’fund cannot go into partnership as this would breach Sec 62 SISA, perhaps you’re referring to a Joint Venture. Seek professional advice from a super expert http://www.findlaw.com.au/
Super fund Compliance filters
1. Prohibition from lending & giving financial assistance to members & relatives Sec 65
2. Restriction on asset acquisition from related parties Sec 66
3. Prohibition on borrowing Sec 67
4. Investment must be at arm’s length Sec 109
5. In-house assets restrictions Sec 69
6. Sole purpose test Sec 62Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”We use abr.com.au here in QLd but they also service other states.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Thanks Glen and Julie,
Maybe I’ll give him a “Special” hug tonight !![ohno]Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Email sent to Stuart
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Looks like Jenny1 likes to mulch and do edging !!
Clean or paint front door and replace entry set.
Sadly for us in SE Qld a garden is not possible due to water restrictions so if you do plant a garden make it low maintenance and drought hardy.
Make sure the house number is visable and/or replace.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”It will depend on your local Council requirements and the zoning of the land. Assuming low density though most Councils will require you to connect at least water, storm water, sewerage and driveway access. Electricy and phone will depend on the area if its above or below ground. The Council will detail out the work necessary in the DA approval but I suggest you have a chat with a town planner first.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Kiwi,
Wow I also didn’t know this could happen. I just assumed like Ben that the bank would chase the vendor for any shortfall. Do you know how much short the sale is from the mortgage, I mean how much are we talking about here $5000, $50000 or ????
Michelle you can do a titles search yourself (for a fee) through either RP Data or ABR.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Fatman,
The property is in Raceview, which is a suburb of Ipswich.(Qld)
The city of Ipswich has around 140,000 people and is around 45 min west of Brisbane. It has suffered in the past from a poor image but has been undergoing some major changes lately. A lot of new development if happening and the city centre is having a “facelift”. There is also a lot of industrial property in Ipswich along with Amberley RAAF. According to the SE Qld plan the population of Ipswich is expected to almost triple in the next 20 years. I suppose you would liken Ipswich to Parramatta in NSW or perhaps Ballarat in Vic.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Dave,
We usually just approach the RE agent and ask for a written contract as we would like to submit an offer, but if you were to use a letter I’d include RP Data details of how you arrived at your offer, facts that detract from the property position, any structural defects and general condition of the house. Don’t forget the deposit cheque as it also shows you are a serious buyer.
Let us know how you go.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”So true Ros.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Thanks guys for all your words of encouragement. We all have good times (see my post “My turn to Brag !”) but its often harder to admit the low points.
Best wishes to everyone driving to achieve their personal mission in life.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Hi Guys,
In my opinion the house was not rentable when we bought it. The stumps, although concrete had moved in the black soil and the place was like a ship with doors not closing. Not to mention the leaking roof and how dirty it was.
This is our second job for the 2006 tax year and we sold the other for a $60K profit with only a 6 week turnaround, so we intend to hold this one. The other reason for holding is the land is zoned suitable for a duplex so the plan is to hold the property for 5-10 years and then either sell or do the development ourselves.
In the meantime the rent just covers the loan and we can use the equity to repeat the process again. This was our fifth reno alternating with sell and hold.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Friends and money don’t mix, thats my opinion.
If you must go down this road I’d make sure you see a Solicitor and have a Joint Venture agreement drawn up which covers the following points;
Purpose
Role of each party
Capital contributions
Share of ownership
Management
Duration
Exit strategy and dispute resolutionAmanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
