Forum Replies Created
Hi,
Interesting to read about Egyptian property oppurtunities!!
I have just been working there for the last 18 months (construction/mining) and travelled through there 5 years ago…..in short, Im sorry to say I wouldn't be interested & would warn people to think VERY carefully before "investing" there.
Yeah sure its a great country to visit with lots of history, there are plenty of tourists flocking at the moment….along with plenty of property developers looking to cash in!. Just remember that Egypt is not unlike the rest of the middle east when political unrest arises…they are all connected, trust me! One affects the other in some way or another. VERY volatile situations arise very quickly & the first thing it affects is tourism. Which Egypt relies upon immensley. This happened while I was there….twice….Then theres the corruption, its rife…
Also, I think its just worth noting, that while some of these resort apartments are quite nice & luxurious within their own grounds, more often than not the immediate outlying areas & services are 3rd rate & the majority of areas resemble a tip or a bomb site…not very attractive. (depending on the area; Hurgada & south is a good example; Namah Bay & Sham el Shiek are OK, but the rest of the Sanai coast isn't…Dahab & SES have also been subject to toerroist bombings in the last 2-3 years, not to mention what happen 10 years ago at Valley of the Queens!!) To give you an idea on the image of most of these towns/areas, all the business/local apartment buildings built next to these resorts are never completed; as there is a local completion tax when the buildng is finished, most Egytian entrepenuers leave the top story unfinished so they dont have to pay the completion tax resulting in an unsightly streetscape next to resort apartments!! Also, business wise the people are difficult to work with at times…this would be a very challenging situation for an investor.
My only advice for those thinking about this is that you need to Keep It Simple & invest in a place that has had a good history of growth with minimal volatility…especially in these economic times!! If the US, Uk Europe & Aust are doing it tough in various markets, housing etc & the talk of recssions, what do you think happens in the poorer, more unstable countries….Dont want to sound too negative or against the idea, you just need to tread carefully in these countires. I would want to keep my investments in historically good areas & close enough to keep an eye on myself….
regards
AndyHi Moyjos,
I know that if you transferred the property into a trust name (from you personally) you would incur the normal stamp duty on the value of the property…(same as if your selling it)
In a company name, Im sure the stamp duty would be claimable through the business, but I dont think it is through a trust (??).
Best advice to give you is find an accountant that deals with trusts & companies. I found a good one a while back & has been great for setup & advice…cheers, Andy
cheers
Hi All,
I just want to ask if gst is payable on the sale price if you are developing under the name of a trust (discretionary)??
cheers, Andy
Gidday,
You can get all the information on av. prices , rents and other info, for each suburb from the Valuer Generals office…usually costs a small fee. Check with your council what the area is zoned for (density level) & if there are any potential changes in the future to the zoning density…dont want to put you off, but in an area not far from where I am doing a 3 unit dev. the council is changing a current duplex zoned area back to single dwellings!!
Usually, the best way to see whats happening in an area is to take a drive around & see if anyone is building units…if not, Id be wary and see the council first!!…best of luck, Andy
Hi Lostie,
If this were my situation I would get another property manager!…For sure. I had a really good one (in Perth) a few years back…get one that will work for you. Usually someone who's been at it a while & more senior.
I would fix the shower & hinges at my own cost but before I would, Id check out what is exactly wrong with them (shouldn't be hard to ascertain weather its a blokage, worn higes etc) & shouldn't cost much at all. (this is where you PM has more than likely not been inspected thouroughly…like opening doors, turning taps on, etc etc…its the first thing I do…even if the house is new!!)
Cat door is a luxury item, so tell them you'll do it for an increase in rent! Gutters should be their responsibilty…they are the ones living there not you!!!
The garage sounds as though it needs further investigation?? Is there a drain point nearby?…or a fall in the concrete to let the water run away?…these questions might be answered when it rains & you have a look…or put the garden hose on it & see where it goes??You should have a good read of the tenants & landlords rights & conditions…think you can get it from the local councils..sorry, I just cant remember…You really need to know your rights AS WELL as theirs…
Lastly, dont muck around, get some good advice, a new PM…its your INVESTMENT remember.
Hope this provides a little help.
Andy
ps; if they prove too much trouble, give them notice to vacate & get new tenants…you never know, you may get someone willing to pay more!!.
