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Viewing 20 posts - 521 through 540 (of 881 total)
  • Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    Hi,

    If your partner has not resided in the IP, then you should still be eligible for the FHOG and related benefits. The stamp duty concessions in NSW reduce once the property reaches $510K, but does not dissappear unless the price exceeds $600K.

    Have a look at the following link:

    http://www.osr.nsw.gov.au/portal/page?_pageid=33,63391&_dad=portal&_schema=OSRPTLT

    Regards
    Alistair

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    Hi Nigel,

    I’m glad to hear your trip is going well. Can you post some numbers up as samples of the returns available, with some commentry on the standard of the properties, quality of potential tennants and rental demand included. I think this would be an interesting read, as everyone is aware of the high yields on some properties in the US, but I think the understanding of risk:reward and reward:management effort is lacking amongst a reasonable percentage of people who are interested in the concept of overseas investing.

    Regards
    Alistair

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    Balmain NB like to sell themselves as a direct lender, but they are primarily a broker. They do have some funds that are sort of there own, through a joint venture partner, but they broker most of their loans.

    Regards
    Alistair

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    Hi Kylie,

    I suggest you email Nigel Kibel ([email protected] ). Nigel is in Texas at the moment and I’m sure he would be happy to answer your questions.

    Regards
    Alistair

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    Hi Pete & Jackie,

    Your first point of contact should be an architect or draftsperson who has experience with dual occupencies. They are the best source of info as to what you will be able to build on a given block. A town planner is also important and you should definately find yourself a good consultant town planner. Surveyors are important, but not in the early stages.

    If you are looking to develop in Victoria I would be happy to answer any queries you have re town planning, just post them up.

    Regards
    Alistair Perry
    http://www.town-planning.com.au

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    This is not a defense of Genisis, but you should have been informed that the heating has to be left on whether you have tennants or not, so the gas bill is normal. The alternative is letting the pipes freeze and having to replumb the building. This is and the management issue are two of the main things that have put me off the area.

    Regards
    Alistair

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    Hi John,

    You don’t need to use a broker, but why wouldn’t you? You’re unlikely to attain their level of knowledge (if they are any good) without a lot of work and they don’t cost you anything.

    Regards
    Alistair

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    Hi,

    I don’t think there is any correct answer to your question, it really depends on what is important to you and your goals. Your PPOR is a pretty low risk investment and is a good store of wealth as it will be CGT free, it also has a big impact on your lifestyle. The downside is that it doesn’t produce income and isn’t tax effective in terms of income tax.

    If your main wealth creation strategy relates to property then you should try to acquire an IP(s), if you are more interested in building wealth through shares, building your own business etc. then maybe a more expensive PPOR would be a better choice.

    Regards
    Alistair

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    For those interested in the US, I thought you might like to know that Nigel Kibel, a regualar contributor to this forum, has been contracted by a large real estate business in Texas to assist them in setting up both a property management and investment division. For those who haven’t had much to do with the US, most realestate businesses over their only deal in buying and selling, very few have property management arms and fewer still have services aimed directly at investors.

    I don’t have a lot of details and Nigel might be able to add some more to this post himself, but I gather that the business will be aimed at interstate US investors, specifically Californians. However, I’m sure it will be a good resource for those Australians who wish to spread their wings into the US.

    Regards
    Alistair Perry

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    A bank guarantee basically requires you to place money in a term deposit, you then fill out forms which basically prevents you from withdrawing the money without their consent. You don’t have to give it to the landlord. As the amount is relatively small, why not speak to your bank about lending the money unsecured, as the interest charge won’t be that great.

    Regards
    Alistair

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    Hi DLPP,

    The guy wasn’t a property investor, he owns a trading firm, although he did own a few supermarkets through which he sold his products. Baby food was his biggest seller, appprently they don’t have it over there.

    There is definately a book coming out about the couple who were kidnapped. Some people may remember the incident, it made front page news at the time, although it was a long time ago 15 years +

    Regards
    Alistair

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    Hi Bronwyn,

    I have a lot of relatives up your way, so I know the area well. It would be a great place to live. The Pacific Hwy was upgraded not that long ago, what more are they doing to it?

    I don’t think you have done the wrong thing by paying all you money into the loan on your farm by the way. But back to your question. This is a very interesting situation, and i can’t say i have a definitive answer, but I your property still has value, as it will either be acquired by RTA or will become saleable again, you should therefore be able to lend against it, maybe at a lower leverage. I’m going to ask around for my own interest sake and will post whatever feedback i get.

    Regards
    Alistair

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    Hi Zoe,

    With regard to the body corporate fees, i have a friend who runs the industry association for body corporates in Victoria. Send me an email and I’ll email you back his email address, he should be able to help you.

    A cheap source of campartitive sales is http://www.homepriceguide.com.au

    Regards
    Alistair

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    Hi Lee,

    I’m glad you found a broker you are happy with. Please don’t take my post as accusatory, you are under no obligation to use anyone here. Having said this, the brokers on here put themsleves on the line every time they give advice, so it is pretty clear if you read a few posts whether they know what they are talking about or not. This is a pretty good filter I would think.

    Regards
    Alistair

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    Great post Damian. This is a cause that everyone should consider supporting. We (Australia as a nation) have shown how generous we are with the support we have given our neighbours when they have been in trouble, we should, at very least, show the same support for our fellow Australians.

    Regards
    Alistair

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    To both Nik’s and Leebee,

    Quite frankly you are doing yourselves a great diservice if you don’t use one of the great brokers who post on this site.

    With regard to mortgagechoice, xinc and any other of those groups, there is a reason why they need the backing of a franchise system to drive business for them. Indepependent brokers make considerably more money per loan, but have to be good to get work in the door, as they don’t have the marketing support of these groups.

    I own a broking business, and I can tell you categorically that we have never lost when competing for a client with a franchise broker.

    Regards
    Alistair Perry

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    Hi Matt,

    It is importantr when you get started that you keep in mind that therte are two things you need to be able to keep moving forward, in terms of investing, those being equity and income. You already have a reasonable income, but little equity, so you first step should be to remedy this. You are unlikely to make great gains in equity by purchasing an existing property and doing little or nothing to it, given the current market. I would suggest a strategy that includes renovation or small development would get you moving more rapidly.

    Regards
    Alistair Perry

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    Hi Anita,

    It sounds like you have been approached to provide Mezzanine finance. The return on this sort of investment should be 20%+ because it is high risk, as many investors in Westpoint have found out. Be careful.

    Regards
    Alistair Perry

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    You can get up to 95% on student accomodation in some circumstances eg the building must be less than 10 stories.

    Regards
    Alistair Perry

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891

    Sam,

    I’m sorry if you have had bad experiences with consultants before, but the quote below is far from accurate, in the vast majority of cases. Any consultant who is not focused on getting the result their client wants will not be in business for long.

    Town Planners, architects (or designers) and engineers are costly and they are more focused on their fees rather than whether you get the specific townplanning outcome you desire, so be careful and be sure you know that the planning outcome is what you want.

    If you hire a consultant in any of these fields expect to pay a reasonable amount, if they are any good, but this will be a minor expense in the totality of the project. Their performance is also pivotal to the outcome and you should be prepared to pay for good advice.

    fbd1,

    You should be careful of any advice you get from a council officer, the people on the front desk are generally the most inexperienced, and they are prone to changing their minds anyway. If you think the property is suitable for rezoning do what virtually all successful developers do, seek the advice of a town planning consultant.

    Regards
    Alistair Perry

Viewing 20 posts - 521 through 540 (of 881 total)