Forum Replies Created
No problems, the document you need to get to your deposit is a “Section 27”.
I would suggest to anyone to apply for this as soon as your sale contracts are signed…. just be on the safe side.Regards,
Arty.
[
]Ripp..Thank you for the luck, we are going to need some…
Regards,
Arty.
[]Yeah I hope all of his 4 Burnham offices suffer due to being seen on Today Tonight, if not we well push them till they pay up.
My wife and I have attended a couple of his auctions since, and opened the bid for the houses at $23,400 just to throw him off the auction.
And we’ll keep going it until he realises that for the cost of $23,400 hes business will suffer.
Regards,
Arty – Standing up for the little people…[}]I would think it wouldnt matter about your age, when you +ve gear, your tenants are paying out the loan for you, and you shouldnt need to add to the loan. So your not at risk of loosing the property, if things got out of control you still could sell the property to recover any costs or even Capital Gains…. but thats from a novice.
Regards,
Arty.
[]I was one of the ones on Today Tonight.. with the housing/real estate problems…
27/8/03 6:30pm channel 7…
We had problems with Burnham Real Estate….
Regards,
Arty.
[][][8D]Im a Analyst/Programmer too..about 14years now..
im 35yo and I want to leave work for the good relaxing life !.There seems to be heaps of IT people here, funny that !
[}]We bought 20 acres in Kyneton early last year, we were going to build our home on it. It cost $90K.
We changed our minds, due to the time it would take to build and add the utilities to a remote site, and decided to sell and find established.
6 months later we sold the land for $145K, easy money… then deduct the Capital Gains Tax of %30.
I still am interested in buying land as a CG investment on the side.
The only disadvantage is that you havent got tenants to pay your land loan, so you still need to pay the loan out of your pocket.
Hope that helps a bit..
Arty.
[]Lawry73 I see want you mean now…
I missed a day coming here, and the post I left was pushed off the list….So I had to go looking for it.
So categories seem the way to go.[
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Regards,
Arty.That maybe the case for wraps… but if you want to retain the +ve property, then you need to maintain it too.
I would like a +ve cash flow ongoing to live off, and retire on.
If the IPs are worth selling off due to high CG then I may sell, and roll the profit into a new IP… etc….
But this is all theory for now ..
Im still reading the bible….”0 to 130 properties….”Regards,
Arty.
[]Grouse..thanks for the tip…(hopping into the car now).. first one there gets them… [
]They are difficult to find, I was reading through the auction results the other day for properties in Melbourne, if you find one under $100K its way out in the sticks..
But I found looking at auction results a good guide.
Regards,
Arty.
[8D]Id like the consistant cash flow, to replace my wage. So the sooner the full cash flow goes into my pockets..not the home loan the better…
Many thanks to all that replied to this.
Regards,
Arty.
[]Many Thanks for your answers!.
It sounds like a dedicated private PM is the way to go then.
Regards,
Arty.
[]But isnt that the whole idea of this site… to positive gear cash flow and accumulate property…
You need to accumulate a fair amount of properties to replace your salary to become financially free…
Without a plan to manage them you will get more problems than you can handle.. if you pay an agent to assist your wasting your positive cash flow on agency costs….
So does anyone have an answer ?
Arty.
[]..Seems like there is no answer……
If you have 130 properties… and financial freedom… you spend the time running around looking after the properties you have anyway…
so you wouldnt have much spare time for yourself anyway…
…still concerned..
Arty.
[]Thank you all…
I was considering buying sub-divideable (“ifs thats a word.”) blocks ~ 10 acres, and dividing them up into 10-20 1/2 to 1 acre blocks for re-sale after 12months. But I cant generate income on a vacant block, it would all be Capital Gains.
Thats something I may still do, when I have IPs that are generating income. At least the sale(s) would help cut the remaining balance of the IPs loans.
Thanks,
Arty
[]I bought a vacant block of land in Kyneton VIC for $90K and sold it 6 months later for $145K still vacant.
Because we sold it under 1 year we paid 30% CGT.(we didnt know about CGT then..)
Does anyone know how much CGT would be after 12months, in that case ?
Regards,
Arty
[]Good Idea..
There should be a new forum category for it though… So we could just post the properties details and it wont get lost in the usual forum.It may be worth enforcing a standard for the subject line too, so you can easily see what area the properties are in… ie.
“VIC – St.Kilda”
or
“VIC – Collingwood – Residential Detached Unit”
etc…Regards,
Arty.
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