Forum Replies Created
shares… a whole new frontier of expertise. it would be interesting to apply that leveraged scenario against Healthscope. fortunately the banks are risk averse a little more than that and would save ourselves from this tragic fate – the gearing levels are well down on margin lending for a reason.
http://www.megapropertygroup.comINVESTMENT SALES * RENTAL SOLUTIONS * STRATA MANAGEMENT
part of the blame must lie with ASIC – these unregistered schemes are all over town yet they do nothing about them. our company does the right thing and abides by the law and it is frustrating to see others flouting it without ASIC cracking down on them. The Westpoint schemes are of such a magnitude and so widely promoted that is is impossible to belive that ASIC didn’t know what was going on – if not they should have.
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Hi Property WA – what is the name if the company?
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yes sounds all too familiar. With one particular nightmare I had it was a real battle with all sorts of neighbours coming out of the woodwork… interesting that I just receievd a letter from the council that one of these guys wants to subdivide. our development fully complied yet we got put thru the wringer, his didn’t and got rubber stamped (despite my tit-for-tat objection). go figure.
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yes make the most of the opportunity to buy whilst the market is cool. The Perth market is running ahead so fast that is hard to even get offers in – not an environment for ferreting out good deals or development sites when you are competing against a long list of other buyers.
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Hi Mei – summit are among the cheapest, plunkett usually quote cheaply too. be wary of build times though – allow plenty of time for completion. not sure what the council is like there but allow a few months for that as well whilst you to and fro. also the DLI is seriously backlogged and it is taking a few months to get titles out of there – and unfortunately that all happens at the very end… one of the big drawbacks with unit developments which makes me wonder with the way unit sites are priced these days if you are just better off buying new green title cottage lots! (if you can get hold of some of course).
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yes I think the industry is long over due for attention – the planners that are just selling funds and hence earnign commissions should have a different name to a planner that charges by the hour and gives unbiased advice.
http://www.megapropertygroup.comINVESTMENT SALES * RENTAL SOLUTIONS * STRATA MANAGEMENT
it is quite difficult for agents to purchase property that they have been asked to appraise. to try and snare a bargain would almost beg a REBA investigation. in talking to REBA the other day about a slightly different topic, they said that the agent would need to conduct a valuation by a licensed valuer to ensure that their offer is not below a fair market value. And of course a disclosure goes without saying – and as soon as a seller sees a wordy disclosure of this nature they are bound to freak out and think somehting dodgy is going on. it really is too hard and not worth the hassles… easier just to go buy someone elses listing.
flatout – the experience you covered is interesting. it is illegal to refuse to write up an offer to start with. but realistically what would it achieve if it had been written up? the seller knows what they want and they were just saving you time. does the related party issue have any bearing on the final sale price? does the buyer really believe they may have got the property cheaper if the agent hadn’t been related to the seller? if the agent has secured the last $ for the seller then they have done their job (tho I dont condone refusing to write offers!)
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Simon I too hold similar regrets. However, will this trend continue into the future? every man and his dog including the UN and Madonna seems to think Australia has had an extreme period of house price inflation. Imagine neg gearing in a steady or declning market i.e. losing money on a weekly basis on an asset deflating in real terms.
more facts are required re this situation. Zachhog where are you planning to live whilst you rent this out and at weekly rent? Or are you plannign to buy? and congrats on a huge tax free gain!!!
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hard to answer without all the facts. 90% is quite an agressive lend anyway – do you really want to go higher? is this on a neg gear or pos cashflow property? how much is the property you are buying?
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its a heck of a sales pitch. owning property in Thailand appeals to the emotions but realistically how often could you use it? I suspect I would be better off renting for the occasions I go there.
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also the weather is so ordinary in Perth this year that the only danger of a bushfire would be a spark from the open fire trying to keep the house warm. seriously – what is up with this weather?? this is the cuckiest weahther pattern ever!
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Originally posted by calvin@thirty4:So is it the tennants responsibility or yours?
Building sites are a little different – if YOU are the builder, AUSPROP I’d expect you to be responsible for it, but what if you have bought a House and Land Package? technically it is yours but realistically it isn’t until lockup stage (I am assuming that that will co-incide with settlement).
Cheers
C@34Our greatest weakness lies in giving up. The most certain way to succeed is to always try something one more time.
– Thomas EdisonCalvin I would say that both technically and realistically the problem is yours. the builder is building you a house, not worrying about your gardens. Note that because something is labelled as a “house and land package”, you still bear the responsiblility and are basically a developer, albeit a small one.
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“Research the estate as theres no shortage of land in WA”
Hi asdf… I thought about this comment as I was walking down the beach tonight without a soul around me. I was thinking that beachfront land really isn’t scarce in Oz, after all there’s millions of miles of the stuff in this country. The key thing is – how much of it is accessable and serviced ready to build on? WA is a vast state, but love nor money won’t find you a titled block at present, nor the foreseeable future.
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yes I get sore eyes just looking at this bright new format. it has some nice new functionality and the font is great but the advertising in the middle of the posts is driving me insane. I would think this sort of advertising is either going to work once or it isn’t i.e. if you have been posting here for 3 years I don’t think an ad in the middle of a post will inspire you to rush out and book a seminar.
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Keep in touch with the sales agent (Rod). have a chat to him about what’s coming up. make sure you are on his email and postal list, as they circulate this a little bit before each formal release.
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the way I see it is, they can’t keep releasing land 300m from the waters edge for 25 years… there is only so much coast line. and the alternative Harford Grove land was priced so cheap that it more than allowed for the inferior location. this is sort of similar to the baldivis/rockingham situation, where despite being oodles of land, the more that they create in baldivis just makes the exisiting rockingham land more valuable by virtue of the ‘tunnel effect’
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bear in mind that a put/call option attracts immediate stamp duty for the full sale value, so you would have to find someone willing to give you a call option for 12 months or so. why they would do that I don’t know but it’s a big fishpond out there.
Rick I think that nominee loophole was closed in most states some time ago. the logic being hat you can’t nominate someone you don’t know yet. in hindsight it always seems easier to make money in the past hey?!
CGT – I don’t think this is a passive style income and would expect it to attract full marginal tax. check it out anyway.
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JETT before you add that profit to your assessable income you would need to pay the gST which in very loose terms works out to be 1/11th. so if you made $110k, pay $10k GST, then pay the 47% or whatever ont he $100k.
you are much better off being a passive investor, so yes build them, rent them for a while and if you wish to realise them then do it over a period of time.
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the WA labor govt has had a shocking track record for draining tax from property investors and they have continued to turn the screws via the state revenue office. the advice from my legal conveyancer was that the situation has recently become so bad that she would recommend not using nominees at all. I have adopted the view now of just making offers in my own name and doing related party transfers prior to settlement if I have to fick them into another name. they only cost $20.
also I am told that despite how you word the nominees i.e. “and” “or” whatever between them, the WA state revenue dept has adopted a mentality that all these parties are nominated, so to use just one party means transferring from all the other parties.
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