Forum Replies Created
I have bought property using the going concern clause so no GST was paid on commercial.
Commercial property I believe, returns more overall and you aren’t often changing tenants.
Before you let your accountant talk you into anything, I would get a second opinion just in case. They aren’t always right.
Byronent
Adelaide SASpeak with a few financial planners, and an accountant.
Whatever you do, don’t sign a thing until you are sure and run it by a solicitor. It may be expensive at the start, but it will all worth it in the end.
If you choose property investments as your future, Read Steve’s books and check out the forums, lots and lots of info here that will get the brain working over time.
Byronent
Adelaide SAhttp://www.sharemarketcollege.com/home.php
that is a good start.
But don’t by the software, it is very expensive and not worth the money.
Byronent
Adelaide SAI can’t see how that would work.
A joint venture meaning two parties owning the same property. Using that property as security for a loan?
Wouldn’t that decrease the security value available for purpose of the LVR by the percentage owned by the super fund.
Would you not also have to be the other party to make it work?
Byronent
Adelaide SAYou can buy properties that have more than one dwelling on it. Say 3 Units/Townhouses/Flats whatever you call them on one title. The only problem with multiple dwellings on one title is you can’t sell them off individually.
Strata or Community titles if approved let you break up the one title so that you can have one dwelling on one title. Sure it increases your rates, water etc on that investment, but your capital value increases and so to the ability to sell a few when you please one at a time.
Hope that helps
Byronent
Adelaide SAMy accountant suggested I get a credit card in NZ and use it as i wish. There is no real need to bring the money back and if it doesn’t hit our shores, why declare it?
Byronent
Adelaide SAMarsden, based on your theory, do you own any property?
I have never had a property empty for more than 10 days. I only buy “dogs” as defined so well here.
My accountants keeps my tax bill to an absolute minimum. Especially after I showed him an article from the USA. IN short, one of the accounting associations sends out an example to the top 100 accountants in the country. The best result varied immensely from zero tax to as high as 69% tax which was 20% off the worst case scenario.
So as good as we get in investing and property portfolios grow, accountants are a very important aspect in our plans and success.
Byronent
Adelaide SAI would be interseted to hear your answers to the above.
Byronent
Adelaide SAIf you have funds, wouldn’t you put them in an offset account? Or you suggesting you get an LOC to make available funds for investing in IP?
Byronent
Adelaide SAI always wandered about that. Very simple explanation.
Aren’t you accountants getting fancy, Profit & Loss statement has a new name.
Byronent
Adelaide SAit doesn’t bother me, I don’t use my mouse to read, so green, pink blue I don’t really care. AS for info boxes, I don’t use my mouse to read as I said, so I don’t get them opening up on me
Byronent
Adelaide SAI only use accountants that do what i do.
Otherwise they are just no good for anthing other than advice on how to minimise tax
Byronent
Adelaide SAWell i can tell you, that is not my current accountant so i am relieved.
You realise there are some Property Managers that guarantee rentals. i mean they say we promise to give you X no matter if we rent it or not. So your 40 weeks goes out the window instantly.
Anyway, you learn from your errors faster than your successes and if you don’t, you deserve to be burned.
Byronent
Adelaide SAPM on the way Alf.
Jo ok I concede, dog may be harsh and foolish is probably a lot diplomatic. But you get my drift.
Byronent
Adelaide SADo you own your own home? Do you have any equity?
You say you have a CF+ property already. Does it have equity?
10k in some areas is a great deposit.
Byronent
Adelaide SALucifer_au you sound like a man of my own heart. I totally agree with you on this one.
Jo, I am going to have to agree with Lucifer. It really depends on how you pull off the investment as a dog for one could be a gem for another.
Alf, can I ask who the accountant was? Sounds like you are a local also. I have made lots of great deal in Salisbury/Brahma Lodge/Para Hills. Just about to do two subdivisions, just waiting on approvals.
One was a dog investment, well in the eyes of my mate, so naturally I had to take it off his hands. I mean what are mates for. I even showed him the numbers, his wife thought I was nuts and told me that if I was so sure then I should buy it and do it myself. Well I did just that and it is looking to be a great deal. He should never have listened to his negative geared wife. haha
Byronent
Adelaide SAI would have told you to jump on in and buy up.
These areas you described are my favourite.
Take SA Salisbury. You could have bought a 2 bed Flat here for $35k not even 4 years ago, now anything under $100k is a print error.
My point is if you are near CBD, most areas will increase at some point. If the return is positive, I am guessing the rental would have been close to $100per week at the time, then I would have held on, or bought up or even borrowed against it.
Byronent
Adelaide SAyes but how does he relate that to a dog?
Byronent
Adelaide SAHi Steve,
If you need any help with web design or features, I have a good team of people that can help out or offer some advice.
Byronent
Adelaide SAHow can you call that a dog?
Just cause it didn’t sell doesn’t mean it was a dog?
What was it renting for? Why did he sell it?
Maybe he priced it too low and all thought something was wrong with it.
There are many factors to look at here. where was it for example.
Byronent
Adelaide SA
