Forum Replies Created
you can reduce stamp duty, it is shonky but if you both agree to trade a 220 property for say $150k or something like that.
You then run the risk of the stamp duty office asking for a valuation for stamp duty pupores.
Byronent
Adelaide SAAll I can say is it is usually a long term relationship so choose yoru partners carefully.
Byronent
Adelaide SAWhat do you mean trade?
Property and cash for new property?
Byronent
Adelaide SAYes and what if it is not a mining town.
Not every single country town is founded on the back of mines.
You can always get mines life cycles and estimates.
Take Broken Hill, all thought the town would die when BHP and Pasminco abondoned them.
Population around 23,000 3 largest town in NSW and I have never missed a beat rent wise there.
Byronent
Adelaide SAIs it with Telstra?
Byronent
Adelaide SAI lived in the complex of four that i owned and the tenants didn’t know.
I would just let the PM know everytime something was happening that I didn’t like.
It worked quite well and kept my mind at ease….in the beginning.
Byronent
Adelaide SAFind another lender and get a new broker.
Should be an easy deal.
Byronent
Adelaide SAGet another lender or broker to help you.
That is ridiculous.
Byronent
Adelaide SAThis is deal is called cashback.
offered by cashback australia
http://www.cashbackaustralia.com.aubacked by cashback america.
What I suggest is she read the small print. She is paying for the phone over 12 months and then gettins that money back. Nothing to do with calls.
You can get computers, fencing, cars, phones, plumbing, boats, lawn mowers, the list is endless the same way.
It works, we use it in our stores to sell our products.
Byronent
Adelaide SAContact the council.
If it is happening they will have it.
Better still go to the website, I am sure it would be plastered all over the place there.
Byronent
Adelaide SAYes this one.
Byronent
Adelaide SAA few questions I have for you both.
The mortgage on the Clovelly property I presume was to buy it as it was an investment property?
Either way why not mortgage the maroubra property and payout the Clovelly one or do a deal like that on paper between you and her.
That will change the focus on your current debt from PPOR to IP. Then it is tax deductable interest, cots etc.
I would not sell. I have a business in Maroubra and can tell you with the new developments going on Maroubra will become another Coogee or Bondi.
PM me if you want me to explain what I suggested. If your accountant is advising to sell then I suggest you need a new accountant. Friends are good to advise but I would never act on their advice, some are driven by jealousy, others by illogical basis, some even out of kindness advise poorly as it never costs them long term.
Byronent
Adelaide SAStand firm on offer and maybe make it unconditional.
Finding out what the motivation is to sell would also help get you an indication on what you can get away with.
For example when I sell, I give a price to agent, advise not negotiable and the only offer I want to see is an unconditional offer with my number on it. The agent knows I am in no rush to sell and therefor can wait. If it takes too long I actually up my asking price. Works ok for me.
Now renting as you suggested would tell me the house is livable and you will be instantly in a negative cash flow position. If you can sustain this while you subdivide etc then that is fine. If you can’t you may find yourself in a motivated position to sell quick if things go wrong and hence your price may be impacted.
One last thing I do and not sure if that is legal over there but I get other people to make offers also, lots of conditions and way under my price. Yes I know it is unethical but it has worked and does cause a panic if the agent is presenting all offers.
Goodluck.
Byronent
Adelaide SAAbbee, anyone that does what you want to do and is succeeding would and could be classed as mentor.
Friends and family are also there I guess if you can count on them for support and brainstorming. I usually use business people in fields that I am trying to enter that I have met through networking.
You find there are lots out there wanting and willing to help.
You searching for a Mentor?
Byronent
Adelaide SAAjent,
Doesn’t that clause state you may become liable should a number of things be presumed or in fact you were aware or deemed to be aware of certain actions.
I find it very vague, and as a director myself, I am very comfortable with anyone trying to sue. The action of litigation is one thing, actually succeeding is another.
Provided you don’t commit a crime, act fraudulently or intentionally or knowingly or even deemed to be insolvent then most of the corporations act protects you.
Where you are normally caught out is the personal guarantees some directors give out on top of the directors guarantees.
Anyway, that is my 2cents worth.
Byronent
Adelaide SAI am glad things are looking better
Byronent
Adelaide SAI do this and there is quite a few things to consider.
Time is never correct. Council say they take 3 weeks and then do it 9. Or 3 months and take 6.
Early access for subdivision is not necessary. You only need a survey to measure up to subdivide and then you start on plans. Getting the concept right for council is always painful. I would only be requesting access to commence renovations.
I would suggest 100 days is not enough. I have done it recently on a 90 day settlement, i settle next week and council still have not received my official plans as they can’t agree on the dam concept plan first.
Too subdivide and sell you would need more time and then luck to have everything go right and on time. To buy and renovate is completely different as it all rests on you and doable in the time frame, although I don’t believe you could renovate and sell in 90 days to settle on the same day you are settling.
It is something you need to do to see how simple it is, just frustrating. Requires patience and passion. The buy renovate/subdivision is great money wise, but timing wise, always a tricky one to predict.
Well that is my personal experience anyway.
Byronent
Adelaide SASorry it is late and I misread your reply.
Anyway, I would be considering if you can split the land and if so leave the current house on one and put a new house on the other. If you can do that, then I would suggest selling subdividing immediately and either selling the house or the land but not both, as that may put you in a capital gains situation.
Depending on the area you are in and coucnil guidelines, you may even put 3 or 4 blocks on. I know where I am, I have seen unit sites for as little as 220m2 although they don’t like to drop under 300m2 as the norm.
As far as costs go to do the above, you need to chat with various people. It depends on quite a few things.
1. What state you are in.
2. Council fees for application and subdivision
3. Who you use to do all this. Surveyor, architech, conveyor, solicitor etc.
4. Obviously the cost of the home and what you choose to put on if you do build on the subdivision
5. Renovations. I would suggest 25-30k to be substantial repairs.It is hard to give you a straight answer based on what you have given us.
I hope that is more helpful. Sweet dreams
Byronent
Adelaide SAThat is what you get on variable loans.
They changed. If you got a fixed rate loan, I was under the impression it took effect from the time you signed the deal and it was accepted.
Byronent
Adelaide SADepends on the town, I don’t mind having all my eggs in one basket, I just keep changing the basket.
Byronent
Adelaide SA
