Forum Replies Created
Very helpful .. thanks Terryw taking time to comment and impart your thoughts. Appreciated very much. Took me 20 years to acquire just 4 properties with little knowledge except looking for future security. Must admit I made lots of mistakes structuring. Have read Steve's book and will continue to educate myself even though a bit late in the game! Thanks again.
Thank you very much Terryw. The land was $26,500 in 1990. I built the basic house for $80,000+, then did all the usuals; fencing, floor coverings, window treatments, paving, landscaping etc. When I moved out it was valued at approx $220,000. When I moved back in approx $325,000. Am a single parent, sole owner. You say '.. you have to add back any depreciation claimed – but this depends on when you purchased it and you may not have to in this situation'. Can you explain that further please?
Hi Terryw .. yes I lived in property I built for years prior to renting it out. During that time I bought 2 other IP's. I then rented out property No.1 and went to live in one of the IP's which was then my PPOR for 5 years. I have moved back to property No1 and have an offer on it and am trying to work out CGT position. Thanks for your comments.
No, not in Vic – MickinVic – but presume you are.
Not sure how 2nd mortgages work but will research and consider. Thank you Qlds007.
Thank you Terry. Have been hanging on with 3 properties on the market and 2 deals that fell over on finance. Glut of property for sale in my area. If I sell this property I will have no financial troubles and time is now of the essence otherwise I would hold on for market value. We have considered stamp duty and legal fees which seems a better option than default on all 3 properties. It seems a simple solution until one of the other properties sell but am concerned I'm missing something??
