NOt an tax expert, but my understanding is that acquisition costs as Derek has said can be offset against a capital gain. the capital gain does not have to be on this property, but if you don’t have any other gain, then the acquisition costs hold over until you sell the property and then you can enter them against the capital gain you make (assuming a gain)
Cheers
CD

CastleDreamer
“+CF properties in NZ available now, email CastleDreamer or Minimogul”

Hi Recoveryman,
you really need to speak with an NZ accountant and an Aussie Accountant. I seriously recommend not just taking an Aussie accountant’s advice unless they have good NZ tax knowledge, and vice versa. I have my accountants talk to each other to make sure it works on both sides of the Tasman.
Cheers
CD

CastleDreamer
“+CF properties in NZ available now, email CastleDreamer or Minimogul”

Due diligence covers significantly more than building inspection. I wouldn’t limit myself to a building inspection unless the vendor declined the insertion of the due diligence clause my solicitor provided for my use:
“19.0 Due Diligence: This agreement is entirely conditional upon the purchaser approving in the purchaser’s sole and unfettered discretion all matters that the purchaser considers may touch, concern, or affect the property ….. “
I think that pretty much covers anything reasonable that you might wish to investigate. What if you found that the property was next door to a Drug House? With only a building inspection clause, you would be required to actually pay for a building inspection and then fall over on it, irrespective of the quality of the building – that’s not real honest, and a waste of money on a building inspection … A ‘due diligence’ clause allows you to legitimately exit the Agreement on real not pretend grounds as found…
Cheers
CD

CastleDreamer
“+CF properties in NZ available now, email CastleDreamer or Minimogul”

I second Westan’s caution about finding a property spotter for you. Any spotter should be able to happily provide you with examples of prior deals. References from previous and current clients if needed, impartial contracts that allow you to fully investigate the contract and property to your satisfaction, independent access to solicitors, property inspectors, valuers etc etc. As a spotter we should sit completely out of the decision making process for you while you investigate the property. We will be available to assist and guide you if you have queries, but we should not make decisions for you because that is potentially impartial and not in your best interests.
Ideally spotters will demonstrate time in the market they are finding property in, they will own property in those areas and be able to provide information in support of their choices to market property from those areas. The information and knowledge shared by a spotter should not be mixed up with legal or financial advice. That’s not what we do, but we may be able to point you in the direction of some professionals to get you started.
Spotters need to have integrity right down the line with every person they are dealing with in the chain from vendor to purchaser and all others in between.

There have been some stories floating around about spotters doing the wrong thing by clients and vendors alike. When choosing a spotter, make sure you ask heaps of questions and satisfy yourself as to their integrity and ability.

As Westan says, 10% deals are not automatically good deals on the figures alone!!!

Cheers
CD

CastleDreamer
“+CF properties in NZ available now, email CastleDreamer or Minimogul”

Hi c.stone,
this would be one of the most asked questions I think from new forum members!!! – and some of the most closely guarded information on the forum!!
Generally people will not give away their investing locations except to speak in general terms – a lot of work and effort goes into researching and finding the right market – investors don’t give that away for nothing…
Others have asked similar questions on the forum before – a search of similar strings might yield some information – although times move and info dates.
Welcome to the forum. Trust you will find it has lots of useful information here to assist you in your property journey – only you can make the choices about where to invest though!!!
Regards
CD

CastleDreamer
“+CF properties in NZ available now, email CastleDreamer or Minimogul”

Suggest that DD’s services in SE QLD would be excellent starting point – a dynamic spotter who will help you get a good return in a decent growing area of Brissy or surrounds.

If you are after NZ, then go with Geo’s recommendations – you can also PM tasinvestor as well for NZ stuff.

Cheers
CD

CastleDreamer
“+CF properties in NZ available now, email CastleDreamer or Minimogul”

Hi Judi,
there are quite a few alternatives to paying heaps for spotters – check around on the website here for Westan, Tasinvestor, Minimogul, or pm me….

Cheers
CD

CastleDreamer
“+CF properties in NZ available now, email CastleDreamer or Minimogul”

I’ll step in in the absence of any other forumite!!
I have used a couple of members on this forum as buyers agents for me.
I watched the forum for some time, interacted with them, met them, and got references and went with what I thought seemed OK. The deals have been good ones, and I am happy with their service. These guys are in NZ, and I would use them again if the right property for me came up that I could not find myself.
You need to get references, get clear information about what a spotter will do for you, what you get from them, what legal agreement you enter into with them (when they sign the Contract to Purchase over to you) and stuff like that.
A reputable buyer’s agent should not try and push you into using only the people they say you must (although they will help you by recommending good reputable independent solicitors, bankers, valuers, building inspectors whatever) A reputable buyer’s agent or spotter will not try and pin you down with a money up front no refund, unconditional contract. At the least you must be able to conduct your due diligence and make your own decision about whether to proceed with the deal.
If you have an NZ interest there are several of us on the forum sourcing property on others behalf – Minimogul, Tasinvestor, Westan can all help out. Try PMing or Emailing them if serious about NZ.

Come on guys out there, some feedback about Aussie spotters would be helpful for elika!!!

Cheers
CD

CastleDreamer
“+CF properties in NZ available now, email CastleDreamer or Minimogul”

Yeah, not always going to get interest rates, but I have had conveyancing fees paid for me in part, discounted insurance, free valuations, all without being on a professional package. I guess part of it is striking a bank person who will listen and try to help, the other is all the other things here… threatening to move, how much bank sees you as valuable etc etc etc.

CD

CastleDreamer
“+CF properties in NZ available now, email CastleDreamer or Minimogul”

Hi there,
i have friends who are not Aussies who have bought homes/houses here. Can’t imagine it would be to different for you, but you should probably check out the ATO site and you could ask an accountant I guess….

Cheers
CD

CastleDreamer
“+CF properties in NZ available now, email CastleDreamer or Minimogul”