Forum Replies Created
Legally you should rent out your IP at market rent (ie arms length) to qualify for normal deductions. Otherwise everyman will rent it out to his buddy for $10 pw & claim $300 pw interest. If somehow your children can ‘pay’ market rent to you – then I can’t see why it is not normal IP.
Re holiday house – again legally you only claim the period that you rent out the prop. If you use the holiday house to ‘live in’ say 3 mths – then no deductions will apply for that 3 mths.
Even you make mistakes 2 yrs ago – the prop value now should gone up 40-50% isn’t it ? Care to share your mistakes for us to learn?Cheers.
I think basic 3br fibro starts at 270+ at blacktown. Decent houses would go for 300+. For 250s you may go to campbelltown (also minto , mac fields). Or you can go further west say Mt druitt/St Marys.
If you lucky you can find one in Central Coast ( gosford etc) for 300k.
Rent probably 190-220 pw max. – unless reno, of course.
As long as the property is presentable , I can’t see why tenant won’t live at your place. Not everyone can afford 500 pw to rent at Maroubra – so therefore there’s always demand to rent @200 pw.
cheers
This topic was on ACA monday night. Other than ATO most ppl think it is legal practice.
CY
Hi Wei
Yes agent has the obligation to submit an offer. However I recall in the Sydney hot market months ago most properties will sell within 5-8k (for 250k) of asking price. That time most agent was quite arrogant, ie “I don’t want you” type of attitude coz they easily find another 10 buyer lining up to buy the properties. Hence they really don’t want to lose their face to the vendor by submitting 20-30k below asking price.
I’m not sure how hot the market is atm. But I think what you did is great, 1 out of 8 could be a good agent. Also, 1 out of 25 of your offers could be accepted. Keep trying .
cheers
Pardon me Chris, BUT what is title insurance ???
Steve, or others!
For ASSET PROTECTION, the way to go seems to have family (disc) trust & have a company as trustee.
Q:
1. To achieve the above, does it mean one has to setup one company AND one trust ?
2. Can you go to ANY accountant to setup trust/ companies ? can you DIY ?
3. What is my role in this corporate thing? As director / or appointor ? or what ? also I read that if the setup doesn’t done properly the appointor can be removed – is it possible ?
4. What is the cost of transferring initial asset into trust ? stamp duty?Cheers,
Stay away from those hi rises !
Two main reasons:
1. Strata fees usually high 5000+pa, no guarantee that it will be 10k next year , plus sinking fund etc. Also, nobody knows how well will the building be managed.
2. LACK OF SCARCITY.
– Another ‘taller’ building can be build next door
– Similar building, similar rent, no ‘unique’ features.
– Likely ‘low’ capital growth.
– Many ‘rich’ investor from Asia bought & they will liquidate first at bargain basement when things turn sour.Similar bldg – World Tower in Syd- 75 storeys also selling quite well ( I think) despite price tag 800k+ for two bedders.
Having said that, however for ‘smaller’ unit/apartment in inner city, close water, views etc should perform no differently than most houses w/ backyard.
MY OPINION ONLY – good luck for what ever you decide.
