Forum Replies Created
Lets keep this simnple:
* Private investor (All investments in your name, and not carrying on a business): No need for ABN, or GST, regardless or earnings.
* Operating as a business(either sole proprietor, Trust, or company): Need ABN (regardless of income amount), need GST once over 50K, but can also register if income is below that amount.
Hope it helps…
David Femia
http://www.femiapropertygroup.com.auHello,
In my opinion Joondalup is a definite winner.
If some of you are searching towards Quinns Rock, a new suburb known as Alkimos should be opening.
At this stage, I have only heard rumours of how it will be developed. If any of them come true, then it may be another area to keep an eye out for.
David Femia
http://www.femiapropertygroup.com.auHello,
You can expect tp pay anywhere from $440 to $710.
Some QS’s dont vary their rates unless its in a regional area.David Femia
http://www.femiapropertygroup.com.auElvis,
Commercial properties have some great benefits, especially if you can get long term leases. The returns are generally higher as the tenants pay all outgoings, but you may need as much as 30%deposit to secure the property.
David Femia
http://www.femiapropertygroup.com.auThe great thing about the Perth market is that its cycles are usually different to those of the Eastern States, which adds to potential investment strategies.
The prices are cheaper, rent is generally stable, and there are some great areas to profit from capital growth. If your looking for Cash flow positive properties, the regional areas of WA are the best places to search.
David Femia
http://www.femiapropertygroup.com.auNo..fingers crossed
David Femia
http://www.femiapropertygroup.com.auHello,
In regards to the lease, it will depend if the conditions are written into the purchase contract. This can not be changed. Otherwise, it will be an agreement between the buyers and the vendors.
David Femia
http://www.femiapropertygroup.com.auHi Phil and Redwing,
I think I have someone for you. Peta Hall of PFT property services 0417 949 146. She runs her own PM.
She is the type of person that you would be fearful of as a tenant, and happy as an owner. She has been doing it for 25 years, and I only recommend her as she gets the job done.
Hope this helps.
David Femia
http://www.femiapropertygroup.com.auJoseph,
The only thing that would be different is land tax, which doesnt apply to personal residences.
However, it wont be too long before it catches up with the property owner.
David Femia
http://www.femiapropertygroup.com.auHi Jack,
You may also want to speak to a builder/developer. They will also let you know about the feasibilty of your plans.
David Femia
http://www.femiapropertygroup.com.auHi Mars,
One is available, and its been administerd by Tracey Imbuldeniya. I haven’t heard too much about it lately.
Anyone else have updated news?
David Femia
http://www.femiapropertygroup.com.auquote:
Showmethemoney“i hear what you say” about prompting accountants, over the years i’ve said to several accountants ” look so and so who i work with claims this and this or is doing such and such, can i also claim or do that”? to be told “yes”, it’s not their fault though as i suppose they are inundated with changes to tax etc all the time, so as you said an accountant who is also an ‘avid’ property investor would be a great find !!
David Femia has mentioned ‘Bert’ ? may be interesting to chase up.. a good accountants worth his weight in gold.
david.. i presume you have dealings with him ??
REDWING
barrytspencer “AT” yahoo.com.au“The man that thinks at 5o as he did when he was 20 has wasted 30 years of his life”
Hello Redwing,
Yes, Bert is my business and personal acoountant. I have been with him now for about 2 years. He also deals with many of our clients, who have reported good dealings with him.
I hope this helps.
David Femia
http://www.femiapropertygroup.com.au
Hello Scott,
Bert from FS professional partners is an excellent accountant. I believe he built his practice from his property investing funds.
He is located in North Perth, and his number is 9443 3233.
David Femia
http://www.femiapropertygroup.com.auliviwell,
The CGT legislation can be quite complicated. Essentially your ppor will remain exempt. The taxes that apply to the new property will depend on your choice to sell or retain.Should you sell, the cgt will be applicable. The cgt event will commence from the time the slab is layed.
You will not be treated as a developer, as presumably its a one off, you are not registered for GST, and the project will be in your name as an individual.
Have you considered strata? This may be a cheaper and quicker solution.
David Femia
http://www.femiapropertygroup.com.auHello Pat,
These properties are hard to finance due to the nature of the risk. Banks stay away as a result of past failed attempts.
Whilst they do seem attractive, you will also need to consider the resale value. Finance will be a factor, as if you are having trouble financing then so will others. As a result, demand will be limited on these properties, along with the capital growth.
Keep a close eye on the purchase contract, as it may state that the existing management contract needs to remain in place if the property is sold. This will remove owner occupiers from your source of potential buyers.
Even though its best to buy and hold properties, you also need to be felxible enough to be able to sell easily.
David Femia
http://www.femiapropertygroup.com.auHello,
WA is governed by the Department of Trade and Finance.
http://www.dtf.wa.gov.au/cms/DTF_index.aspI beleive it works much the same as other states.
David Femia
http://www.femiapropertygroup.com.auSmoros,
Assuming that the first property was not leased at any time, and you moved directly into the next property, then CGT would not apply.
If it was leased, then CGT would be applicable to the time that it was an income producing asset.
Also keep in mind that if the property is owned for more than 12 months, you will be eligible for the 50% reduction in CGT.
David Femia
http://www.femiapropertygroup.com.auCasey,
Without a doubt, have your property manager follow it up. There must be a reason why he was unapproved, and the longer he is there, the greater the risk to your investment.
David Femia
http://www.femiapropertygroup.com.auHello Kelvinh
I agree with many of the posts to this thread. Please take a close look at the management contract, as you may find that you will need to pay for refurbishing every so many years.
Also, I have seen some contracts which stipulate that if the unit is sold, the new owners will need to take on the services of the existing managers. This limits the amount of buyers you can on sell the property to should the need to arise.
Holding and buying is the key, but its also important to factor in changes, hence the need to offload property quickly if need be.
David Femia
Yes i agree, if you can find a good manager, hold on to her. You will be amazed at what some of them have to put up with…its not a job i admire!!
David Femia
