Forum Replies Created
Thanks for the replies, and and a lot of interesting information.
I know of a couple of friends who over-estimated on their low docs, one self employed friend bragged about declaring 90k as his income, and I barely see him work! He’s a worry…
I know my loan repayments are all transferred from other accounts, so there is a definite paper trail of where the money comes from. My tax returns are done every year in June, even though we have much longer to do it, because I like to know where i stand and what I owe. I couldn’t stand to let it go for a couple of years, as some do.
Cheers,
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Terry and all,
The penalties of 5% and 70% you quoted, are percentages of what exactly? Is it undeclared income?
I think the tax office would have a hard time with prosecuting these cases. Aren’t lo doc loans for people who are not up to date with the paperwork or self-employed? Aren’t we then really guessing what our income is? I could be $20,000 over or I could be $20,000 under the actual figure.
I’d say they’d have to allow a percentage of error each way, as I think that many people who are trying to make an honest estimate could be way out.
Just my 2 cents,
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Salacious,
Ideally it is best to check with the local council before buying a block of land. Having said that, Mel, is right find out from council if there are any restrictions on the block and get a general idea of what council is likely to approve. Then I would find a local architect/draftsperson, have them look at the block and give them some general guidelines of what you would like to do. The architect will draw up an agreement and,depending on how much you can afford to pay, will do most of the work from there on to get the plans approved.
Depending on the council, this could take from 4weeks to 12 months, good luck.
Sue [biggrin]
P.S. Draftspeople are cheaper…“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Guys,
Mr Eccentric is right about tradies “upping their price” when they really don’t want the job.
The people who usually get this over-quoting are generally difficult people or difficult jobs.
Most tradies have the benefit,at the moment, of choosing the jobs they like to do.
Solid brick/double brick houses are a nightmare for plumbers/sparkies, avoid them if you can. Or factor it in if you are planning to renovate.Sue [biggrin]
“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Vicgirl,
There seems to be quite a bit of information on the link that you quoted, however it is a bit of a worry that it is from 2001.
I’d suggest you do a search on this website, as deprecition has come up fairly often in discussion, and you should find some plain english advice.
Good luck,
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
Don’t marry one!
Then you’ll have no chance of getting your plumbing done. I had a new oven sitting in my kitchen for 8 months (In it’s box)…..the bathroom in our last PPoR took six months to renovate…lucky we had an ensuite….I need a skylight in my kitchen, we’ve been here 14 months now….I could go on….
Maybe you should just sleep with a tradie [blush2]Sue [biggrin]
“Be careful not to step on the flowers when you’re reaching for the stars”
That’s it, 90 pounds an hour?
I’ve definitely gotta convince hubby that it would be nice to have a working holiday in London[cap]
Sue“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Guys,
No tradies in the forum willing to defend themselves???
My hubby is a plumber!!!! Don’t throw things at me![biggrin]
Definitely a lack of apprentices coming through, we tried six before we found one that actually wants to learn. Not too many young guys interested in doing physical work it seems.
Apparently there is a downturn in the building industry…..we have never been busier! Working seven days a week and booked at least six weeks in advance.
Hey Mel, if you can get a tradesmen at $50 an hour I think you are doing well!
Cheers,
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
Ok, call me silly, but I got 4100 first up!
I don’t get what the trick is???!!
Having a blond day?Sue[biggrin]
“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Bill,
I always enjoy your posts and value what you have to say. I took a mental note of some of your “predictions” and find them to be coming to fruition.
It is a shame that you have been attacked personally and I hope you continue to express your point of view on the state of the real estate market.
Cheers,
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Milly,
Tiled shower bases are not technically waterproof, the grout in between is porous.
There should be “green’ plaster behind any tiling in bathrooms. Unfortunately, some people claim this is enough to be waterproof…it is not!
It is best to “tank” the area around showers and baths. Tanking is a plastic like membrane that is painted onto the green colored plaster. Any hardware/plumbing supplies outlet will know what tanking is.
Re- grouting, as Simon did may help and is probably good enough for a rental. But for a PPoR, I would get it checked out.
Hope I helped a little,
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
Sounds like a great place!
I would think it goes back to the council/shire responsible for approving the building in the first place. Obviously not much thought was put in at the planning stage.
Cheers,
Sue
By the way, how old is the house and have you checked if it is legally built? i.e. permits“Be careful not to step on the flowers when you’re reaching for the stars”
Wow, that was quick [biggrin]
Thanks,
Sue“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Karl & Rita,
Sorry don’t know the formula, although I agree it would be handy to know. I currently use one of the internet calculators such as realestate.com.au but I am not always at my computer.
So, does someone know it?Sue[biggrin]
“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Guys,
Just bought a prop yesterday.
Not what most people here are looking for…
House on large block, will be subdivided for dual-occ.
Melbourne suburb about 12k out.
No-where near cashflow+, but plan to sell existing house and keep new dwelling.
Should be close to positive with depreciation.
Cheers,
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
Good one Geo,
Made me giggle……[cap]
sue“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Dom,
I found Margaret Lomas’ books helpful in explaining lines of credit and property investing.
Can’t remember which one though…something like “how to make your money last as long as you do” or it may actually be an earlier one than the above with a similar title.
A little vague, I know, but I hope it helps,
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Spider2,
Basically, the income you receive from cash+ properties can be used for any purpose, as long as you declare it for taxation purposes.
All you are really required to do is cover any interest payable on your investment loans i.e. do not let your investment loans capitalise, earn interest on top of interest.
(Although this method, capitalising investment loans, is currently being tested through the court system)
Hope this helps a little,
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Guys,
Lets see…
I do all the book work for our small business (Plumbing)….
but I am also a Mum so I’m a part-time…
Cook, maid, administrator, moderator, umpire, nurse, counsellor, taxi driver, budget planner…
I could go on…[wink]
Cheers,
Sue
Oh…the last job I had that actually paid money was a lab technician.“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Mitzu,
Not sure how it works in nz, but I would have thought your solicitor should have calculated this on settlement date. Along with the difference in rates, etc, the rent should have been adjusted also and reflected in the final price that was settled. Check with whoever handled your settlement.
Cheers,
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
