Forum Replies Created
Terry thank you so much for your assistance. I do realise that it reads as though my mother is trying to rort the centrelink rules, but we are only trying to make sure we structure our affairs correctly. Would you recommend a property/estate planning lawyer or financial planner? I have zero respect for financial planners but maybe just havent found the right one.
Great advice Terry. It’s in our name as joint ownership. Can we sell
It to me as an individual (as the high income earner)?In nsw so will need to pay stamp duty. Obviously we are incentivized to reduce the purchase price right?
You should avoid cgt as long as you haven’t had another ppor during that time. If you have may need to look at apportioning for that time.
Yes it is, so long as the property is used for income producing purposes, and you disclose that income on your return.
Thanks Nigel – I actually went over for a few weeks prior to my first acquisition.
I’m just questioning paying 5k for the conpletion of a few admin tasks ‘list of contacts? Not a critisicm, just asking as perhaps there’s something I’m missing?!
Cheers
Done a bit of research on myusaproperty now and the business seems sound. My only question is around the 5k in fees required to deal with them (once a property is sourced). This just seems quiet high – especially when you consider prop prices of 50-70k.
Anyone have any thoughts on this?
The double dip won’t make a huge difference to your return. People still need to live somewhere!
Good roi’s in upstate ny, texas, and many areas of the Midwest USA (eg Ohio, Indy, Missouri as mentioned etc). There’s some balance required between roi (highest in Midwest, Atlanta and poorer states), and buying where vacancy rates are lower (eg Texas).
To answer the original question on Arizona – the reason it’s prices have crashe has a lot to with the post gfc recovery being weak there. They lost alot of companies in that sun belt region, and there is massive oversupply there. Someone on this board I think called it the buffalo of the south. Worth researching this yourself to see much merit lies in that.
Depends on the property. I’m sure 800 is reasonable for a good place in a nice area. Don’t forget though that Michigan has slot of not so nice areas with huge vacancy rates. Just check the websites like yahoo real estate, homeopath, aol, trulia, bestplaces.net. There’s so many to get an idea of these. Also research your target areas on city-data.
Personally,I wouldn’t buy in Michigan due to how much it’s suffered economically in the last few yrs.
Dog with a Bone wrote:I visited US last year, found a decent property manager. Bought several cheap houses that have been rehabbed under her supervision, tenants found before work completed. However, the tax side is a nightmare. I was advised to put houses in an LLC, did that, now I am informed that, I will be taxed in Aust, as well as US because they consider I am living here and managing the Company from here.
While you do actually get taxed in both countries on your income earnt in the US, any you will get a credit on your US tax paid when completing your Australian tax return. Net effect is you only get taxed once. As far as oz tax goes – you get taxed in the year that you earn the income (regardless of when you convert it or bring it home to oz). Hope that makes sense.
Suggest getting a US tax accountant to help you do the tax for your LLC and an oz acct for here. You cant get away with having one for both.
Have you looked into vendor financing in the state you are buying? Larger, commercial properties usually offer this option.
Any company that wants to charge these sort of membership fees, fees for accessing contact lists etc need to be given some serious thought.I’d stay well away from them.
My 0.02 worth
Vegas has experienced one of the biggest falls during the gfc. Jury is out as to whether it has further to fall or not. Just worth understanding the reasons for the drop. One of the main ones is a massive oversupply of property there. Too many developers building and people assuming prices will rise because it’s Vegas.
By all means look into it but just fully research the vacancy rates. There’s no point doing analysis of rental yields against property prices if the income you are estimating is unlikely due to a shortage of tentants.
There is a few threads on this section of the site which discuss peoples experiences going it on their own as opposed to forking out thousands in agents fees.
detroitmarketexpert wrote:Obviously I'm not an end user but my experience as a provider has been positive. We have taken care of Andrews clients well. Hope this helps. Thanks.Is that because you receive part of the $4-5k in fees they charge?
you CAN claim 5000km's per annum without substantiation though… (all you need is a reasonable justification for it)
Rather than wasting your time fighting the bank (because they've only caused you an consequential loss and owe you nothing), your best bet is to argue that the interest deduction was ‘incurred’. It was likely incurred for tax purposes at the point the St George Staff member confirmed it would be deducted. You had a definate committment at that point.
Get an accountant to discuss this with you as I don't know the full story of the banks delay. Also, phone the ATO on 132866 and make an anynomous enquiry to check this out further.
Contact this guy. I spent a day with him while in Cleveland looking at property earlier this year. Nice guy and should be able to assist you in finding finance.
http://davidterbeek.topproducerwebsite.com/home.asp
Failing that, Richard Taylor (on this forum) seems to be able to finance US property for intl investors.
As everyone else has said just spend the money on books and read free websites.
Just read this thread. Might be worth looking into this prior to proceeding with Tax lien investing
http://www.somersoft.com/forums/showthread.php?t=62877&page=2Vancouver prices (and therefore yields) are similar to Sydney and Melbourne's. Not a good place for CF+ investment.
