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  • Profile photo of dnh83dnh83
    Member
    @dnh83
    Join Date: 2009
    Post Count: 81
    December 2, 2009 - 10:19 am

    Thanks Mattnz – fully aware the returns on PC wont bring in the $250k required – hoping to find PC property that can also be sub-divided !!  

    Profile photo of dnh83dnh83
    Member
    @dnh83
    Join Date: 2009
    Post Count: 81
    December 2, 2009 - 4:32 am

    Hi Corey,

    Couple of things to consider, my bank allowed me to use the FHOG towards the 20% deposit when I purchased.  This may help you get into the market a little earlier.

    Additionally, if you're in a position to leverage off your parents, then they may be able to put up some of the equity in their property without any cash physically changing hands.

    I'd recommend you seek some further information on these, tailoring them to your own situation.  But I found these were both a great way to get in and get started !!

    Good Luck.

    Cheers,

    Darren

    Profile photo of dnh83dnh83
    Member
    @dnh83
    Join Date: 2009
    Post Count: 81
    December 2, 2009 - 3:45 am

    Hi All,

    I've signed up, and i'm based in Brisbane.  I will be investing in SEQ to learn the ropes.  I've recently had confirmation that i'm in the club and also asked Steve how the final $250k figure is judged.  So to put your mind at ease, you wont need to sell the property, equity is fine and can contribute to your total.
    (Quote: " $250k in equity is fine (as is $250k in cash). It is pre-tax profit."

    My strategy will be Sub-Divisions, while also looking for the ever elusive 'Positive Cash Flow' properties.  This is going to be quite an interesting challenge as I work a solid 5 days a week.  There's a lot that can be done after hours, but getting into the Council for lodging and submissions will put the pressure on !!

    Just want to wish everyone who's signed up all the best – hopefully i'll see you there in August 2011.

    Cheers,

    Darren

    Profile photo of dnh83dnh83
    Member
    @dnh83
    Join Date: 2009
    Post Count: 81
    December 2, 2009 - 1:13 am

    Dare I say – because it's painful waiting for 45 mins to talk to someone who at the end of it can't answer my question (then cuts me off when they try to transfer me !!)…

    So I've been on hold for most of the morning to a couple of areas, here's what i've found out:

    Re the FHOG – Because i've lived there for more than the 6 month period, they have no concerns what I do with the property (so I can Subdivide without affecting the FHOG).  I dont know where you stand regarding a sub-division if you haven't lived in the house for 6 months tho (especially if you plan on staying there past the 6 month period).

    Re the Selling prior to 12 months – While I haven't had proper confirmation (waiting on a return phone call) it appears that it will follow the typical CGT and 50% discount process mentioned above.  I personally can't see how I can get around this (property is in my own name, not in a company name) and if anyone has a suggestion, i'd be happy to hear it .

    Based on this, i'll whip out the calculator later tonight, work out estimated profits for both the sale of land and the sale of a completed property – minus the CGT for the land and the Holding/Build costs for the property – hopefully helping me decide on which avenue to take.

    Thanks All – I'll update the post if the call back I get presents any new information.

    Cheers,

    Darren

    Profile photo of dnh83dnh83
    Member
    @dnh83
    Join Date: 2009
    Post Count: 81
    December 1, 2009 - 10:17 pm

    Thanks PI101,

    Unfortunately, during my search of the site I couldn't find any information on sub-dividing and selling.

    I've lived on the entire block for over 6 months (so I've past that hurdle), however i'm not sure of the 'legalities' if sub-divided within 12 months.  Will the FHOG even come into play ??

    Still seem's to be a bit of an un-known ??

    To All:  Have you, or anyone you know, split a block within 12 months that was purchased using a FHOG ??

    Cheers,

    Darren

    Profile photo of dnh83dnh83
    Member
    @dnh83
    Join Date: 2009
    Post Count: 81
    December 1, 2009 - 12:21 pm

    Thanks crj,

    I have the ability to build on the back block, which will put it past the 12 month timeframe, making it eligible for the 50% discount.  But as this is my first project, and in the interest of making cash in the 'Quickest Time' for the 'Lowest Risk' im wanting to do the sum's on selling the block without a building on it, verse's the holding and building costs i'll have to pay otherwise.

    When I made the initial enquiries to buy the house I was told that I can't sell any part of my land within 12 months unless I pay back the FHOG (gov help line info).  I thought this was a little odd and wanted to know if there was any truth in it.  I can't find it listed anywhere online (only the information you provided regarding the CGT 50% discount).

    $14k may make or break my decision to sell early or wear the build and hold costs.

    Cheers,

    Darren

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