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Now free to good home. Last ditch effort before recycling.
Now free to good home. Last ditch effort before recycling.
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It can vary widely.
I believe it is sufficient to select "h", and state you wish to purchase tax liens and/or property. I'mm 99% sure that's what we put when we completed this process in the tax lien training.
Our glue was more sticky – we kind of scraped off as much as we could – and the sanders did the rest – perhaps a good idea to get someone out to quote you for sanding, and let you know what prep you need to do. Fortunately for us, the area in question was quite small.
We had slate tiles glued on our timber floors. Solution for us was to use a shovel to get under the tiles, and lever them up. Don't be afraid to get into it. They've since been sanded and polished and I defy ANYONE to tell there were tiles glued there before. Goggles are a must of course…
Considering how long some items take to depreciate, it's well worth spending the money.
You must also realise that while you will enjoy tax deductions now, when you sell, the amount you have claimed in depreciation will be applied to the purchase price when calculating the CGT… (eg if you have a 200K property, depreciate 30k, and sell for 250K, CGT based on 50% of 80k, not 50K) No such thing as money for nothing. Obviously there is more to it than that (others costs etc go into forming your capital base), and there are other stratgies your accountant can take you through.
orieldel23591 wrote:I understand this is only a 'tool' for those of us who can't do percentages, but when I applied this to a property I am interested in, I can't do the maths, for example;
The likely weekly rent $180
Devided by 2= $90
Multiplied by 1000 = $90,000
Is it the same as or lower than the asking price ($133,000.00)
So the answer is yes ?
Yet to get a bank loan for $133,000 I need to pay $384.25 weekly.
It will be impossible to get this much rent for a property valued at $133,000, located in a Qld regional city on the 'wrong side of town'!
Can someone advise me about this? This is the cheapest property available.
I am interested in passive income from my investments.It works the other way around – i.e. $90,000 is the most you should be paying as a purchase price.
Agreed with some of the other comments – those days are long gone in this country. You will need to do a bit more work, or possibly look to NZ or the US for these types of CF+ investments.
Generally yes, some permits will have an expiry date. (eg Plan of Subdivision must be lodged with the title office within (say) 5 years, or it will lapse)
You must also ask yourself why the vendor has taken it this far, and not to completion – it may be that there's not the profit in it they thought, or mistakes have been made…don't assume it's a walk in and all the work has been done, so you can bank the profit…
Due dilligence all the way. Good luck!
MrMagoosie wrote:Is the HSBC account a US bank account, or is it just an Australian account in US currency?I currently have an ITIN and want to open a US bank account to do some investing in tax liens. The bank account issue has been one of my hurdles as I believed that you needed to visit the US to open an account in your personal name.
Is this not the case? Can anyone point me in the right direction?
Simon.
Visit HSBC, and they will be able to assist you. You will need to file an application to open a US bank account, via the HSBC international banking centre. There is a $200 fee. Can be done easily from here. Even easier if you are already a customer of HSBC.
This is a US bank account, not an Australian account, held in US funds.
On the credit card:
Get the credit card paid off as soon as is possible/practical. If drawing down LOC/loan funds to pay it off, DO NOT be tempted to double-dip (i.e. re-spend to MAX!): This takes discipline. Reduce your limit to something heaps more manageable as you pay it down.
Another idea is to transfer the balance to a x months interest free card, and pay it off at 0% (some you can go as long as 12 months on balance transfers, watch the fees/charges). Cut up your old card (and the new one). And get cracking to pay as much of it off as you can, in the interest free period. Reduce your available limit as you go
Sure, it'll hurt initially, but when it's gone, you'll feel a whole lot better.
If you have to have a credit card, then keep the balance minimal (say $5000), and aim to pay it off each month. (i.e. you have cash, or credit, your total funds does NOT equal CASH + CREDIT, which is how you may have gotten here in the first place…)
Agree with Luke's comments on investing strategy – determine what you want, then setting goals to achieve that direction.
Yes, assuming you buy the right thing in the right place.
No if you are wanting to rely on an "investment" company to do it for you.
In the case you showed above, your value has doubled, but your yield has dropped in half – the question is, would your money be better off elsewhere? (Can you get a return better than 3.98% elsewhere?)
Current yield is the one to use., as this is your measure of how your investment is performing.
Really depends on what you want out of your investing – i.e. rental income, capital growth, tax "savings" (depreciation/negative gearing).
Good investments are everywhere, start by looking close to home.
You will pay a premium for new property, and depreciation isn't always a good idea.
A little investment in some education resources would be a great idea – $30 will get you a copy of Steve's book, which covers a LOT of ground(and is easily understood), and may help you make up your mind in the direction you wish to go.
You'll get more out of it if you learn, and understand what you're doing, as there is no-one more interested in your outcomes than you!
There are many better options than off the plan. Beware inflated prices in Melbourne at the moment.
Ummm…don't do it?
You would be much better served getting something established IMHO.
It'll likely be much more value (and cheaper to boot), has a "real" $ value, and is something you can do your sums/research reliably on.
Don't be tempted by the prospect of govt concessions, such as stamp duty concessions, and FHOG etc unless it makes good sense to do so. Don't be fooled by what a good investment you are being told it is. Make sure it is! It's your money.
Learn as much as you can, do your homework, checks and inspections, and you can't really go wrong. Plus you'll have skills you can utilise in the future, on your next one (and the one after that!).
It is not unheard of for off the plan places to be worth less (sometimes a lot less) than what you ultimately are paying for them…which can make finance interesting…especially if you are looking at 90-95% finance…guess who has to come up with the difference?
There's stacks on info in this forum, and all over the internet. Get out and immerse yourself in the market. Open houses, real estates, auctions.
You best get started…there is no time like the present.I am sure others would disagree with the above, however the decision remains up to you, and off the plan or not, if it doesn't make good financial sense to get the place, then don't get it.
Apologies if you were looking for a yes/no answer….
Don't have to, however the gas cooktop/electic oven is generally considered the most desirable.
Good to have instant heat on the cook top, even, controlled heat in the oven.Just my 2c.