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it could be done many years ago, but think they change may be around 15 years ago ..
so he is either dumb and dangerous or been living under a rock (or just got out)
Nigel that first post is a classic..
I'm an accountant and it is amazing how people will sign their lives away with their new best friend, and make a conscious decision not to waste money talking to an accountant, or anyone actually impartial ..
amazing how many disastrous franchises get flogged this way..
in the overall scheme of things what is $500-$600, at the end of the day….
seen people waste 7-8 years of their lives throw their relationships away and hundreds of thousands on pigs that could never fly, but saved $500 at the start
I'm an accountant, one of my favourite stories is from a colleague.
back in the early part of last decade when everyone was buying, and property was going to double every 7 years, one of his clients, bit the bullet and bought up big. (never asked the accountant first, but that is pretty usual).
At the end of the year he had managed to completely wipe out his income, (property losses exceeded wages).
He got back around 30K in tax, and asked is "that all" ????. My friend tried to explain that you can only get back what you pay…
he said … "but that man at the seminar had said he would get back 45% ($50K) … are you sure you are right …"
"the man at the seminar "… wonder how many times people hear this
taxdiva wrote:My accountant feels SMSF's will drive the next real estate boom!
or maybe SMSF investing in property will drive the next accountants boom
as Terry said it is possible but it depends, and those issues would take a small book, if you want more advice give more facts
Richard you seemed to indicate that a 80% loan through a fund is available. Could you tell us which lender goes this high with a SMSF. Thought they stuck to around 66%.
Nigel Kibel wrote:Hi MattstaI agree with you prices will start to rise soon however I am convinced the strong growth will be in Brisbane. So you have to look at the opportunity cost. If you sell and buy especially in a suburb within 5 km of the city center how is that likely to perform over the next 5 years compared to the Sunshine coast.
Considering the flood issue that looks to now be part of the Ipswich Brisbane experience what sort of effect do you think this will have on the Brisbane market,
Following up on Terry's post, yeah the developer can sue you for any shortfall on the contract price, and as his "price" is guaranteed he does not need to worry.
On one Gold Coast property they are sitting down with the buyers and trying to negotiate a decent outcome (some people say . go ahead and sue me …. and they explain to them how painful that will be)
Very simplistic sensationalist view. Property is flat and will stay so for a while. Although continual building and renovation is improving the average of the stock, real movement if any, in recent years has been minimal. Factor inflation into the mix and it may have gone backwards in many areas.
The term bloodbath could apply to certain areas like the Gold Coast, but overall the market is flat and with employment still getting worse will continue to do so, until the economy improves.
on the GOLD COAST, not same but similar one of those giant towers had over 30% of off the plan buyers default..
those people are now being put through the process of having their private parts crushed in a vice..
the go ahead sue. me line is not doing much good
people paying off the plan 1.2m for something you cannot sell for 750K, today and probably a fair bit less in 5 years
if you can get out and break even do it.
problem with the Sunshine COAST is that the development has completely changed the area, not seen as ideal retirement place any more
also you would need to get the loans changed..
and if the ATO looked at it (almost never) then you could have an issue with the old question of intention .. when purchased
safe way is the divorce….
just quietly slip the paperwork in among lots of other docs while she is watching her favourite TV show
and I have seen it done, wound up sleeping in the factory for a while till she calmed down..
I have just done one of these for a client, in Australia.
plenty of equity
lease in place
bare thrust
etc etc
and it is painful, even with everything going okay
all the people who are saying NO here are the ones who genuinely help people here, everyone else on this thread is just talking about things they know nothing about
No, not possible, negative, how many ways do you need it spelt
you may be able to, without telling people what you are really doing get it done, or through some bank offshore, who does not even know what SIS or SMSF is, get the loan BUT good luck in getting a clean audit
why do you think your personal assets are at risk with a SMSF,
what are you planing to do with it
and yes you do pay tax on your super contributions and profit (if it ever makes any) you obviously don't know it, but you have for years, as you fund has paid it.
I would suggest you start reading very carefully as your current conceptions of Super are a fair way off what you will need to know to run a fund.
and a SMSF can cost between approx $1,000 per year to four or five times that depending on how many transactions it has and how complicated those transactions are, and how good you keep your records.
they charge by the hour, so less work at their end = cheaper bill at yours
also factor in around $300 for audit costs, and $200 for filing fees with the gumnut.
good luck
WomeninPropMelb wrote:No Freckle, I am not kidding. As Nigel says – this is a quick headline grab. IN my experience as a real estate agent- yes the media is about 3 months behind. When you start to hear mixed responses from the media – this means the market is turning. On Saturday evening news on channel 9 they reported that prices had in fact risen in inner Melbourne.the TV channels for the last 7 years have had the property market rising between 15-20% EVERY year …
their so called journalistic efforts are nothing more than a blurb sent to them by the REI in most cases ..
every interest rate cut is going to turn the market around..
wonder what they have to say about some very heavy job losses on the East coast..the problem is now that they have no credibilty ..
will take a bit more than ….. "going to go up 15% next year" to turn this market …
lots of word of mouth stories going round the traps that are a but worrying..
Your comment about the lack of urgency finally hitting the market is spot on.
As long as the RE industry could create a "must buy now before it is too late", they actually always had a sellers market.
Factor in Gumnuts stimulating tradies, and developers and economics, rational thinking, history all could be overlooked as the sentiment fuelled a "property cannot fail" mentality.A client who I had advised against buying an investment property in his SMSF 18 months ago, said to me last week … ït's only giving a 2.5% return !!!!, and has gone down 7.5% . !!!!!!
Right now why rush into property, until you can see factors that convince you of a turn around.
and as for you buddy "If you can just stand still while others are going backwards", you wind up in front
Good luck
Razzaberri wrote:We did have one party want to make an offer that I find almost insulting and we advised our agent to tell them not to bother writing it up.
what do you mean almost …did I come in too high ….
sorry could not help myself
Got to be careful in judging CG.
as the bucket of property bought and sold keeps getting newer, this scews the data…
eg 40 year old units sell for 400k.
U beaut new units sell for 700k.
one big new super duper complex (gym, pool, shiny and new) sold will scew data.
yes the av price goes up, but not the price of actual RE.
emptyvessel wrote:The market is not crashing. It will be fine. End of story.you need to add "imho"
and if everyone's opinion is the same as yours , …. then you are right, ….if however everyone's opinion is otherwise, then down we will go (not arguing about the gradient of the slope here) , but down it will be, for how long …well that is my opinion
it all lies in perception,
forget loans, earnings, returns, unemployment rates it is all in the expectation ," imho"you are pricing corerctly but making offers too early
stand back, and wait (think hyena or vulture) let them sit …. eventually they will be receptive..
the agent who has listed it at 320 cannot put in a low offer like 260, it will look like he –
a. has not advised correctly
b. given up too early
c. is selling it too low …. to a mate.Sorry, you are the guy who mentioned his back yard has shrunk. Can you tell us who made the first claim that lead you to believe your yard would be bigger, was it verbal or in writing, you saw it marked on a plan etc etc.
