Forum Replies Created
- Originally posted by Marisa:
I paid the total of $120 incl. GST (Tap .
I would be concerned about the hourly rate and would query this, even on weekend this is really over the top.
The hourly rate will depend on where you live, for Sydney on a weekend thats fine and the call out fee was a bargain.
Don’t forget incomes and costs in some areas vary substantially. In my profession the diff in salary from Sydney to Perth can be 25-30% for the same position.
Originally posted by SuperTed:I think someone that questions dodgy bills/quotes would be more successfull in property and business in general then someone that continually “takes it on the chin”.
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As an accountant have been a spectator to property investors for a long time. For every 10 successes there is one problem for every ten problems there is one nightmare, everything from sleeping PM’s who let the house become unlettable to tennants who happily live in a house while it is easten by termites and only leave when it is way to late (did’nt want to complain as they did’nt like the idea of the chemical treatment )
If you are going to prty invest be realistic and go with the flow, long term you will win out on the averages but you will never win every one.
That $100,000 per year is something the Henry Kays of this world used to motivate the massess.
Ask a 60 what they are doing and they will tell you of the holdidays they have just had and the new restaraunt they discovered.
Ask a 70 year old what they are doing and they will tell you of the new pill they have to take and the name of their new specialist.
Originally posted by hotshot:cool Derek but is that 75% of there income figure b4 or after tax
like if say you get 50k a year gross does that mean you will be happy will 37k income gross or net?
and is that 37k want ppl want but withut any other debts like morgage or car loans?Most fin planners and accountants will strecth your after tax dollars if you are over 55.
Originally posted by wilandel:Hi,
If I were a plumber on a much earned day off, I would charge a bit more if I had to leave my family or friends to go and unblock someone else’s toilet..[fart]
I think that as a landlord, this is just one of those things that you have to grit your teeth about, but cop it sweet.
Del
Could’nt have said it better myself, $40 sewrvice call fee on a weekend, and you are complaining ?????
Are you sure you really want to be a property investor??Originally posted by jusmcf:thx Yorker – I have recently bought two for $56k a pop, settle in 18mths – as a guide I used the fact the car space on my Sydney unit was worth $25k 5 years ago when I bought it.
An associate bought his in around 1988 for $70,000
Corner Park and Castlereagh.Great investment.
As the media is not reliable, (why would you ever ask the REI for a market opinion, it’s like asking a Holden dealer on how good is the new Holden impartial ????) and the papers print whatever will sell the most papers, this is actually one of the best resources going around.
Having said that my last three pieces of info are,
1) A broker I deal with said he had 11 finance deals he worked on in June, and 9 were debt consolodation with only 2 being purchases.2)Had an open house (yes we have ours on the market but my wife keeps raising our price ….. so I think she’s telling me she wants to keep it …) and the agent said they had 1 person drop in to 5 open houses on the weekend … was great weather though (??) Oh yeah location is Glenhaven, and its acreage, and if anyone meets our price I retire !! (hmmmmm there could be something there )
3)A printer I deal with had a very bad month in June, one of the reasons is that one of his big spenders in recent years RE agents have cut back enormously and are telling him tales of woe and sufferring (please !!!!!)
This is in Sydney and each city is different, but Sydney and Melb lead. Will be a interesting spring.
Originally posted by SuperTed:Quote:Originally posted by wayneL:US market is under priced. They have been out of sinc for some time.
Interesting, if you look at returns both US & AUS mkts are near the top. Just because the US is still under there peak of 11,700 does not mean its good value. If you look at their returns their market and increasingly ours is driven by the funds having to stick our money somewhere and they just keep bidding up the same performing shares as they have no where else for our money to go.
Not sure if I am making sense here but its starting to worry me.
Originally posted by AusProp:I am not so sure about down cycles lasting years –
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
John I’m sure it varies from area to area but here are real figures for the newbies to digest.
Had family 5 years before ‘we’ had planned, needed a house rather than a unit. In 1981 I snapped up a bargain for $110,000 that 6 mths before had been on the market for $129,000. Two years later we bought into a restaraunt and needed it valued, pleaded with the valuer but got a huge $127,500. It was probably generous.
In 1990 had same house value at $250,000 to $270,000 by three agents. (Don’t forget we had 10-14% inflation in this period ) A year later had it on the market at $210,000 for a no sale. Another 6 mths we had several buyers and sold for $212,000.
6 mths later at auction (and during a downturn they are good value ) owner had already bought (he made a killing elsewhere and had to unload) bought house and 5 acres for $410,000. Had been watching Glenhaven for years and it was over $100,000
below its value from 2 years before.Sorry for the detail, but for the newbies who think a slump lasts 3 mths before “taking off again ” relax guys it is not going to happen.
As I said all areas are different, but I think this will be the rule for Sydney again.
Wonder how much dough Kerry’s going to do on The Block this time. Has anyone been fired yet ??
Originally posted by Da Man:2nd IP and move into one of them.
if I buy into the market in say 6 months time and there is a lot more pain – I might be able to pick up more of a bargain in 2005. I am in no rush so time is on my side.
Your answer depends on how many are thinking exactly the same thoughts as you.
And if you are overly optomistic and get it wrong the ATO Can and will fine you.
Originally posted by The Mortgage Adviser:There are options in a downward market. Fix the rates if you are concerned about increasing rates. Lock in your returns.
BUT how do you protect against sliding property values aka Japan, and some Euro countries.
Know Japan has neutral population, but our boom has way more to do with poor short sighted economic policy (FHOG to cover their a##e after GST slumped the blg induustry) and common household greed than our pop growth.
Our economic management is based on home equity drawdown, not real growth, we can’t all go on buliding and selling to each other forever, we must eventually be able to sell to the world.
Hope China keeps buying coloured dirt, AND they keep their economic problems to themselves.
Too much here to discuss on this sight but our debt to income levels are at levels where something must correct.
The wealth effect (everyone feels wealthy with paper waelth but spends real cash according to how they feel ) has a counter the negative wealth effect and this was a major factor in japan (plus social diffs ) where people stop spending and the economy stalls, aka the US when the share market bubble burst.
Too much here for now.
Terry
Originally posted by The Mortgage Adviser:Of course. I forgot that exclusion. I meant like to the bank or other private organisations.
Don’t they usually prosecute jointly?
They work in conjunction, and the criminal normally takes precedence, and the ATO gets involved in the aftermarth
Whats your time frame from the initial pre purchase inspection till now?????
Originally posted by The Mortgage Adviser:No Mel, and they never would!
Only in cases where it could be criminal.
AND thats nothing to do with property, but more with the “other” source of funds invested in property
Originally posted by melbear:For starters, I have not evaded any tax….
Cheers
MelMel, I was using your quote to highlight a general point, you don’t appear to be one of the sample they will look at. Think they first will match self employed taxpayers with Lo Docs, as this is the target sample they really are after, and the ones who usually can easily under declare if in certain cash business’s.
Sydney definitley has dropped down, but its probably more that in a bull run ppl pay TOO MUCH knowing that in a month maybe three the market will catch them up.
Reckon thats 10% of it, and the real drop is probaly another 5% though its patchy and depends where.
Not talking units here just houses
Originally posted by AusProp:and then seconds later I read….
“Prices have levelled says Treasurer (Your Mortgage Magazine, 24/6/04).
that the property market is strong enough to bounce back within a few years”
Extensive list of ‘Off The Plan’ property available for sale in Perth.
John – 0419 198 856
And what happens to the magazine sales if the market dies, by not going up or just staying flat.
Originally posted by melbear:Sue, on the Low Doc loan I just got, I declared a (little) bit more than $90K as my income…
The lender told my broker to make the loan ‘fit’ the guidelines, as they were more than happy to lend us the money……
I’m guessing I should be worried about now ????
Cheers
MelI am not being a scare monger, but imagine the scenario.
The taxpayer is sitting acreoss the table from 2-3
ATO auditors and saying “look I’m not evading tax, just committing fraud, trust me !!!!”Definition of fraud…obtaining financial advantage by deceit….2-5yr if sucessfully prosecuted.
And before anyone says won’t happen, seen that one play out with my own eyes.Except by that by that stage it wasn’t the ATO they were looking at.
Originally posted by Terryw:Sue,
The trouble with the ATO is that you are basically guilty until you can prove otherwise. So the commissioner could issue someone an amended assessment based on you low doc declared income and you would have to prove you did not actually earn this much.
Terryw
Discover Home Loans
North Sydney
[email protected]Terry thats my understanding, in the bad old days when ATO staff actually went outside their own building (a liitle harsh actually) they were called “betterment assessments”
And they are very hard to fight. I can vouch for that (clients not me personally)
Lo Docs has provided them with a sample. The hardest thing the ATO has is that if it spends a thousand hours on audit on the general population it comes up with a little more than covering costs.
The Lo Docs have pre selected a population of taxpayers from which they believe they will come up with a high percentage of positive outcomes.
Don’t forget that of 700 odd property returns audited in 2002 a staggering 94% !!!!!!!!!!!!!!
were wrong. So even if the income can be explained they better hope the property tax file is in order.
