Gracey replied to the topic Subdividing a property to increase overall rental in the forum No Subject 21 years ago
Hello Startyoung,
I am trying to get a feel for what you want to do regarding subdivision. Are you looking at buying something established and building another dwelling on the block?? Or are you looking at purchasing a vacant block of land and doing further subdivision??
Anyway, I am not that good with the numbers but in regards to existing…[Read more]Gracey replied to the topic My first Investment in the forum General Property 21 years ago
Yep, BDM is right about the FHOG. You need to live in the place for one year or the gov might want their money back!!
Gracey.Gracey replied to the topic When you have a tax problem -gear? in the forum General Property 21 years ago
Well Fudge111 and fibejibe,
I am really just looking at ways to also legally lower our tax bill. 34 cents in every dollar made is an awful lot of tax to pay. This country is one of the most highly taxed in the world, and if there are legitimate ways through depreciation or anything else you can suggest then lets hear it! I have a scenario in an…[Read more]Gracey replied to the topic When you have a tax problem -gear? in the forum General Property 21 years ago
Thank you for responses,
to clarify, 34%is the tax he is paying across the board on every dollar, so yes some of his income is on 48.5%. He has his own company and the idea was also for the company to rent the property off him so as to increase company costs and reduce his tax burden. We intended to do it with a comercial property because the…[Read more]Gracey replied to the topic 101 ways to add massive value to your home in the forum General Property 21 years ago
Hi Celivia,
In some circumstances landlords either remove dihwashers or say to tenants on the lease that dishwasher is not working. This is because (in Vic anyway) if the house comes with a dishwasher then the land lord has to maintain it should it break down!
GraceyGracey replied to the topic When you have a tax problem -gear? in the forum General Property 21 years ago
Thanks for your input. I am trying to get my head around -ve gearing. Is it not true that if someone is paying say $500.00 per week in tax, and they buy a property with 100% finance and rent it out wouldnt the short fall between rental income and costs be offset against their tax bill 100%. I think that is how it is worded in the ATO’s web…[Read more]
Gracey replied to the topic When you have a tax problem -gear? in the forum No Subject 21 years ago
Gracey.
Gracey replied to the topic Advice on my first deal in the forum General Property 21 years ago
Just stating the obvious, but getting units through council is a lenghty process,assuming there is no restrictions in the section 32. New estates often have several restrictive covenants outlining what you can and cannot do with the land. Yes you can delay stamp duty but if you sell the land within 12 months dont forget about capital gains. I…[Read more]
Gracey replied to the topic Interest rate UP – where do we go from here ? in the forum General Property 21 years ago
Hi Peter,
indeed where do we go from here….
Well I am not a property expert but have happily riden the wave of the property boom. I have watched my house value double since 1997 and in the last 12 months watched in amazement land prices in rural towns sky rocket in a bouyent sellers market. The developers are getting very rich and demand is…[Read more]Gracey replied to the topic Can you have a go at this one….. in the forum General Property 21 years ago
Thanks for feedback…
I think that final calculations are a work in progress but it has been explained to me this way:
If the tenant buyer is going to purchase the house anyway, in 7 years, then they are happy to pay the interest payments on the loan. They also pay a further $80.00 or so towards the deposit and end up with $30,000 or so in…[Read more]Gracey replied to the topic Can you have a go at this one….. in the forum General Property 21 years ago