Forum Replies Created
no problem as the tag says here to help.
we all may need help one day.
read a few of your responses well done.
We are all learning, I have used this before but I like it.
When a rich man meets a wise man the rich man becomes a little wiser and the wise man becomes a lttle richer.here to help
nice reply hmackay
milenko at 21 its along road so don’t start off with three wheels on the car make sure that you have set up the right structure to hold your investments.
Talk to your bank and find there financial advicer and talk to an accountant.
Every body has different views I won’t give you mine because you need to set this up for your own goals.
By the way I lived in adelaide for 6 months and I think its a very under rated city and you should get a reasonable good capital growth there.
as for the plunge everyone has to at sometime go out of their confort zone.
GOOD LUCKhere to help
hi
like the response dassling.
and its correct.started granville(syd)(drossville then)39,000
12 months later sold 95,000
purchase before sale merrylands $85,000.00
2 years later sold 135,000
bought at auction prior to sale
renovate second storey addition current value 1.5 mil
primary residence no capital gain tax.As for I can’t afford to buy look at sites with potential da possible sites (but I do need to push my own barrow every so often)live in it buy next door rent it and then put a 10 unit development on it, come to me for the development funding and we’ll do a joint venture development.
here to help
hi
not sure why you would want to sell.
unless you want the money and run.
I’m not a great believer in p&l i’m an interest only for tax reasons person.
you sold the family home so what is your present primary residence, if this became the primary residence and was held for a certain time (accountant can tell you how long) then the capital gain will be reduced as far as I know.
But all of my posts are for information only and your own due diligency are reguired.here to help
hi all
with regard to the company against trust.
any accountants put there.
I was of the opinion that when you sold a property out of the company that capital gain was at 42% were as trust if setup correctly is substantally less.
also as I have read there is different rules for company transfers with in different states.I will have a look at this its very interest.
tma you may have alook at your cost of selling if they stay in a company mine are multiple trust but reading this web site I’m glad not in vic.here to help
Hi
If you want to fast track you must take control and work with the council depending on the value of the project depends your time involvement.With me its full time but I have a couple of businesses.
The architect gets it to da cc but you must manipulate the system to work for you by going happy and regular and asking if you can solve any problems that may have occured make sure you have a very good working relationship with the planner involved remember these people want to change the world so with your project let them feel like they are changing the world and they will fast track.here to help
Thanks will have a read
The more information the betterhere to help
good post
most of this type of trust arrangement must be organised by an accountant and a good one at that.
There are alot of types of trust and are used for different purposes if you have got this far you or the person who set up the trust knows why you set it up.
Not sure about nz tax rules but it a good idea when you have setup this structure to pass it past the ato.
When using trusts its adviseable to separate the people with in the trusts and try not to have common entities across different trust with in the same group( this may sound gobaldy gook to some people but thats accounts).I can explain further if you send me an email but the accountant who set it up should be able to help.
here to help
hifoundation
Just for the record f I only do 65% gross realisation lends and banks work on a gross profit for a development site of 35%.
So that is why you could shave 30 to 40% off the price.But if everyone did this people like me would go hungry.
These are our 8th site currently and I hope for my sake that I do know what I’m doing sometimes I do have to take a good long look in the mirror.
I’m a little more optomistic then yourself and think the sydney market will start to move upwards by jan.(don’t quote me on this)
here to help
hi hmackay
Creditor attack is exactly that.
If you own a house, shop, any business and someone won’ts to sue you they will.
If your in a cyndicate and it goes west the creditors will come looking for the big fish first and real estate is the easiest to cash up.
So just like any attack you must have systems in place to defend your position.
If not and the gardener breaks his leg and says your negligent and your insurance says because its negligence no cover.
You don’t want a court to sell your properties in a line, the house he fell in should be the only one in the gun sight.
If you tie personal and business dealing together these lines need to be very noticable and as I say a structure put in place to protect your investments.
A good accountant can construct this but it needs to be setup from the start if possible.
here to help
Hi all
It also removes another little thorn that has been stuck in developers backs for some time.call me a little cynical but this was on the cards for some time.Goes like this bob ( no reference or intention to any person just your average bob or joe in the street could have done the same had they known)buys in nz, the tax came in, nz prices then started to climb due to investors leaving nsw, that market is starting to slow, tax comes off and bob/joe is a happy guy.
Good on you bob the builder.
hay nothing wrong with that it called big businesshere to help
Hi
I read with interest your post as I also would be inerested in this type of coarse.
Not sure who would host it or its brief but I’m all for education.here to help
Hi all
Playing the devils advocate.I think you are being a little hard on real estates.
They may some times be bit of a pain but they do give you alot of free information when assessing there market and just like this forum they don’t get paid for that free info.
So even thou i’m not nor will I be one of them I still have a few on my team.
As a old business friend told me anybody can give you advice its what you do with it that matters.
Also add me to the list for finding the real estate with out any whinge factor.
as for the investment have you looked at commercial real estate being in canberra the rental returns would be reasonably high.
Firstoff plan what you want to achieve and work from there.
here to help
hi all
first don’t use a draftsman use an architect i’m not going to explain the difference but its the difference between the tradesman and the labourer both can do the job just one is usually a little better at it.
second don’t ask receptionist what you can get on this site, the only thing I ask receptionist to do is to put me thru to the planner.
Third if you have problem getting to talk to architect in your local area, is do one of two things try try and try again or tell them that its a possible 20 unit development site you will get a call back on that one straight away.here to help
Hi mortgagehunter
Its a list of banks I already deal with.
There is a lot of people who read but don’t post at these forums and alot of banks and private lenders that I could utilise in my ventures.here to help
hi ames
Have a read of my post to ron 29th 07 who knows
not sure about london as they don’t get high returns or in some places growth.
tax squirrelling as long as not illegal is very effective.here to help
Hi Sparky
Looks ok on paper and I haven’t crunch the numbers.But the only thing I see wrong is there is a lot of should be worth and approx cost of this and that.
For this to work correctly you really need to be closer to the current value is this, the build cost is this,the value of similar is this area is this.
excel spread sheets and power point are good programmes for this.
The more info the better.
Don’t try to run until you can walk, you are going into building here so build not slow but steady.
As a developer.
I will tell you that you build bit by bit if you order the bricks before they are needed you pay waiting time its the same with banks but there waiting time can be a lot more expensive.my advice is start small or go into asmall syndicate with a builder and watch how its done.
easiest way to find a small syndicate is talk to your local real estate or the agent in the area you want to build he will know the local developers and should be able to help.
If in sydney tell me the area you are looking at and I will be able to steer you towards a developer in that area.here to help
hi tom
talk to a local real estate company they can get that info from rp data.
The council will give the da cc date but you have 5 years to build.
the council should have given an occupation cert and will have a date but this may have been archived.here to help
Hi Beast
There are always two sides to a coin.
I’m on the opposite side to foundation I currently have 1 x 19 unit under construction and 1 x 20 unit in council for da.
check with an accountant I think you can get tax relief but only if negatively geared.
The pro’s of an interest only loan on home
1.tax deduction
2.relatively easy access to cash
cons
unless structure correctly home is possibly in line for creditor attack.here to help
hi leoau
clarify for me what the question is.1.bankruptcy and the results
2.2 defaults and can you lend to defaulters
3.how to repay the debt
all of the posts have told you the problem with going bankrupt there are a few more like not being able to join most syndicates for most business dealings.
Bankruptcy is designed for a companies that has no possibility of trading out of its debts.
my best advice is talk to a financial advicer all the banks have there own (prefered). the salvo’s have a couple also.
As a last resort go to your local court and see the chamber magistrate tell him that the two card companies are going to bankrupt you and ask him if there is any way of getting a judgement similar to garneshing your wages for a certain amount listen to his advice write down as much as possible, this is a very risky position for you and is a last resort because if you don’t pay as perscribed for any reason or the court increase the min amount it will become very difficult financilly for you.if successfull with garnishing you can ask that this is not put on the ccra data base funnier things have happened in courts.
you can try legal aid but I think at 60k you will not qualifyhere to help
