Forum Replies Created
Hi Tajl,
In Vic you can be exempt for SD if you are a concession card holder. I note that you are a student. I think that the value is capped at about $200K. Check this out with the State Revenue Office.
Good luck.
hrm
Hi Arborphile,
In support of the several suggestions of reading Steve’s book I would also suggest reading other books to get other successful peoples ideas.
Just read “How you could build a $10 Million property portfolio in just 10 years” by Peter Spann, costs $28 and it’s easy entertaining reading.
hrm
Thanks FW and Jaffasoft.
Jaffasoft this site is for the Howard handout, I was refering to the Victorian State Grant.but thanks anyway.
And FW go labour………………..
Seriously does anyone have knowlegde on whether the State Gov will extend this program.
Thanks again.
hrm
Hi Rylu,
Yes I have one commercial. I have been in small business (franchise) for a number of years and five years back I opened another branch at Mornington Vic. We rented the best located property in the area and after being there for 6 months tha owners put it on the market for sale. We were shocked as we were advised that they had no intentions to sell at tha time we signed a lease. We felt insecure.
The rent was about the same as repayments so I decided to buy. Cost was $225. Some time back I sold the business to my partner. He now pays $2313 per month. The property was valued only week ago at around $400.
I have a 3X3 lease and have almost no administration to do as the tennant pays all outgoings. I do not need a PM.
In short commercial can offer very good returns with sig less effort that residential.
On the down side i have noticed that not so good properties can sit empty for several months or years! I guess its all about location, location……..
Hope this of some help. Regards,
hrm
I have several properties either interstate or across town.
I find that a good PM makes life more enjoyable at a cost, which i believe is worth it. They are specialists in their field. If they don,t perform I find a better one. I wouldn.t do my tax return although I am reasonbly confident in doing one reasonably correct.
I get my PM to pay outgoings which reduces some of my paperwork too.
I have one commercial property that I manage. I find this very simple and requires minimal time. Commercial leases are generally 3 or 5 years which are significantly longer that residential.Also no emotional tennants.
Some people perhaps enjoy managing their properties, for me I like to see the monthly rent deposits and paid bill and get on with other activities ( recreational or business) that I enjoy.
Horses for courses i guess.
hrm
Hi,
I’m no accountant but here are a few thoughts that may assist you:
a.Keep the loan of your PPOR (the property y plan to settle in Sep)as low as possible as repaymnets will be in after tax $.
b. Delay settlement if possible to give more time to sell the current property.
c. Discount the price of the current property for a quick sale / quick settlement.
d. In Vic the vendor can seek use of deposit $ once contract goes unconditional.
Good luck.
hrm
Terry & Simon,
Many thanks Guys. Your comments and advice confirm my thoughts.
Regards,
Herb
hrm
Hi I.m new to this forum and would like to share my experience with developing (1x 2 & 2×3). I bought a rundown old house on a good corner block of approx 730 sq m in an outer Melbourne suburb about a year ago.I bought it with the view of developing it but was guessing thaT i would be able to get council approval. I bought at auction and during the post-auction activities the real estate guys recommended an architeck (sorry about the spelling). This person has taken most of the headaches out of the planning process. He has had several meetings with council and my self to come up with a design that satisfys council requirements and my thoughts. The notices are im the ground for the 14 day required period. Costs approx $8K. Suggest you seek a good architek in the local area. Hope this is of some help.
Regards,
Herb.
hrm
