Thanks all.  I have looked at the list in API and the list on duckster's link. And thanks Jane-I have sent you an email.  All much appreciated.  I have bought a house that the previous owners had had great plans, ripped out the kitchen, bathroom and a heap of gyprock, then plans changed and they moved overseas for a couple of years and now they ha…[Read more]

I live in Tamworth and I can tell you Tamworth is booming at the moment.  It is one of the fastest growing regional areas in NSW recently. A lot of regional business HQ and a progressive council. Huge new housing developments going on in several directions, capable of housing 10-15000 more people over next few years.  Also a lot of new unit c…[Read more]

KellyP wrote:
Thanks for the help guys..  Sometimes it's just easier to ask outright than to ponder the hard questions for far too long. Sometimes it's especially to ask people you don't know personality, besides the fact you don't feel as much like a lunatic it's probably much easier for someone else to see logic with no involvement.  I need t…[Read more]

I would suggest see a marriage counsellor to work at the marriage part; see a lawyer to protect assets part, and a financial advisor for the long term finance planning part.  IMO you are nuts to go guarantor or joint anything if the marriage is on the rocks.  It spells more trouble.  Also take a step back and ask yourself what the future of yo…[Read more]

I am no expert but I think your $12k is capital expenditure so it raises your capital base (relevant for CGT if you sell). Then when you rent it out you can depreciate the $12k you spent.  (as opposed to claiming anything now. )

jacqui_03 wrote:
House Call,Just to confirm,I am not selling – It was a Buy, Renovate, Hold project. I plan to hold the property for the long term.And the figures you have calculated are not accurate. If you read further down the post you would see a change in figures.Purchase Price was $200k – The valuation at Purchase was $215k – So I bought…[Read more]

jacqui_03 wrote:
Market prices in the area for a 3 bedroom place is around $265k-$275k. Residex estimates it to be valued at $280k. Offer has been accepted at $210k however it needs a new kitchen, carpet, paint, new doors, finish tiling in laundry/kitchen. Bathroom & toilet have already been done renovated. I have negotiated a a 52 day…[Read more]

Catalyst wrote:
. I can replace kitchen, bathroom and paint an entire house in 4 weeks and maybe even rip out a wall.

that's impressive.  How much of all that do you contract out to tradies? 

can you just cross out the "TBA" and insert the correct address on the lease, initial the change and then sign it without actually pointing out the change to your friend?BTW I agree with everybody else-deals with friends get extra messy if they are not at arms length and completely above board.  Just the fact you asked the question on this post…[Read more]

Thoroughly recommend Steve McKNight's book: "From 0-130 properties in 3.5 years" for philosophy of positive gearing.Thoroughly recommend Michael Yardneys book "How to grow a multi-million dollar property portfolio"- for philosophy of buying for capital gain.recommend "20 must ask questions for property investors" by Margaret Lomas for what to…[Read more]

Looks fantastic Brian.  Inspirational!Your costs don't include paint.  Also what did you do your floors with?

duckster wrote:
What  you need to search on is the term trust surchargeAs you have not mentioned what state you have the land in you should start at the relevant state revenue office for your state.

NSW, Sorry should have said that. Thanks Duckster.  That was one helluva helpful and comprehensive answer! Seems we will be up for $100K x 1.6% +…[Read more]

we were interstate on the week of settlement.  I thought next time I would pre-arrange to get my property manager to check it on my behalf on the morning of settlement and then phone me immediately.  Can you do that?

Terryw wrote:
Trusts don't pay tax (usually) what would happen, if it is discretionary, is the profit of $70,000 would be distributed to beneficiaries of the trust by the trustee. The money is then income/capital gains in the hands of the beneficiaries and they pay tax on it. Usually this is done with tax efficiency in mind with the low income…[Read more]

We had a room the dimensions of a perfect cube-12'x12'x12' with very ugly bricks floor to ceiling, including an area where an old internal brick chimney had been removed leaving uneven broken brick in one section and soot stained/heat damaged bricks in another.  We Gyprocked the lot.  basically the method was get a hammer and bash the walls to s…[Read more]

update: I amicably phoned the selling agent who was very helpful, appropriately shocked and offered immediately to compensate us for cleaning costs. Which proves there are some really reasonable people in the world and that now removes most of the slightly bitter taste I had in my mouth about all this.  So JacM you will be pleased about that. 

luke86 wrote:
Hi House Call,You could get a solicitor to write a letter I suppose like GOM has suggested but I imagine that this will cost you another several hundred dollars. Maybe if it isn't a huge cost to clean then just treat this as a property lesson and make sure you inspect the property a few days before settlement next time…[Read more]

Thanks IPfreely,  other variable is how is this altered if purchased by our family trust?  (if at all)

Scott.Dunstan77 wrote:
 What I would like to hear is how some of you people got started and how is it going or the outcome achieved good? Bad? Any advice on books/education and general wisdom for a wannabe property investor will be highly regarded!!Cheers and thanks in advance Scotty

Great thread Scotty.  getting back to the original post. T…[Read more]

QLDpropertybuyer wrote:
We used Hot Property Specialists Buyers Agency, after being referred to them by one of their clients. We have purchased 3 properties with them now and we highly recommend them. I was speaking with the owner (Liz) the other day and they are moving into a new office in Coorparoo as they were at Springwood. They can help you…[Read more]