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Huey
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@huey
Join Date: 2003
Post Count: 213
June 3, 2004 - 8:44 am
Thanks all for your inputs,
After reading your reply I think I should give it a miss. It’s a good price if I only need to do minor work for the bathrooms and repaint the inside. I just don’t like to worry too much later on. It’s not worth it.
Regards
Huey
Huey
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@huey
Join Date: 2003
Post Count: 213
May 24, 2004 - 5:28 am
I know, I know, I know, Mel!!! but I can’t explain well enough to convince my hubby, my son & his wife that we should buy it in Trust. I don’t know what structure (who are the trustees, appointer ….) that we should set up to protect everyone’s interest. It’s not simple questions like I asked above.
Newington is the Olympic-2000 village in the Iner West next to the BiCentenial park with all the Olympic sport facilities. I was told there will be some apartment building project but no more land for houses in Newington or the surrounding areas. CG is around 50% in the last 3 yrs. I have around 200K equity in that house.
Buying a house in his wife’s name will have negative effects if they move to Sydney and have to rent the house. She works part time therefore in a low income package. They can’t claim much tax thru negative gearing and on top they of that have to pay for rents in Sydney.
Hi Henry, in Canberra there is no land tax threadhold for IPs. I know very well that I should teach my son to fish and I used to give my father a hard time for sacrifying his own wellfare to help my brothers too much that they never had a chance to grow up. Unfortunately I tend to do the same although I try very hard not to[confused2]. I carry his blood …
Another good reason for that is it forces him & his wife to pay for the mortgage instead of spending too much. It easily becomes a bad habit.
I sometimes see ads under the “House exchange” category like “Beautiful 4 brs, ens, DLUG in Sunshine Coast for an equiv house in Canberra. Ph 99999999”. It will be less hassled if it can be done because because there will be no other buyers involved.
Regards
Huey
Huey
Participant
@huey
Join Date: 2003
Post Count: 213
April 18, 2004 - 7:33 am
I’ve learned that if I don’t make a quick move somebody else may buy the property that I want to buy. I would feel disappointed but I could still find and buy another one. If I plan to visit my parents and keep postponing the trip I would still taking the trip but to his/her funeral.
I’ve learned that if I accepted my dad’s money to buy a house in Sydney 30 years ago my dad would have plenty of money by now. But with or without plenty of money he still lived one of the most meaningful life to & beyond the end. We donated all the money collected from his funeral to the needies as he wished.
Huey
Huey
Participant
@huey
Join Date: 2003
Post Count: 213
March 16, 2004 - 5:38 am
Originally posted by Shushar:
So the moral of the story is that we should give up buying IPs & become cleaners!!!
[^]
“All our dreams can come true, if we have the courage to pursue them.” – Walt Disney
Hi Shushar,
I think the moral of the story is: when we have 101 IPs don’t forget to spend time lazying around kissing our wife/hubby if we are lucky enough to still have her/him around. Most of the riches either forget how to kiss their spouse or no longer to have them around.
[8D]
Huey
Huey
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@huey
Join Date: 2003
Post Count: 213
March 16, 2004 - 4:57 am
Hi Chan$,
No one says cleaners are lazy. I know many of them work very hard to send their kids to good schools and build up their wealth. Most of them enjoy life by seeing their kids doing well at school or a good bank account balance or counting the number of IPs.
Only the mentioned cleaner knows how to enjoy life in a different but truely enjoyable way.
[]
Huey
Huey
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@huey
Join Date: 2003
Post Count: 213
March 10, 2004 - 1:35 pm
Hi Andrew,
As I understand there are many advantages in buying IP under Trust but there are also a few disadvantages like:
– can’t claim loss against your taxable income.
– 0 thredhold on land UV (unimproved value) for land tax in all states except ACT & NT.
These can be few thousand of dollars out of your pocket in the 1st few years. Pls check with your accountant and do your sum before making decision.
Can anyone correct if my understanding is wrong.
Regards
Huey
Huey
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@huey
Join Date: 2003
Post Count: 213
March 3, 2004 - 6:12 am
I think a basic salary + performance pay is the way to go for teachers. Good teachers should get higher pay.
There is a surge in the university entrance score this year for BE. It’s higher than many other courses. It’s just a case of demand/supply.
If teachers get a salary = doctors, one needs to achieve around 99.8% to get in. As the result our future children will be brilliant.
[]
Huey
Huey
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@huey
Join Date: 2003
Post Count: 213
March 3, 2004 - 5:53 am
Can we be more serious in our reply or clearly identify our jokes so we won’t confuse each other especially new investors?
Regards
Huey
PS: Pls don’t [!][V][] me!!!
Huey
Participant
@huey
Join Date: 2003
Post Count: 213
March 3, 2004 - 5:44 am
Congratulations SIS, you’ve done well. Your sister must be very happy.
I still wonder if your method is cost effective because you will have to transfer the property to her name later. Do you do it that way because you don’t want to become her guarantor?
Regards
Huey
Huey
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@huey
Join Date: 2003
Post Count: 213
March 3, 2004 - 5:30 am
It depends on what your definition of Retirement. If it only means leaving the mainstream work force : Yes I’ve done it via “early retirement”. However I find out that after retiring I do 101 other jobs, “real handyman work” and some volunteer work as well. I save/make heaps of money by doing things myself but I also spend heaps of money because I have more time to do so []. [^]
For “real retirement – just relax & enjoy” I hope to realise it next year when my eldest kid’s family move to Sydney, my mid kid finishes her study and the youngest one moves to Sydney to study. I will be BORED! Should I go back to work to support more IPs?
BTW my last bosses were wonderful people. Only one was a bit unusual but he was very smart and hard working. Not many people at work liked him but I didn’t mind working with him. Life is tougher if we don’t accept the differences.
Regards
Huey
Huey
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@huey
Join Date: 2003
Post Count: 213
March 3, 2004 - 1:37 am
Bills for phone, electricity, gas, rates, insurance, car registration, fuel ….are heaps.
Childcare & study costs are huge as well.
[]
Huey
Huey
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@huey
Join Date: 2003
Post Count: 213
February 27, 2004 - 1:22 pm
Thanks Mel, you always have kind words. [] Huey
Huey
Participant
@huey
Join Date: 2003
Post Count: 213
February 27, 2004 - 12:51 pm
Hmm! you should tell me 34 years ago .. but it’s not too late I will have a go tonight.
[}]
Huey
Huey
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@huey
Join Date: 2003
Post Count: 213
February 27, 2004 - 12:14 pm
Oh NO!!!! I’m ..
3. Old is when your doctor doesn’t give you X-rays any more but just holds you up to the light.
…. and my hubby keeps pulling my legs. He says that I still look young & beautiful! [?]
Hu hu
Huey
Huey
Participant
@huey
Join Date: 2003
Post Count: 213
February 27, 2004 - 12:03 pm
Hi James
I think the number of IPs we want to have depends on its total value or its incomes and what we want to do with our life.
I wrote in an earlier post that my husband & I planned to have an IP each and paid them off when we retired. The incomes generated from the 2 IPs would supplement our superanuation pensions so we wouldn’t need any help from our children or the Government. In my old age I still want to Give not to Take. Giving brings us happiness & pleasures. We bought 2 negative geared IPs.
The problem of relying totally on our superanuation pension is although it is CPI indexed it won’t keep us up with the living standards. Rental incomes will.
I’ve retired and paid off my IP but sold it recently!!! With that money I plan to help my son to buy his own house and use the left over money to buy 1 or several positive geared IPs. Because I need extra incomes, acquiring +ve geared IPs is the way to go for me. I’ve been looking around to buy but can’t find any. I think the market is over priced so I wait.
Regards
Huey
Huey
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@huey
Join Date: 2003
Post Count: 213
February 26, 2004 - 3:39 pm
Hi Steve
What a kind gesture! Can we suggest what to do with your donation? It’s also good to see you clarifying your views about wrapping.
Congratulations
Huey
Huey
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@huey
Join Date: 2003
Post Count: 213
February 26, 2004 - 4:48 am
Hi (-o_o-)
They won’t pocket all of 85K (210K – 125K). Apart from agent fee they have to pay solicitor fee, loan discharge fee … and capital gain tax on the half of the amount which will be calculated approx. as shown below:
85K – agent fee – stamp duty when they bought – solicitor fees for buy & sell – other expenses + claimed depreciation
Regards
Huey
Huey
Participant
@huey
Join Date: 2003
Post Count: 213
February 17, 2004 - 2:07 pm
Wow! I can see my problems clearly now. I know but always do everything for my children readily & unconditionally. Like father like daughter, It’s the root of my problems. HELP ME! I have to learn NOT to. [:p]
Huey
Huey
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@huey
Join Date: 2003
Post Count: 213
February 17, 2004 - 1:48 pm
Thanks Melbear, Wrappack, Bron and others who wrote to me privately. I really appreciate the kind thoughts I have received from this forum. Just to let you know that I’m ok and I’ve learnt heaps from this sad incident. I value more what I’m having and I also see clearly the danger of investing heavily in negative geared properties. We should know our limits and never rely totally in our salary to service our debts. When serious problems arise we must step back, re-assess everything that’s important to us and work out some feasible options. We should consider seriously to sell 1 or 2 IPs even at a less profit or loss in order to reduce our commitments if that is the case. When stress compounds it can destroy us. After all money is not everything in life.
Sorry Fitness for bringing up something with little value to your thread.
Regards
Huey
Huey
Participant
@huey
Join Date: 2003
Post Count: 213
February 17, 2004 - 11:01 am
Hi Fullout. I use more paint than Simon. You need to work it out your self, based on 16 m2/litre. You need 2 coats and use differrent types for room walls, ceilings, bathroom/kitchen, doors/windows.
I had 2 quotes to repaint only walls in my kitchen/dinning, TV room & lounge room. Both quotes are $2000. I did the job myself for less than $500 for paints & equipments which included different colors for feature walls, ceilings, windows/doors & frames. I reused the equipments for my IP. To save money (claim tax) it should be the other way around.
If you have a lot to do you can negotiate with the paint shops to get a special discount.
Enjoy.
Regards
Huey