Prop16

What does this mean : ???

“As Owner/Builder would you then be able to sell the Duplexes in the first 2 or 5 years?”

Anyone wanna buy ’em ???? [biggrin]

(Mum’s a good cook, but dad has a bit of a flatulence prob) [ohno2]

I’ve thought about the renting bit – but I can’t work the numbers out, as to how they can easily afford to rent it, and still have lots of money freed up.

My reasons for wanting to help ’em out ??

I know it’s nothing to do with investment,…[Read more]

I’ve read the famous chapter 6 already, Derek. It doesn’t come right out and state anything, but gives a nice example of Frank the investor.

I just wanted to be 100% sure before proceeding.

I guess I can deduce from that, that the two things are the same – even if it doesn’t actually STATE it anywhere – just infers it.

Can I ask, are you the…[Read more]

Thanks for that. But I have read that you have to pay stamp duty at the market value – and the market value is currently $420,000, or more.
And yep, having more inheritance put my way is a good idea – but could be a bit messy – and I just find the thought of profiting from their passing a bit freaky as it is, without getting extra.

TerryW – i…[Read more]

Wrap pack

You asked for a bit of info on duplexes.

This is our first development – we actually had no assets at all when we bought the block, 2 years ago.
(3 young kids inc newborn baby – one wage – you get the picture.)

We bought the block on 6 months delayed settlement, drew up plans & submitted to council in that time, and used the increased…[Read more]

Thank you so much everyone. Very much appreciated

I do have two sisters who are beneficiaries to my parents estate – so anything we do would have to be in total agreement with them.
We all trust each other completely, and my parents definitely want to leave an inheritance to all of us. (even if we don’t want them to.)

I love the rent their…[Read more]

lol wrappack – we are currently living in the unit that we would sell to them – so no CGT ??

If they rent their house out – they lose an amount of their pension, and there’s deeming, taxes (a nightmare) – plus they still will have no cash freed up.

Thanks Derek

You’re right about the surplus cash to pay off future PPOR.
Our accountant provided no future scenario’s – or gave any kind of help like that. Maybe I’m just expecting too much ?
(they do call themselves ‘wealth creators’ in their ad though [V] )

With the developing, my partner is a registered builder and also a qualified…[Read more]

Thank you so much for replying Judi & Derek

I feel like a bit of a ditz – I do know about the fact that you have to hold an investment property for over 12 months if you want to only pay on 50% of your capital gain.

Silly accountant didn’t even mention that to us, but it’s something I’ve known for past couple of years.
Forgot to factor it in…[Read more]

Thanks everyone

Lots of things to think about there.

Elves – thanks for the ‘renting’ thoughts.
Some really creative ideas there !!
I’ve already checked the renting option out with centrelink though, and then after that – on this board – and it seemed that it would affect their pension. (they are on a full old age pension.)

So they can’t have…[Read more]

Julia

Thanks for that, but I’m not quite understanding.

The duplex is two units, both torrens title.

We will be living in one of the units.

If we put 100 % in my parents name – my husband and I miss out on the extra equity.
We want to do more developments and need every bit of equity that we can get. My parents understand that.

If my parents…[Read more]

Thanks Bluecat & Terry W

looks like that option is out of the question. Back to the drawing board !