Agreed – I can do that!

Thanks. Just got an email back from my accountant – he said it is fine as long as it is a designated LOC.  Yea – much rather use tax-deductible debt than non-deductible equity! Let's hope my next offer is accepted. 

My sister lives in Upper Coomera and I have an IP not far away from this, so I know the area quite well. I feel that Upper Coomera will have quite a bit of growth in the long term. It does have pockets that are mainly owner occupied and other areas that are almost exclusively rentals. You will generally do better in terms of growth (and probably…[Read more]

I have been told that the only way that allows JV partners to keep/sell/own a single unit in a block is by setting up a partitioning agreement prior to purchase. I believe the usual JV agreements are viewed as %ownership of every unit by the ATO. I am not an expert in this area. Check it out with your accountant and solicitor before you buy.

Thanks Slipper.Just found another worrying clause in the General Housing Code section of the Planning Certificate:"Complying Development under the State Environ. Planning Policy (Exempt and Complying Development Code) 2008: General Housing Code amy not be carried out on the land. It is prevented by a land exemption specified in clause 9.91 as it…[Read more]

Thanks Slipper. Just found another clause under the General Housing Code off the Planning Certificate:"Coplying Development under the State Environmental Planning Policy (Exempt and Complying Development Code) 2008: General Housing Code may not be carried out on the land. It is prevented by a land exemption specified in clause 1.19 as it comprises…[Read more]

Hey Zulik and Sonja – 5 years on. What did you do? How did it go?Jen1

Thanks House Call. I thought the same but when I spoke to the bank I got all confused about it. Some managers are not proficient at explaining things! Thanks.

Thanks RHPlanning! I will check it out.

Thanks for all your suggestions.

I did a title search and looked up the yellow pages in the hope that the owner also lives in the same town. Lucky for me they did! [biggrin]
However, although I have rang twice and spoken to his very lovely wife, I have not yet managed to catch him (and I get the impression she is more concerned about getting him…[Read more]

Thanks for the advice. I am hesitent to contact an RE for that very reason! Is it possible for ‘normal’ people to access RPdata? However I don’t think a letter will work as it is actually a block of flats. Would getting a title search help maybe? If so, would I need a solicitor?

Thanks,
Jenny

Jenny

“Knowing is not enough; we must apply.…[Read more]

Do ensure that your check with the local council, and ask the removal home people about your council too before you do anything. I know that it is near impossible to get my local council (regional NSW) to approve a removal home development – it would be cheaper to build new. Check it out first and ask the council if there have been any previously…[Read more]

Hi Camder,

I haven’t developed before but have been looking into it. Thought I’d throw my 2 bobs worth in anyway.

I would imaging if you are doing this as a partnership you would want a clear contract between the 2 of you from the outset. CGT discount only applies if it is in your own name and you have held property for >1yr. Hence need to weigh…[Read more]

Hi Craig,

I have not done a subdivide yet, but have looked into it in my area (NSW).
You need to contact a planner at your local council and speak with them. Each local council has their own charges for subdividing. You also need to check the minimum land sizes and the minimum distances from boundaries, min private spaces etc with them too. This…[Read more]

Hi All,
I too have a rather large and scary project (as a newbie) that I’m excited about and would like some advice on a block of strata titled units.

Cost 1.35M firm [uneasy]
Stamp Duty ~60K
Interest ~100K

Currently -cf but I plan to sell two units (put back into loan to reduce interest) and furnish others to bring total income to +cf by…[Read more]

Thanks for all your kind words, advice and support.

I took your advise and had the IP valued – would list at $40K above purchase price [biggrin]. So at least it is getting better. Unfortunately, I just found out my tenant is over his head and is going to leave. He promises to repay what he owes (fingers crossed as it is a bit more than the bond).…[Read more]

Hi All,
Thanks for the informative posts. I too have been looking at a block of flats, but in NSW. As a newbie, I found Dazzling’s post of enormous help (thanks). I used your ‘template’ and came up with similar results (2.2% break even but not quite as -cf as luan’s property).
I too am considering buying and then selling off strata units but I…[Read more]

Thanks Hellman. Some good tips there. Any other opions on ‘riskier’ properties?
Jen

Hi. This is my first visit to this site after reading Steve’s book – and I am impressed. I have to admit that I already have a -ve geared property (ouch) but am looking to rectify my situation. I have been looking for properties in QLD so far with no luck. I would be interested in knowing whether anyone else has been able to find +ve properties in QLD.