Forum Replies Created
Kavita,
This is what I will do:
Move in temporily say less than a month. Get a valuer to get the highest valuation price as possible. Rent the property out.
By doing this, you don’t to pay the 70% capital gainted on the property when you sell. You only need to pay CGT from the date that you rent out the property ie. the valuation price to date.
Hope what I think is right.
Chandara
Bob,
Just read this forum as much as possible.
Set up a few spreadsheets for where to invest, how to invest, investment structures, finances…
When you read the forum and found something interesting cut and paste into your spreadsheets for future reference.
Chandara
There is one reason I think the market still keep running and it is the taxi driver tell you how to invest in negative gearing property.
Chandara
Mini,
I’m appreciated that you shares the bad and good news with us. Investing in property there are always bad and good news which come and go.
I had similar problems late last month and early this month. Here are the problems that I would like to shares with you and the forum:
Property No. 1
Mid of June the tenant gave 2 weeks notice to vacant the property. It was rented at $240PW. The rental market is not looking good. The property vacant for 1.5 weeks. I decided to reduce rent to $220PW and within week it was rent out.Property No. 2
The tenant did not pay rent since May. I am getting a bit worry and ask the management agent to inpect the unit and found it empty. The tenant has ran away. Luckily there no damage to the property, but the tenant run away with keys and remote security control. Everything need to be organise and clean up as quick as possible to put the property on the market again and it was rented out last week. Thanks god.Property No. 3
This is our PPOR and we decide to move out late last month and rented out. Within week it was rented out. Good news. Currently I am renting and hopefully find my dream home soon.Property No. 4
The least supposibly 1 years, but the tenant give a notice of breaking the least in mid june and move out because he has heart condition and need to stay in hospital for at least 3 months. The property put for least and within 2 weeks it was least out.Property No. 5
Good news. The property not even settle yet, but the management agent do direct credit all rent to my account. I contacted the management agent and sent them back the amount, but the next statement arrive and they direct credit my cheque into my account again.Property No. 6
This is the property that I think have a lot of potential. The building and pest inspections was organise and the result is not good at all. So I decided to let it go and move on to the next one.Now I am feeling tired and want to take some rest before I look for the next IP.
All this problems happens in late June and early July. It is the most busy time of the year for me and it is my birthday as well. What a mess.
It was over.
I am relaxing at home/work…..
Dear All,
Name: Chandara
Nick Name: Chan$, Chan, Chandy, Kev, King Kong, Ya, Ra
Alias: Chandara
Home: St Johns park, Sydney (near Cabramatta)
Status: Married to Jun with a beautiful daughter, Kayla, 13 mth and 5 days(love her, she is so wonderful)Start investing in 2000 and currently have 5 IPs, but still renting (hope will find my dream home soon). I was actively looking for IPs up until 15/07/03 and decide to stop.
Now thinking of going to NZ to look for IPs.
Chandara
‘responsible investing’ – if you are responsible
‘successful investing’ – if you are successful.learn – invest – success
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$ $ $ $$ $ $ $Dear All,
Just been back from Peter Spann’s seminar on 12/07/03. I think it was pretty good refreshed me of what I forget regarding IPs.
The property session that he’s presented was quite basic, but share, options and hedging strategy was pretty good eventhough I have not use it yet.
Rejuvenation is the keys for his success.
Regards
Chandara
Resurrect,
Thank you for your invaluable informations. This problem regarding retaining wall never come across my during inspection. I inspected the property at the time just about to turn dark and never have a chance to look at it properly. Luckily I took a lot of photos using my digital camera.
The retaining wall is made of concrete and it seems to have problems from building inspection point of view. Therefore, I believe there is going a be a lot of affect during heavy rain.
Since I can not inspect the property again coz I live in Sydney and the property is in Queensland I will let it go and will look for a new IP soon.
I also believe the deal of a life time come around very week or two.
Thank you for your adviced
Chandara
Keep buying guys, we are on our way to financial freedom and will live life to fullfilment.$ $ $ $$ $ $ $
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$ $ $ $$ $ $ $Marty,
I bought his Money Magic Video Packages which contains videos, cassettes, transcripts and manuals. I found it invaluables comparing to the money that I made after watching, reading and listening to it.The seminar that I am going to this Saturday (12/07/03) is just a refresher for me as I gained quite a bit of experienced since starting to invest in IP.
Hope this seminar will motivated me again and will learn new ideas from him.
Chandara
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$ $ $ $$ $ $ $if the repairs is between tenants then this will be a deduction under repairs and maintenance, but if the repairs just after you bought it and there are no tenant yet, then it is capital improvement.
chan$
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$ $ $ $$ $ $ $let assume your current unit is $120k and you still owe $20k.
80% of $100k is $80k will be use for deposit for your new home to live in.
I believe this $80k deposit for your new home is not tax deductable because you are not using for investment purpose.
But if you use this $80k for deposit for investment property then it is tax deductable.
hey, I could be wrong.
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$ $ $ $$ $ $ $Alana, Tas Investor,
Thank you for your invaluable informations.
Fortunately We still have $920 recovered from the bond. The PM informed me yesterday that they can claims all the lose of rented but still not too sure the vacancy periods afterward.
Thank you
Live with passsion
I try to live with passion and I believe “the road of somedays lead the town of nowhere” – Anthony Robbins. I believe I will live at least 100 years or more. Now I am 27 years, 11 months and 23 days old and the clock is ticking. I still have at least 72 years and 7 days to live and counting down. So I must live my life to the max.
I’m an Electrical Engineer working for the railway in NSW. I get pay by reading and learning from this forum right now. As an Electrical Engineer I don’t have much things to do. I use my available time to search for IP and learn English because I believe English is essential in Aus.
I don’t aim for the star, but I have a very simple goal starting in 2000 to have 7 IPs by 2007, wrx 2004, small boat to go fishing by 2008, double storey house by 2010. I believe it is realistic. I know a lot of people have many IPs ie. 10, 20, 30, 100, 200 or more. I also want to learn from them and how do they do it.
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$ $ $ $$ $ $ $I just bought bought Anthony Robbins CD packed “Get the Edge” and found it very interest especially regarding how to live your live to fulfillment and passion.
Sometime people take it so hard on their life and when look back what they try to achieve, found that they have not set up there goals yet.
I believe you should live your live to it full potential. First you give, give, give and once you give so much eventhoughly there will be something that will get to you.
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$ $ $ $$ $ $ $Instead of spend too much time figures it out which one is better. May be just go out there and do it.
Just do it!
Just do it!
Just do it!
Just do it!
Just do it!
Just do it!
Just do it!$ $ $ $$ $ $ $
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$ $ $ $$ $ $ $Mickey,
Sound like a good investment to me. It would be nice if I can find this sort of deals.
Good luck
Chandara
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$ $ $ $$ $ $ $Before I go to any banks/financial institutions I normally go to Mortgage Choice because they compare and find the best deals for you. Once you know which banks/financial institutions is best for you then you go direct to that banks/financial institutions and negotiate for even better deals.
As I am a wealth packages member I have my own relationship manager with CBA. He is fast and approve on the phone
Chandara
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$ $ $ $$ $ $ $Thanks Trueblue I am really appreciated
Chandara
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$ $ $ $$ $ $ $To All & Trueblue,
More info regarding Land Tax.
None improve value to be tax:
1st IP – $218k
2nd IP – $65kCurrent situation.
I live in my own home which mean exemption from land tax. But in the next few months I will be moving out and rent and turn my own home to IP. This will be more land tax.In this situation, will it be a good idea to set up company/trust for each IP or should I wait until I buy the next IP and then set up a company/trust structure for each new property I purchase?
Any thought and ideas will be appreciated in advanced.
Chandara
andrew
so far I have not found any near coast, but Logan City in SE QLD there are still some there.
Chan$
Regards
Chandara
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The truth is out there!
May the force be with you!
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