Forum Replies Created
Thanks for the feedback
Hi,
we just moved into our house. After several ideas, i have converted the lounge room into a theatre room. As the stairs are in the middle of the house, i have used the back wall of stairs as a projection screen. $40 tin of white paint (recommended for Cinema use) I then cut holes in bottom of wall to recess speakers under the stairs. I will then move my cabinet with the DVD, receiver etc under the house so it's out of the way.
This is probably not ideal for a townhouse, but wanted to share my idea, to get you thinking on ideas.
Thanks
JasonThanks Terry and Hans.
A question. If I put the $110k into my own PPOR creating equity, and then redraw it and loan to Company/Trust to buy property then that $110k against the PPOR would be tax deductable against my tax? Or am I a bit tired and not making sense?
Appreciate your comments
Thanks,
The real estate has a court date next Wed in small claims court for eviction and rent arrears. If I have no luck then I will let you know.
bendbanks wrote:jsawtell,
You don't need a lawyer for this as they will charge way to much. Your agent should make for an emergency warrant on the property. Unless it's the agents fault there was no bond or lease signed (did you have a appointment to act signed with you agent?) you'll more than likely looking at a debt collection process and possibly and eviction on the property. If you want drop me a line this is what my company does and I can help in greater detail.Thanks Winterheart. It goes to small claims court in 10 days, so should be sorted
thanks Raddles. The Real estate has submitted it to Small claims court. I will speak with insurer to understand their stance with not have an RTA signed.
Hi,
Interesting thoughts. I would only say that the Govt require you to declare funds over $10,000 coming into the country. I expect that you would need to provide sufficient documentation to show it is a loan and not income.
Best to speak to an accountant or even call the ATO. Please report back to the forum what you find out.
Good Luck
JasonHi,
I would be interested to know the outcome of this. There is definately a discount for Owner occupier on Stamp duty in QLD. I am thinking of doing the opposite – bought a property for investment, and now considering that I will make it PPOR. I spoke with State revenue and they said I may be elegible for a Stamp duty refund if this is the case. I just need to prove the property was tenanted at time of settlement, which is shown on the property contract. This means I would could get up to $5k back.
AndersB wrote:OK, what about the stamp duty? I think as Owner Occupier you get some stamp duty discount in Queensland. Do I owe the state Government some extra duty now?Hi Stella,
Can you please reply to this forum if you find someone who can render. We will be in same situation shortly. Otherwise I may have to see about doing it myself.
Thanks
JasonStella1258 wrote:Thanks Demkel – now to find someone to do it – sometimes easier said than done on the Gold Coast…Cheers
Stella
Don't mean to hijack thread, but good points.
I would be very interested to know more. I just bought our PPOR on a corner block. House is set back so we are going to build a boundary fence to create a side/front yard and reclaim a yard and allows for a pool.
On a second note I would like opinions – does a front fence/gate add/subtract value of a property? House is 2 storeys
CN wrote:Why are the corner blocks cheaper? Seems like noone really likes the corner blocks, i guess when resell later on there wont be much capital growth?Hi Dan,
I tried to send an email to your account but it bounced back as unable to find account name. Can you please confirm this address is correct or email me at [email protected]
Thanks
Jasondanflick wrote:Hi there property investors. We are a couple who have been renting on Burleigh Beach for the past three years, have a solid income and are looking for an investor who wants to do a WRAP on their property.
Steve McKnight is always saying "find a need in the market", so we thought it would be the best place to come to post our need!
We are wanting a 2 or 3 bed place in Burliegh Heads, Palm Beach, Currumbin, Currumbin Valley, Koala Park, Currumbin Waters, Tugan or Tallebudgera.
Feel free to email us at [email protected] if you are interested.
Thanks
Dan & Flick.
Hi Richard,
Just wanted to confirm my knowledge. So with an Offset account, is there any point of moving the additional cash from offset account into mortgage/loan account except for personal reasons to manage the money (eg. would need to redraw instead of instant access to cash).
Or if you want to use the cash for a deposit on an IP, would it be right in saying that if the $50k was put into your PPOR mortgage/loan account, then you drew on that to buy an IP, then that $50k you drew, the interest incurred on PPOR loan would be tax deductable against the IP. If so, I assume this would not be the case if you drew the $50k from an offset account on a PPOR?
Thanks
JasonQlds007 wrote:SMLet us assume that your monthly repayments where made up of Principal & Interest and on a loan of $450,000 were $3500.
Interest only repayments on such a loan were $3,000 meaning a principal reduction of $500 / month.
Now with $50,000 sat in an offset account your monthly P & I repayment would stay the same however your interest would only be calculated on $400,000 meaning interest repayments of $2666.
The principal reduction is now $834 / month meaning you loan is repaid quicker.
Please note that the these figures may vary each month as the principal balance falls, the number of days in the month and the actual daily balance.
Hope this clarifies the confusion.
Thanks for the info Terry/Opportunity
Hi Arthur,
How did you go with your ad? If it works well then can you please post your add so I can get some ideas? I have a Sydney property I might wrap as the capital return for selling today brings a lose and to keep leaves a highly negative property.
Thanks
JasonArthurK wrote:Thanks for mailing me the CD Steve, I received it today.
I've made quiet a few changes to my advertising approach and will place a newly worded ad in the papers tomorrow. It's funny how a few words can make the difference between success and failure in life..In this case, getting the attention of my target buyer.Nice to know you can get help from a best-selling author without even asking for it directly.
Cheers,
Arthur
Thanks Richard.
Another Question – if a lender puts a 2nd mortgage on a property, then what is maximum amount/% they will borrow against house valuation (eg 95% of valuation)? Is there a limit all lenders have or do they do it on circumstance?
Qlds007 wrote:You friend has little alternative as the agent is correct if the loan is not repaid and the vendor has not made arrangements with the lender to clear up the possible negative equity then they will not release the mortgage.In saying this if your comment about the Bank taking the house in 2 months is correct the vendor would be severally in arrears (A lender cannot not start action until the borrower is 3 months in arrears) and litigation well underway and hoping for a Court hearing shortly. Why doesnt your friend wait and look to buy the property when it is mortgagee in possession.
Thanks Richard.
Do you know how long it takes for house to get to market once mortgagee is in possession?
It would be nice to see a floorplan on property listing websites. Even without specific measurements, you can normally get the idea of a room by its proportion to the rest of the house. For me it would highlight things like living areas (open or closed areas) and other things like location of main room (eg, not at front of house if on main road) and also things like seeing if rooms have built-ins and WIR's. Just to name a few things as it would save a fiar bit of time, especially if you are not local to the area. Yesterday we walked into 2 houses and due to floorplan, walked out knowing straight away it would not suit, and could of saved 30 mins in a busy day which could of allowed viewing of a different house.
I understand it could be difficult to have access for an agent to scan a A3 plan, but would only cost minimal $$ to get it done at local print shop. It is a technology world, and only a matter of time we adapt virtual tours. Just my 2 cents.
wezwaz wrote:I think it should be mandatory for all advertised property to state the size of the floor plan. It would be a good screening tool so you don't have to waste time looking at properties that are either too big or too small.Property websites where you can set up alerts delivered to your inbox need further criteria. As indicated above the floor plan would be a useful addition, as would timber/brick criteria. I am not interested in timber properties and would like to screen these out.
