Forum Replies Created
Thanks Terryw
I thought there would be more of a problem than that to the situation. On radio shows about property or tax I have always heard that the solution to this is ‘ not to do it’. The advice is always. Stay in the home and buy a separate IP, or sell the home and buy a new home and a new IP, but never turn your home from PPOR into an IP. The advice is that it is too much of a problem tax wise to deal with.
But your response has given me hope because I intend to live in the house but later turn it into an IP.
thanks so much
cheers
Jules[biggrin]JULES1
Email MeThanks for your responses everyone. JHopper I am not sure what was meant by the RE Agent, but all he said was the problem had been fixed. So I assumed the termites had been dealt with, but never thought to ask if they found and destroyed a nest or if there had been any damage to the house that needed fixing. So I am glad you mentioned that. I’ve learned a lesson from all of you about this. I will check with the RE Agent asking more questions and from the look of some of the problems mentioned above, I might try and stay away from the property. Such a pity because it is such a good buy and the house is quite nice.
thanks everyone
JulesJULES1
Email MeHi
Yes I am in the same sad position as your good self. Everyone telling me constantly I must be mad to go into property. I have read all I can get my hands on and have been preparing for this for some years really (when i think about the time that I have been reading investment books). But damn it, I am now impervious to any negatives that anyone heaps on me. I am extremely confident that I can find the right property to start me off. Then by gum I am going to go for it.So ignore the negative stuff. Just educate yourself as much as possible, and save, and then go out and do it, damned well do it.
Every success
cheers
Jules
[biggrin]JULES1
Email MeGreat idea. Wish I was in your neck of the woods. Good luch with it and hope it is a success.
Jules[biggrin]JULES1
Email MeWho should I ask for at the Council when I contact them – a Planning Officer?? Sorry for the lame question but I am new to this
thanks
Jules
JULES1
Email MeHi Eliteviews
Yes the reno would be what I would call major, however I know that the work can be done at a reduced price and I know that the area is a good area and will bring a good sale price when I want to sell. I will sell within 12 months so as to turn the profit over.
Jules[biggrin]JULES1
Email MeHi Nordicskier
The house is about 45 years old and I intend to add a room or 2 and fix up the internal completely. I may pull one wall down and put another one up. So major reno job but I think the job is worth it if I can get the property at the right price.Also what is a DA??
JULES1
Email MeHi Dan
Yes I got onto this one quite a while back. I really liked the hassle free side of the deal, however I thought the prices were inflated, and you are locked in. So after a lot of thinking about the deals offered by DHA I decided I could do better else where. Also if the tenants do not look after the property I am sure DHA would only do only what they considered necessary maintenance & repairs – possibly not to the standard I would prefer.
So if you do go ahead – good luck and do your research of the deal before you put your little signature on the dotted line.Jules[biggrin]
JULES1
Email MeI think its to do with vendor financing. You will get some assistance from Steve’s first book on this one. I am pretty sure I have read about it in the book. It is a must read
JUlES [angel]
JULES1
Email MeI agree with timtam. But I also have difficulties by bringing emotion to such situations. However you have to make a business decision here, after all you are the one going to work to pay the mortgage, and it is your property. Is anyone else going to help you if you fall behind in your payments and the bank comes calling on you. A big NO.
However to make the best of the situation, maybe you could offer to help them find other accomodation at a rent level that they can afford. They will either pay up or if your lucky may take up your offer. Your interest in their welfare may assist both of you.
You can only tryJules[biggrin]
JULES1
Email MeThese look like adverts to me for all sorts of things.
I’m only interested in reading fair dinkum property investors comments Jack[baaa]
JULES1
Email MeHi Phil
common mate. I heard about this from Steve at the seminar on 5 December and it was imminent then. and I can’t wait to get a copy. Is there a demo that I can view earlyJules
JULES1
Email Mebroughaha
I have read many investment books and all of Steves books and I was of the same view as yourself. I did not want a rehash. However I gave in and went to the Novemeber 2004 meeting in Melbourne. I was so glad I went. Yes he does go over some information in the books, however there are a few little gems that are not in the books and its great to hear the mappers experiences and meet like minded people. I enjoyed it thoroughly. It also gave me the boost I needed to get off my backside and start moving. It really gave me the encouragement I needed.I also took a friend who is a seasoned investor and he really did not want to attend, but attended only to please me. Believe me he said it was great. He picked up a few tricks he had never heard before. Its no use me telling him things as he does not listen to me. but suprise suprise – he did listen to Steve.
So I would say definitely go to the seminar. It is a great investment and will give you some inspiration. It is only $500 so do it.
Cheers and good luck
Jules1[angel]
JULES1
Email MeThanks all
You have convinced me not to get involved. I can wait until subdivision is complete and then buy some of first releases. I can then sell them later. Even if I make a little bit of profit in the end it is better than losing my shirt to start with.Yes I’ll take your advice. You’ve wised me up. Many thanks
Jules1[exhappy]JULES1
Email MeI also thought it was a bit strange that the Bank would not provide the loan based on the great deal that this looks like being. I don’t really want to provide the full sum up front and wait until the subdivision before I can sell.
But the land really looks good. So I don’t know what to do
Jules1[blink]
JULES1
Email MeIts in Victoria. but the person that currently owns the land said the bank would not provide a loan for the subdivision and so he wants the money up front so he can carry out the subdivision. Its a very large area cost about $2million, so he wants the money up front before he commences the subdivision work.
But he has got the plans ready and apparently approved.
Jules1
JULES1
Email MeThanks Claire.
I did the search on Google and came up with the information I want.
For others in my position here is the dealFHOG is $7000 and the Vic State Govt throw in a bonus of $5000. Both are administered by the State Revenue Office.
There are also some additional duty concessions for pensioners and families. You need to obtain the details about the concessions as there is quite a list of criteria that you have to meet.
One thing though – the Vic Govt Bonus is available only until 30 June 2005.
Thanks all for your participation. You have steered me in the right direction.
Wishing you a very Merry Christmas.
Jules1 [angel]
JULES1
Email MeHi all
I am in Victoria. So you are saying I would get $5000 from State Govt and $7000 from Federal Govt.
thats great.What Fed Govt would look after this grant, does anyone know???
JULES1
JULES1
Email MeThankyou all for your thoughts about this issue. I was stumped on it and its really interesting to hear what the situation is and to hear everyones views. Robert I have the same feeling about this as you, since reading all the responses above. Surely the Fed Govt can do something about this. Looks like we will have to vote Libs in at the next state election as well.
Bracks must be out of his mind thinking that the public will put up with this.Cheers everyone and lets hope something occurs to put a sharp end to this one.
[confused2]Jules[blush2].
JULES1
Email Me
