Forum Replies Created
If you buy a house sight unseen and dont know that there is a demolition next door then you are an idiot and havn’t done your due diligence.
You can buy sight unseen but you need to be carefull and ask all the right questions. Get all the info you can about the area including what is located next door. Get photos and plans etc.
Tripped over a BUMP
I cant speak for others but I use a blindfold and a dart.
I like to call it due dilligence.
The short answer is no.
The costs associated with finding and purchasing an IP are considered to be a capital expense and are not tax deductable.
I have 2 but am working feverishly at the third. [8D]
Having worked for a government department in the past I wouldn’t worry too much upon them even discovering it, let alone worrying about it.
The audit scare is largely a hoax to use fear to make you think carefully about what you claim. You know, like God is watching over you.
Do you know how many audits are actually conducted? How unlikely it is that you will be audited?
You are more of a chance of being audited if they have a general concern about your accountant. This is the most likely way that you will be audited (which is still very remote).
“It’s not how good you are, it’s how good you look when you do it”
ummm………………ok?
quote:
Crashy where are you? I have one and am in Sydney. the one I have is huge (sorry don’t mean to boast).Terryw
[email protected]
lol!To be fair to destiny they do alot more than just offer a broker service.
Their services go right into personal finances, budgeting, structuring etc. Also, they assist in the actual hands on process with making purchases etc.
They do not find or locate the properties (you can source some off the register if you wish)but they help you with the mechanics. I think they are excellent for newbies and people without confidence to do it all themselves.
Property investment is very daunting when you first get into it. I know that many of you are very experienced but there are many out there who arn’t. They are the only financial planning organisation out there who centre on property investments.
The $2500 fee lasts forever, as much advice and as many consultations as you need. The only money they make after that is from brokering. This is bugger all compared to most financial planners who charge a much higher fee then sell you off for a commision.
I have never seen on any forum an actual client of Destiny who have bagged their operation.
Horses for courses people!!
It’s all just speculation really. That being said I have no doubt that some of the outer suburbs and major regional centres in Vic and NSW are over heated and when rates go up there will be a major bail out.
I feel sure that rates will not top 10% in the next several years but a rise to 8% in the next few years is a near certainty imho.
But what the hell do I know?
Thanks lynnem! [
]I’ll give em a go.
Cheers Brett
I agree that Brisbane and much of Qld in general has much more potential for growth than most other states.
It all depends on your level of due diligence.
If you have learned everything there is to know about the area, if you have done your research, seen photos, had all the building reports etc done, crunched the numbers etc then why would you actually need to see it?
It is a pure unemotional business decision you are making. If you are worried about what is next door etc, then get a property manager in the area to provide an independent assessment for you.
I have found that good property managers will do these things and in my experience provide honest advice. Make sure the manager is from a different agent than the one whom you are purchasing through.
Furthermore, I have found that most building inspectors are quite happy to discuss the property generally with you after they have done their report.
I think that if you are buying interstate it is impossible to personally inspect all the time. Further, if you make the expensive trip you feel a little obligated to justify the expense and make a purchase.
Stuart,
Under what circumstances are the break fees enforced?
Is the fee fixed at a flat rate of $1000 with St George?
Cheers Brett
I thought the story came across well and was a good advert for the book.
But Steve, you have to lose that daggy brown windcheater! [
]I have some figures from a real estate agent there which indicate an overall ave growth rate of 7.7% per year since 1991. The growth over each of the last 2 years is 13% but before that the prices were up and down.
They seem to have massive peaks and troughs but overall it has trended up nicely.
I have a 3×2 new house there that I picked up for $260k that rents with GEHA on a long term lease for $420 per week. With depreciation allowances it is nicely positive.
Things to look out for are the high insurance costs (due to cylclone risk) and the higher than average maintenance costs i.e maintaining air conditioners, reticulation etc.
If you want a place with a GEHA lease go through Paul Brady at Brady First National as he does nearly all their deals/leases.
Url is http://www.karratharealestate.com.au
Cheers Brett
It seems that the whole of Australia has gone property investment mad. It’s the new buzz thing at the moment.
Unfortunately, this creates a perfect environment for all the sharks out there.
The vendor may not be greedy but he may be unwise not to negotiate.
If you dont go ahead with the purchase (as you dont have finance), then the vendor will face the problem of the next purchaser also getting knocked back after the bank valuation. He will only sell if the investor puts in money out of their own pocket.
In any event, I would strongly recommend that you do NOT poceed as $28,000 is alot out of your pocket (1 or 2 deposits) and it may take years for CG to catch up.
Remember, investing should be devoid of emotion as much as possible. Dont worry about not securing your first IP because you will eventually find a better one. You will also learn alot from this experience.
Cheers Brett
Thanks Terry!!!
That’s exactly the info I wanted.
Cheers Brett [8D]
I would think that if you are after cheap land in the Yarra Valley you have already missed the boat.
However, who is to know how far the market is yet to rise?
]
]
