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Viewing 11 posts - 1 through 11 (of 11 total)
  • Profile photo of leonorleonor
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    @leonor
    Join Date: 2003
    Post Count: 16
    March 3, 2004 - 12:24 pm

    great! why didn’t somebody tell me about this before??
    [^]
    Leo

    Profile photo of leonorleonor
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    @leonor
    Join Date: 2003
    Post Count: 16
    March 3, 2004 - 12:22 pm

    Hi Rugbyfan,
    Lithgow property:
    purchase price: 200K
    rent: 400 p/w (shop+flat)
    deposit 10k from equity.
    I also looked at a flat with two shops in another regional area, also +, long leases on the shops, but it was more money and out of my price range (300k)
    Some commercial property in Capbelltown also +
    Cheers,
    Leo

    Profile photo of leonorleonor
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    @leonor
    Join Date: 2003
    Post Count: 16
    March 3, 2004 - 12:14 pm

    Commercial properties can give much better yield, I am buying one, but there are drawbacks:
    *loans are usually 60 to 70% of property value
    *if property is vacant, you have to pay GST and register for GST so you can claim it back and also charge GST to tenant
    *insurance can be a problem, depending on type of business
    Leo.

    Profile photo of leonorleonor
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    @leonor
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    Post Count: 16
    March 3, 2004 - 12:07 pm

    James,
    Check with your accountant, but I was advised that if you have a trust you have to pay land tax in your IP, which is 1.7% of the value of the land you hold. In my case, it was going to take a big chunk of my profit!!
    Leo.

    Profile photo of leonorleonor
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    @leonor
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    March 3, 2004 - 11:21 am

    Hi Ben,
    I would never buy negative geared property! but that’s me. I am in the process of buying in Lithgow, not far from Sydney, great capital growth last year and positive cashflow. There are many other regional areas in NSW also, and even in Syd. if you research enough and are patient.
    Leo.

    Profile photo of leonorleonor
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    @leonor
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    Post Count: 16
    March 1, 2004 - 11:19 am

    Thanks all for your feedback! I think we will end up setting one up after all, for asset protection of course![:D]
    The other thing is that my accountant said that with a trust I will be liable for land tax. I would not be liable if I bought on my own name!
    You can never win!
    cheers,
    Leo

    Profile photo of leonorleonor
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    @leonor
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    February 10, 2004 - 6:29 am

    Dear dvane,
    Thanks for the info.
    I’ve purchased the pack, Hope it helps!
    [:)]
    Leo

    Profile photo of leonorleonor
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    @leonor
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    Post Count: 16
    February 10, 2004 - 4:36 am

    I guess not many people use written offers??? [8)]
    I suppose I’ll have to write my own [:(]
    If somebody out there has one, please get in touch…
    Thanks,

    Leo

    Profile photo of leonorleonor
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    @leonor
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    Post Count: 16
    December 4, 2003 - 4:03 am

    Thanks for that Mel,
    But how do you access the equity in your IP?
    Cheers,
    Leo

    quote:

    I prefer to have separate loans for my IPs, and one single LOC where I deposit all rent money etc., and have all expenses taken from. As i don’t have a PPOR, this LOC is a 2nd mortgage against one of my IPs.

    Profile photo of leonorleonor
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    @leonor
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    December 4, 2003 - 3:50 am

    TerryW,
    How do you access the equity of your IP? Do you incur loan fees for each new loan? For the separate loans, is this purchase price minus deposit? It seems that you would very quickly run out of money in your LOC this way. I am missing something?
    Leonor

    quote:

    I do the same as Lazyboy – one LOC on one property which is used for deposits for Investments and then separate loans for the investment properties. You don’t need multiple LOCs, but may need more than one depending on amounts of equity in your properties.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Profile photo of leonorleonor
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    @leonor
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    Post Count: 16
    November 8, 2003 - 12:59 pm

    Hi,
    Could I have a copy please?
    Thanks,
    [:)]

Viewing 11 posts - 1 through 11 (of 11 total)