Hello,

can you point me to the ATO ruling on the stamp duty concession for Canberra IPs? I purchased one last year and my tax agent is telling me I am unable to claim stamp duty. Any help would be appreciated

thanks

Mark

Hi Waydo77,I recently (last Sunday morning) finished a cosmetic renovation interstate. We settled on the property on the Wednesday afternoon and I wanted the property available for potential tenants to view by the following Monday. The renovation included the installation of curtains and blinds throughout, pruning and gardening of the front and…[Read more]

Hello Joandchels,I am interested in why you are trying to do this yourself and not use a solicitor? Are you also going to market it yourself or use an agent?  I have recently purchased in ACT and, being from out of state, I was surprised by the detail in the contract and vendors statement (It included the contract, all searches, EER reports,…[Read more]

Hi Carolyn,why are you asking about Geelong? Is it because you live there or grew up there? If so you probably have some good local knowledge about the area. If you live in the area then that's a good starting point, because if you are happy to live there, then so will other similar people.Have you gone for a drive around those areas? If not, its…[Read more]

Maybe its only the two answers….. thanks

It's hard to comment when we don't know the amount of equity/deposit/income you have.regardsMark

I would ring the agent and call him on it. Say you have been told its still on the market and find out if thats true, and if so, resubmit your offer. Real Estate agents tend to not be transparent in their dealings, so if you have been told something, there's certainly no harm in chasing it up. Your offer may be accepted.

Have a look at this site….http://mortgagehouse.com.au/construction/construction-costs-per-square-metre.aspxregardsmark

Further to Catalysts comments, in some states the agent may put in several vendors bids, such as here in Victoria. Its an attempt to get the price closer to the reserve, so the reserves may have been in the vicinity of those figures….Mark

Hello Nath,Its great to hear all the encouragement and advice you are getting. It does sound too good to be true, but definitely go along, you can learn a lot from watching auctions. I've been to a few lately where there are simply no bidders and you can learn from them too.I don't fully understand the delay with getting your funds from overseas…[Read more]

Thank you Terry

Hi Limefroggyyou could try MBS (Metro Building Services) in Ivanhoe.They offer a full service for all the permits etc. You would still have to find a draughtsperson / architect tho.regardsMark

Yes, and yes.

I think its a good area for an IP. Large blocks are getting scarcer there so it might be a good spot for sub division or knock down and rebuild. I would not be paying more that the median price though for the suburb.   Reservoir has a broad mix of good and bad bits though. You would get a  feel for it pretty quickly by driving around the su…[Read more]

Readers Digest 'Fix It Yourself' it contains everything and is specifically written for Aust and NZ readers in terms of standards etc.ISBN I 876689 28-5Ive used this book for an extension and renovation plus many many repairs.cheersMark

I lived there for two years (several years ago). The town is well laid out, good shopping, really good schools, services a large agricultural area, and has two major defence facilities close by. Also has a Uni etc, great town overall.

There are generally heaps in your local library. The Idiots guide to real estate investing is a pretty easy read, written for an australian audience. Don't be put off by the title.

I'll do it for $35K.Just kidding, don't give this guy your cash, total Scam

A friend of mine is in a similar situation, and was looking at an independent valuer. Everything we read and everyone we spoke to advised us that real estate agents will over value and banks will undervalue. The cost of valuers will range a little bit, I just had a 2BR unit in Melbourne valued and it cost $185, but my friend was quoted between…[Read more]

There are numerous books that cover due diligence, pop into your local library and go to the investing section, I'm sure you will find a hand full that give different approaches to this process. Bonus, they are free, too!