Matt, there are tonnes of Aussies buying property in NZ these days…. I think I’ve read it in at least two different magazines recently….

There is no stamp duty in NZ, and you can definitely still find CF+ places – just look at any of Minimogul or Westan’s posts – and I think CastleDreamer’s as well – they find them for their clients.

But…[Read more]

I believe that there are conveyancing kits that you can purchase so that you can ‘do it yourself’ but that’s the extent of my knowledge.

I find it much easier to pay someone to do that for me….

Cheers
Mel

Shaun you should have let me know – we could have gone halves.

You would have got the dedication and the first half of the book, I would get the second. With the mystery gift, we could probably have cut that in half too []

Cheers
Mel

setmefree, it depends how much you earn and spend now. If your current income is enough or more than enough, then you would be able to be ‘free’ if you earn that same amount..

However, you might want to (at that point) keep investing so that you can increase the amount, so that you can have the odd holiday etc. etc. Kiyosaki said that he did…[Read more]

But Del, it’s only Macleod’s Daughter now… I stopped watching it when they killed Claire off – soooooo not happy, and then I see that they gave BOM away (Mum still watches it, so I see bits and pieces, sometimes a whole episode)

Cheers
Mel

I agree with Westan.

In the big scheme of things, a $10K hit right now on sale won’t cost as much as the negative gearing and extra mortgage you’ll have on your new PPOR.

Sell, put money towards your new PPOR, then reborrow that money so that it is tax deductible and buy IPs from there…

I guess it also depends if you want to own IPs – at the…[Read more]

Jamie, why don’t you keep one of the houses you build in each estate? Obviously they are profitable for you, and you could use some of the other profit to fund any shortfall from the rent…

Seems you’re in the best place – being first into the estate, esp if prices rise in subsequent houses in said estate…

Cheers
Mel

If you have a look at your local newsagent, there are quite a few magazines of business for sale type, and they generally also have websites….

I can’t actually remember any, cos I keep forgetting to take something to write down the websites when I’m in there[blush2]

Cheers
Mel

Nugen, not CGT, but probably income tax.

You would calculate the interest you are paying to your sister as a cost to you also though, so it’s not as big as you first thought.

but if you are making a profit, then yep, the tax people will come for you…

Cheers
Mel

D’oh. Darn computer – couldn’t logon til now so missed the whole auction thing..[evil5]

Cheers
Mel

g7, ideally I agree. One building, one tenant (preferably government on a 25 year lease[biggrin]) would be awesome!

In an excellent location, you could probably do well – but a good building would probably cost more than $10m. With 100 houses you have a loooooot more paperwork etc. but less risk (unless they’re all in the same town, and there’s…[Read more]

Unless we get any other takers – Simon’s next.

I’m 25 Feb.

Cheers
Mel

I reckon I’d have to go and get a life![biggrin]

I certainly wouldn’t touch the computer that often… Maybe I’d do my tax return.

Hey, there’s an idea. Steve, can you kill the forum for a couple of weeks? I really need to do my tax return(s)…..

Cheers
Mel

But Steve (whinge, moan, complain) Mike didn’t use the figures you gave in your question (whinge, moan, complain, grizzle)

Cheers
Mel

So Steve, I reckon those of us that used your ‘quoted’ selling % should also qualify?

Cheers
Mel

aussiemike, sales costs are 2.25%, but other than that you got closer than the rest of us…

Cheers
Mel

Ignoring the $20K costs to start with

b) $28350.

You have not said that we have sold it, so it’s $38K – annual costs.

Or

c) $18350.

Again, we haven’t sold it, so it’s $38K – annual costs, minus another $10K cos we paid somebody 50% interest to borrow the other $20K to cover our costs!!

Cheers
Mel

Steve, is the sale price the $438K? I note the valuation says it would sell for that, but you don’t actually specify sale price….

Cheers
Mel

Cost = $420K
Sale = $438K – $9855 = $428145

Yearly cost = $9650, so Sale – Cost – $9650 = $-1505.

Steve, how did you get your figures?

Cheers
Mel

Wrap Attack, Derek’s example was $100K equity in a $200K property, leaving available equity of $60K…

Cheers
Mel