I’ve known valuations to differ by up to $100K on a ~$400K place in Sydney!!!

Someone said on the forums recently:

Give me 5 valuers, and I’ll show you 8 different valuations.

Valuations are very much opinions of the valuers – after having done their research. Also, noting that there are drive by valuations, kerbside valuations, and valuations where they actually go INTO the house, you can see how they could probably come up with differing opinions.

Cheers
Mel

Hi dollylegs

I would really investigate what sort of structure you and your partner want to buy in, ie how much flexibility, and get out clauses etc.

If it were me, I would look at buying as a unit trust, which I believe is better than a company….

Talk to solicitors/accountants to work out all scenarios.

Cheers
Mel

Monopoly

You could prepay some interest on your two new properties. that will increase your expenses and cause less tax!!

As Jas said, buy in Canberra, stamp duty is tax deductible. Oh, I love paying stamp duty in Canberra (not really!). Well, more than in other states anyway as I can claim some of it back from Mr costello!!

Cheers
Mel

Quick note guys and girls

I didn’t get my ‘update’ email link for at least 8 hours (it came in just after midnight last night), don’t know if that’s normal, but I guess you just gotta be patient…

Cheers
Mel

Hi Banderos

Congrats on your success. Out of curiosity (and cos I don’t know the area that well) what was the ‘dodgy’ suburb?

Cheers
Mel

Unemployed bum! Or is that redundant public servant (or is that an oxymoron?)

Cheers
Mel

Dave

If it were me, I would take out insurance from date of exchange no matter where you are. It’s ‘peace of mind’.

I was speaking to an agent friend of mine yesterday, and he bought a house (I think OTP), because he’s settled, but onsold, which will settle in about 4 weeks.

NRMA gave him a cover note, but when he went in to pay, they asked was he living there. When he said no, it’s vacant, and will be sold within a month, they refused to insure him – too much risk. They’ll honour the cover note, but won’t insure. Not sure about other agencies, but in light of the ‘grey area’ over whose responsibility it is – noting that by the contract you have to settle (and what Derek pointed out was new to me[]), I suggested he talk to his buyer, and even offer to pay the month’s worth of insurance if they hadn’t yet taken out a policy – to make sure the house was covered.

Cheers
Mel

BBG, try to make friends with a Valuer – I believe they have access to all the data going back lots of years.

If the property you are interested in was sold greater than two years ago, chances are all these reports mentioned – APM, HOmepriceguide etc. may not have it.

Councils may well give out the info though.

Cheers
Mel

Two words – Henry Kaye. Set up predominantly at his request. I paid CGH $5500 and they were to provide me with a minimum of 2 deals returning a minimum of 12% pa or I would get my money refunded. Must have minimum $5K in account, but cannot invest that – have to have more in there.

10 months – nothing! Then one deal returning about 12% – fully subscribed as so many people signed up waiting for deals – but counts towards my two deals though. One more deal at (I think) 15% – also fully subscribed. So no refund. I pulled my ‘invested’ money quick smart out of the fund though. Still on their mailing list (about 8 months later), and have been offered 1 or 2 more deals, highest being 18%. No 20%ers that I can see, and the firm/guy that originally was sourcing the deals (and presented at henry’s courses) has pulled out of anything to do with the fund. Of note, CHG share office space with another firm that Henry was affiliated with – mortgage brokers (who have since changed their names!), and also PCG who sourced the properties from Henry, which is pretty much what got him in the poo!

Kev, have you dealt with these guys happily?

Cheers
Mel

If you owe tax, I think they still want you to do it earlier. The payment due date is in November (from memory, might need to research), so even if you did your return on July 1, you wouldn’t have to pay until then.

If you will get a refund, they don’t really fine you at the moment (I’ve only just seen my accountant for last year’s return), but they’ll start thinking about it. If you are later than 14 May this year, you are more likely to be audited (no thanks, been there, done that, lost!).

Monopoly, if you really want to save on your tax, you could buy a property (or two) in Canberra, and prepay all the interest for the next 12 months. Buying in Canberra specifically recommended as stamp duty is also tax deductible.

Only recommended if you wanted to purchase more, and were happy with all dd etc. []

Cheers
Mel