Forum Replies Created
Hi George
I have indeed got both of those titles in my bookshelf (and on my computer[
]Cheers
MelHi guys
I’ve always had the same problem. It appears that once you go to Private Messages first, the system ‘resets’ your last login time to that time, so instead of saying that you last logged in yesterday, and showing you all topics since then, it says that basically you last logged in 5 minutes ago – hence very few active topics.
I’ve given up on going to PMs first.
Cheers
MelLawry
If your unit is 11 years old, you will still have a goodly proportion of building to depreciate. Also, you will be able to depreciate carpets, curtains etc. etc. so it will definitely be worthwhile to get a QS report.
AS for what is better, to rent elsewhere or to stay in yours. You say your current home would be negatively geared if you rent it out. Which suggests that you are paying quite a bit in mortgage payments anyway?
If you can rent somewhere else for around the same price you will get in rent (or perhaps even a bit more), you will be in front as you have now turned the debt into deductible debt. You can also claim the depreciation, which is ‘wasted’ now.
Ultimately, it’s up to your comfort zone what you decide.
Cheers
MelNoam
Sorry to hear that you need the money urgently, but hate to tell you that you won’t see any of it until completion anyway. That’s the prob with OTP onsales.
Why not see if you can replace your cash deposit with a bank guarantee or a deposit bond? The developer may well go for it, and that way you’ll have your deposit back, and still be able to buy the place. Remembering that you’ll be up for full purchase cost when it comes time to settle though.
Good luck.
Cheers
MelElves, I wish I could do the same with my credit card….
The bank (and the ombudsman when I rang them) said that even though I have cancelled my card!! the credit card is a worldwide thing, so they can’t stop it being debited. Apparently with a bank account, you can just close it and they can’t come after you anymore, but not with credit card.
The only thing I can do is call the bank every month (it’s a $2083 debit from a Henry Kaye course I never got to finish, so they can get stuffed if they think I’m going to pay the rest of the $8K or so), and say I dispute the charge. then they send me a letter, and every month I have to provide the SAME details to the bank as to why it’s an unauthorised transaction. I faxed the company taking the debit, and told them to stop, which they ignored.
Nathan, first approach is definitely the company taking the direct debit. If they persist, perhaps go with the other options. Make sure you demand a refund of payments too.
Cheers
MelHi Sibo
Been trying to catch up on posts, and only just got to this one.
My alternative cashflow strategies will include investment in a livestock breeding program, which will return fairly awesome cashflows if all goes according to plan.
Cheers
MelHey guys
It’s a Tupperware product.
Good for shapes – you have to find the right hole to put the shape through, and also for counting – the shapes all have numbers on them.
Can’t believe some of you didn’t have them as kids. They are fairly indestructible too, my nephew is probably about the 5th kid to have a crack at trashing them!!
Cheers
MelDid aussierogue ever tell us the answer to his riddle about the person getting the package from the shop?
Farmer takes goat across river, goes back.
Takes wolf across, brings goat back.
Takes cabbage across, goes back.
Takes goat over.
How does he keep them all separate on land?
Cheers
MelI think negative gearing definitely has its uses. If you don’t plan to retire *immediately*, and can afford to put some $$ towards the property each week, then it can enable you to buy a property that will have growth.
I have found that my neg properties have grown substantially over the past 10 years (even before the boom). The tax returns have been nice too!
You can always sell one or two of them to pay down debt, and make the portfolio very positive when you want to retire, or reborrow against the equity, or just sell to ‘spend’ the profits.
I think you have more options if you can buy a growth property, than if your portfolio is purely positive, with not much growth.
Cheers
Mel[smartass] – This is me.
Cheers
MelI think ‘they’ think he is in America, or so the story went in one of the newspapers (no idea which) last week.
Wonder if he’s setting up business there? He’s said he won’t be running seminars here anymore.
It’s funny too, I’ve noticed that a lot of companies that were affiliated with NII and Henry Kaye (and I believe still are – I’m sure he has an ownership) have changed their name!!
What do they say – a leopard can change his spots……..
Cheers
MelHi Fish
I did a search for Tony Barton, and came up with a few results – although most were asking the same question you have.
However, this post includes one from the man himself with an email address for him. Hope it helps.
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=154
Cheers
MelThanks George
Yep, I’ve got Wealth Guardian, so I guess I don’t need to upgrade. Phew!![biggrin]
Cheers
MelHi Dom
Did you get this sorted? I have only just found this post….
If it were me, I wouldn’t immediately pay it. I would definitely look into it to see where the fault is, and what the laws state about who has to pay anyway. Then I might discuss it with him. He’s probably just looking for some easy money….
Cheers
MelAdding to Acey’s list
I would not rent to solicitors (again anyway[
])Cheers
MelOriginally posted by yack:
Let me give you the benefits of some of my hindsight.
1997 Unit was $90k. In 2004 its now worth $250k ie Net = $140k
1997 House in a few surburbs further south from the unit.
Was $130k. In 2004 its $350k ie. Net = $220k.If I had bought a house in 1997 instead of unit I would now be $80k better off.
What would I do if it was 1997 – buy the house!!!!!!!Yack, I disagree with your ‘figures’…..
The unit has increased in value by a factor of 2.77, whereas the house has increased by a factor of 2.69. So on that basis, the unit has made a better return.
They have unequal starting prices, so I think you can’t just look at the ending prices to compare the level of profit. Especially when you take into consideration the different rental returns over the period.
Cheers
MelAs elves has said, there can come a time when your credit card limits do not affect your servicability issues (I’m still waiting though[cap]). There was a post on these forums ages ago from a guy who had $150K worth of limits on his various credit cards, and it didn’t impact him at all. I think it depends on your whole financial situation, and how you present it to the individual bankers you deal with.
Having said that, elves, I would pay off the cards (keeping them though), and look to invest the rest in a couple of properties. You have the cards to then reno these if required, etc. etc.
Cheers
Melpauln, if you pay off your current house, and then move out and have it rented, you will be taxed on the profit. If you also borrowed all the money to buy your new house, none of that interest would be tax deductible. A double whammy.
If you are serious about buying a bigger place and can’t wait, one option is to sell your current house, use the proceeds to buy the new one, and borrow against the equity for IPs. This way the interest is deductible.
If you don’t want to sell, stop paying any principal off your house NOW (confirm with bank change of loan first though!). Use all this money to go towards paying off your new house, which you could either buy as an IP first, or move into straight away, depending on your wishes/circumstances.
Cheers
MelHey Scullie
I’m looking for a rental in Canberra – will you let me have my two dogs? Is it in Belconnen?
When you ask about your new place being cashflow positive, it won’t will it? You’ll be living in it, and therefore will receive no rent etc.
Before you stop making the payments on your soon to be IP, I’d check your loan terms let you do this – or you might need to get that sorted with the bank.
Cheers
MelOriginally posted by Topsy:you pay capital gains tax on the whole time you owned the home,,, there is a calculation you can get on the ATO website. My advice to you is LIVE IN THE PROPERTY FIRST,before you rent it out.Then when you move back in tell the tax office you have moved in and it is now your main place of residence..
Topsy, you only pay the CGT on the portion of time you lived in the house. You’re right in that it sux if there’s no growth at all while it’s an IP, but you renovate or have a boom while you live there, and therefore have to cough up some tax. But, if your ‘gain’ is $50K over the 6 years, you will only be taxed on 3/6 of it, ie $25K, and then that should be halved again to go into your tax return.
Cheers
Mel
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