True definetly need $$$, you may have the tax man breathe on your neck. The ATO seem to target these sort of ventures with a thickish magnifying glass. Unneccessary pressure can slow things down.
Having said that it is solid scenario
Introduce feng shui & target like minded buyers, in one of my experiences I spent $5000 total on a master to come in & put simple improvement in. Targeted my asian buyers and got a wopping 45K extra. ( thought it was flook at first ), not so some few PROP’s later.
Back to original quote yack. personally I wouldn’t have plan to get to that situation, however one can also sproose up the joint. ie.. get feng shui master to do his/her stuff maybe then rent can be upped a bit. Definetly price will sore then one will be able to get in better sted for higher yeilds.
Thankyou for your input learned friends. Assets mentioned total 1.8 mil with 150k income. What would be the banks answer if wanted to borrow a total of 1.45 mil ?
It’s to make you think about the questions , ” have I just made a rushed decision “, “am I TOTALLY comfortable with what I’ve just SIGNED” & my favourite : ” Gee I better read the contract IN FULL ” !!![]
A person who aims at nothing has a target he can’t miss.
Look for opportunity & be the source.
I’ve no need to work, I am happy with what I have.
A few IP’s, an average shares portfolio & unlimited opportunities. [8D]
ps I’d put the lotus in the garage also, there paint jobs do not like the harsh elements []
I’ve heard that the next PBust ( when it happens ) will not be so time repairing, last one took 7 years previous one took 8 years. This next one will be 4 years tops, therefore preparing for damage control can be on the cards for IP owners.
I’m curious Simon, if you were to sell this bare land to a family member for say 50% less.
Does the same maths apply with you paying CGT, do they ATO use your selling price or is it council evaluated ?