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  • Profile photo of reeeenreeeen
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    @reeeen
    Join Date: 2011
    Post Count: 10
    August 31, 2011 - 1:07 am

    Thank you everyone for the valuable information!!

    The vendor of the property wasn't willing to settle for the price I was offering so I am playing the waiting game now… plus I have also added another couple to my list that have blocks 600-700sqms.

    Thank you DWolf they are all very good questions I am going to contact the agents and ask them these questions!! :)

    womeninpropmelb does the information session cost anything to attend?

    Also can anyone give me information on the process of selling "off the plan"?? can it be done easily?? is there any cost outlay needed for this??

    Profile photo of reeeenreeeen
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    @reeeen
    Join Date: 2011
    Post Count: 10
    August 25, 2011 - 11:40 pm

    Well I went on land.vic.gov and found out the zones for both it and the one across the road that has been developed on and they are both Residential Zone 1.

    Also my idea was to tear down the existing house and build 2 3bdr town houses side by side, so they would be at the front of the block not one at the rear and one at the front.

    Viseli when you say 450k do you mean just for the building or are you including all the subdivision, plans and permits etc costs??  450k seams a little steep considering on just the buildings themselves!

    Profile photo of reeeenreeeen
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    @reeeen
    Join Date: 2011
    Post Count: 10
    August 25, 2011 - 8:41 am

    Well the property is under the greater dandenong council. I assumed that subdivision would be possible as the house across the road had been subdivided and has had 2 double story town houses put on it. I was going to call and confim this just haven't had the chance.

    Profile photo of reeeenreeeen
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    @reeeen
    Join Date: 2011
    Post Count: 10
    January 19, 2011 - 11:16 pm

    Great thanks you so much everyone for the awesome information!! I'm very glad I found this forum!!

    fredo_4305 – do you know of any free seminars that I can go to in Melbourne?? or any links to people who hold them??

    Yes JacM thats the one thing that is getting me the most… all over this website and everywhere else I read everyone always says "location, location, location" so yeah I'm really struggling to decide where is best… so if anyone has any good recommendations I would appreciate it very much!! even if you dont want to share with the whole world u can just msg me  

    Profile photo of reeeenreeeen
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    @reeeen
    Join Date: 2011
    Post Count: 10
    January 19, 2011 - 5:10 am

    I have done some more reading and have another question I'm hoping someone can help me with… sorry :/

    Positive or negative gearing…

    I know that each situation would be different for each person but can you do both, for example buy a positively geared house and use the extra income to buy something that is negatively geared so that you break even… but in the negatively geared one you'd be hoping for +cg's… what I'm trying to ask is can you have both?? positive gearing and positive capital appreciation??

    If so would it be a good thing or would you end up paying too much tax?

    Profile photo of reeeenreeeen
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    @reeeen
    Join Date: 2011
    Post Count: 10
    January 18, 2011 - 5:25 am

    Thank you very much for the advice ppl!! That was all really helpful.

    I'm pretty comfortable with a high risk so probably going to keep looking in the west but I have now been keeping my eyes out in for stuff in the south east too just in case something worth while comes up.

    The trip from where I live to Dandenong or the west is pretty much exactly the same so travelling isn't really an issue. Plus I have family that lives near both those areas so that's helpful. Can travelling costs be used as a tax deduction?

    Does anyone by any chance know any good documents on CGT that I can read up on? or does anyone know any ways to help reduce it?

    Again thanks heaps for all the advice already!!

    Profile photo of reeeenreeeen
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    @reeeen
    Join Date: 2011
    Post Count: 10
    January 14, 2011 - 3:31 am

    Thanks for the advice bluegrass… I am in the process of trying to make an appointment with someone at blaze acumen securities… someone recommended them on here in another thread a while back. Don't really know any others… or where to look.

    By tax relief do u mean how much of the depreciation I can claim on my end of year tax return? sorry if that's a stupid question I'm not very savvy when it comes to tax stuff.

    I have another question if anyone can answer it… should I be setting up an offset account?? how do they work?? and if I am looking at subdividing and building a unit out the back should i be setting up my investment loan with a LOC?

    Profile photo of reeeenreeeen
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    @reeeen
    Join Date: 2011
    Post Count: 10
    January 14, 2011 - 2:28 am

    I can definitely agree with this but for me it happens so much more for me in everyday life then just when I go to RE inspections…. even when we go to banks they talk directly to my partner which has no clue what they are saying and usually just looks at me and waits for me to answer the question LOL Happens even when we go to restaurants the people taking to orders look directly to my partner or male I'm sitting with first… it is so odd that in this day and age men are still considered to be the main decision makers.

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