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  • Profile photo of RellieRellie
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    @rellie
    Join Date: 2003
    Post Count: 28

    Thanks that's a great idea. We might try that.

    Profile photo of RellieRellie
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    @rellie
    Join Date: 2003
    Post Count: 28

    Thanks K.

    I had heard of that ruling too.

    I'm going to give him a few more days to contact me as he did finish off saying he would be in touch. So he gets the benefit of the doubt now. Then if we still haven't heard anything we had decided to contact the owners direct via a letter to let them know we had presented an offer but they may not have been notified & to speak to their agent. At least they can then make us their own minds.

    Cheers.

    Profile photo of RellieRellie
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    @rellie
    Join Date: 2003
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    I think that all the expenses my partner paid out were actually more than the capital gains, so therefore a loss was incurred and he doesn't have to pay any tax.

    I don't believe we are applying the loss to his normal income (so he doesn't get a refund) – it may be carried forward to any future capital gains???

    Profile photo of RellieRellie
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    @rellie
    Join Date: 2003
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    Thanks for the replies.

    We met with our Accountant and we've been told all related expenses come off the profit, including interest repayments on the loan.

    Great news as it means these expenses cancel out the profit & therefore we no tax is due :)

    Profile photo of RellieRellie
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    @rellie
    Join Date: 2003
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    Hi Terry

    It's an actual bank. I did a few sums using the Reserve Banks Cash Rate (both when I took out the loan & todays rate) and I came pretty close to their payout figure, so I'm happy it's been calculated correctly. I just wanted to double check their workings for my own piece of mind.

    Thanks for everyone's input on this. It was definately an interesting lesson to learn on break costs on fixed loans.

    Cheers

    Profile photo of RellieRellie
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    @rellie
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    Hi Richard

    Thanks for the idea. I was speaking to my bank this morning to payout on a car loan (as my partner and I are buying a home and want to be debt free when we buy it). The payout figure I got this month has actually increased since I got the payout figure a few months ago. I queried this and was informed how the payout is based on Wholesale market rates. I asked them what the wholesale market rate was back in 2007 when I took out the loan – which they gave me, then I asked for today's and they had no idea. They just said the computer worked it out. I queried this as I want to verify they were charging the correct amount. I was told to speak to my Accountant as they would know the rate and they said the wholesale market rate was the same for everyone.

    So I thought I'd try to locate this 'mysterious' wholesale market rate. If it is the same for everyone I didn't think it would be too hard to find – but it seems it is.

    I find it a little amusing the bank is asking me to payout a certain figure but will not tell me how they get to the figure – I'm supposed to trust their system and how they work it out. I think not!

    It's been a good learning curve if nothing else. I had no idea about these wholesale rates.

    Profile photo of RellieRellie
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    @rellie
    Join Date: 2003
    Post Count: 28

    Thanks for all your comments. It all makes sense.

    I was just hoping to be able to use 'Cash Offer' so I could negotiate a bit better.

    Profile photo of RellieRellie
    Member
    @rellie
    Join Date: 2003
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    Hi

    I drive a Holden Captiva LX SUV – bought it on a whim when they were first released and I was younger. I love it but I'm trying to sell it now as my partner and I are buying a home together. I figure it's better to spend the money I would normally spend on car repayments on an asset that goes up in value rather than down. And since it only gets driven maybe once every 1-2 weeks (my partner has a work car so we use that where possible to save) I made the decision to sell. 

    Lesson learnt though, won't go buying any new expensive toys again in a hurry.

    PS – If anyone is interested it's a great car – only 18,000kms, seats 7, leather etc – only $33,500 (but I willing to negotiate)  

    Profile photo of RellieRellie
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    @rellie
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    Thanks for that. Unfortunately they agent only took a $500 deposit.

    We have found out that our agent faxed over to the other agent (before they signed the contract) all the land plans & titles etc because he vendor had asked for dimensions of block. The block dimensions are shown by the envelope size is hard to read (as they're all faxed copies).

    I know this is going to come down to whether we want to pursue the buyers legally or not.

    Profile photo of RellieRellie
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    @rellie
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    Hello

    Not sure why you can’t find a lender for commercial property. Have you approached a broker to find you a deal?

    I live in Perth & have recently bought a commercial property. A broker put together the deal for us. If you would like their contact details let me know. They may be able to help.

    Cheers
    Rellie

    Narelle
    [email protected]
    For All Your Bookkeeping Needs

    Profile photo of RellieRellie
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    @rellie
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    Hello All

    I’m pretty new to all this investing thing – but I will agree that I do think Perth has gone a little mad with the prices of houses and land.

    I have seen some great deals though & there are still homes for sale under $250k. One was even under $200k. They are few & far between – but they do exist.

    So happy hunting!

    Narelle
    [email protected]
    For All Your Bookkeeping Needs

    Profile photo of RellieRellie
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    @rellie
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    Hi Eric

    No it hasn’t started. It’s just something I’ve been looking into. I’ve been looking in the Midland area. And before I bite the bullet I wanted to get as much info & research done as possible.

    Cheers!
    Rellie

    Profile photo of RellieRellie
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    @rellie
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    Hi All

    Just a thought – but have you thought about tilt up’s? Might pay to look into.

    Cheers.
    Rellie!

    Profile photo of RellieRellie
    Member
    @rellie
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    Hi

    I know where you’re coming from. I’ve just started my own super fund with my family. I know the super can’t lend money to us because it needs to be at arms length.

    I was possibly thinking of setting up a trust account which the super would give money to, to invest in some property (and I would also contribute money to the trust acc to fund the diff).

    I’m hoping this may be possible – but it needs more research. I think it should be possible somehow too. As longs as the investment is legit -I don’t understand why it can’t be done.

    Check with your employer too that they will pay into your fund. You may have to wait till July when you can nominate your own super fund for employer payments.

    Profile photo of RellieRellie
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    @rellie
    Join Date: 2003
    Post Count: 28

    Hi Techhouse

    I thinks it’s awesome you’re thinking abut property at your age.

    Rather than tell you what the best optionis I can tell you what I did. I made the decision to not go to uni striaght from highschool but rather work fulltime for a few years first. I bought my first house at 20. One parent said go for it, the other said they didn’t think it wise – I should live first. I made the decision to buy but only one that fitted into my budget & allowed me to live as well.

    I finally returned to study last year (24yo) which i complete externally. So I run my own business f/t & study f/t at night.I may not have much of a social life these days but I’m doing the things that are important to me.

    I believe it’s possible to do both – it’s just a question of motivation & ambition. Either way you have so many years ahead of you.

    In regards to your parents not being supportive, they’re just worried for you. I also remember one peice of advice my parents told me. If you’re going to take a gamble – do it when you’re young – you have more time to recover. But that doesn’t mean rush out on a whim. Do your research & minimise the gamble.

    Good Luck.

    Rellie!

    Profile photo of RellieRellie
    Member
    @rellie
    Join Date: 2003
    Post Count: 28

    Hi Bonnie

    I’m selling my house privately at the moment. I chose to go through Anreps http://www.anreps.com.au. I bought the economy package off them that gives you signage, web listing, all the paperwork needed & a file on how to sell a house privately. It’s worth a look.

    Cheers
    Rellie

    Profile photo of RellieRellie
    Member
    @rellie
    Join Date: 2003
    Post Count: 28

    Hi Solomon

    I agree with Neo25x5 start off with something small, that doesn’t break the budget. When I bought my first place I looked at places close to amenities (transport, schools, shops etc) for re-sale value. I bought a unit 5kms from the city – it may have been small & a little old but I knew it would make money (it doubled in 12 months).

    Perth has bargains everywhere, you just have to look. I like the idea of building in new land estates where the new stations are. If you can pick up a block in the first stages I believe you can make money almost straight away as when the release the next stages the prices are increased. But building can be a hassle.

    Well there my thoughts – but if you look hard enough you’ll find a bargain.

    Good Luck.

    Profile photo of RellieRellie
    Member
    @rellie
    Join Date: 2003
    Post Count: 28

    Hello All

    This is my first time on hear & I’ve found it interesting to read what people’s thoughts are on Perth’s real estate.

    I’m just starting to invest in Perth property market and agree with people on Rockingham being the way to go. I’m building a house down there on one of the new estates. I decided to go for capital growth instead of cash flow. With all the new developments and train stations going on I believe the prices will continue to rise steadily for the next few years & hopefully make me some money.

    My other choices are Thornlie – again the new rail stations, its close to all amenities and prices are still relatively cheap. I also think Armadale as it’s being developed by the govt and as people have said it has good rental return.

    My final choice is Carlisle. I’ve just bought a commercial property there. This was more based on cash flow as it can be positive geared. They’re developing the industrial area there. It’s pretty central – only a few mins drive to the Graham Farmer, close to other major industrial areas and the airport.

    All suburbs have their pros & cons at the end of the day. I’ve mainly chosen areas that I know well & have lived in previously and kept an eye. Rockingham is my one leap of faith.

    Good luck on where ever you choose.

    Cheers!
    Rellie

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