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Sorry I cant add that should be $16500 not $17500
Monopoly, my favourite game
CGT is 50% discounted
E.G. If you earnt a total of $33,000 in capital gain you get a 50% discount so you would ony have to pay tax on $17500 .You take the $17500 and add that to your taxable income.
If you now enter a new tax bracket e.g. 42 cents in the dollar. You would have to pay an extra 42 cents per dollar on $17500 this equalls $7300 .
Your money that you earnt on the lower tax brackets still only gats taxed at the lower rate.I hope this makes sense
Monopoly, my favourite game
No its builders that dont know what they are doing that give the industrie a bad name , weather owner builders or builders that shouldnt be builders.
Or tradesmen that aret tradesmen that people use to cut costs.
I know how to buildMonopoly, my favourite game
Dazzling,
Your story brings a tear to my eye.
Be careful on sticking to a plan women are different to men.Once you have set your gaol keep to it, dont go changing your mind to do an extra year or so to make it easyier.I have worked with people that lose there family because of the effort they put into there work ,if they just put that same effort into ther family they would be a lot happier people .
Cheers RickMonopoly, my favourite game
Your old ladie is this your mum. If so does she fully understand what you will be doing with her equity.If she is benifiting from it as well and understands the risks then fair enough. But if this is your mother and you are putting her at risk of her losing her property if things go wrong. Then please dont do it , I have seen to many parents lose a lot risking the propertys for there children, we as children owe our parents a lot more than risking there property or nest egg.
I so much would love to involve my parents in investing inproperty because of the sucess I have had, but if something went wrong I couldnt live with myself. I dont need there equity just would like to show them what they could do with there equity but once again they are nearing retiement and if something went wrong and they lost there home , i would be devistated.Just my 2 bob
Monopoly, my favourite game
Yes you better get writen quotes before you start.
They shouldnt charge you for them.Monopoly, my favourite game
Get a few quotes though, I think you may be able to do a little better.
My most recent developement was 4 units 20k for everthing but 2 units were mirror image and price drops when development has multiple dwellings.Monopoly, my favourite game
If that included planning permits, building drawings, engineering drawings , landscape drawings, soil tests, council fees, surveing costs etc . It sounds about right, just make sure there are no extra hidden costs.
Monopoly, my favourite game
Hi quiggles
Ive been speaking to some buyers agents and the deals they have been showing me ROI is meaning gross returns. I was just asking what she is exactly saying.You are right she could be talking about nett returns in witch case they are very good, providing the condition of the property is reasonable and you can collect the rent.
On most of your propertys over there have you been able to collect rent? What condition were the propertys you puchased in ?Cheers Rick
Monopoly, my favourite game
Im planning on going in october would be interested in having a chat
Monopoly, my favourite game
Are you offering deals between 15 and 20 % .
because the deals you are talking about 89k return for 231k is 38.5%
Im a little unsure what you are sayingMonopoly, my favourite game
The hardest part about developeing is the permits. They give me the sh#ts .
The rest is easy.Good luckMonopoly, my favourite game
Down your way Im not 100% sure but if you want a little quality for a reasonable price try Pauldings Constuction. They are bassed in frankston , but will travel.
Or have a look around your area at unit developements and get some builders name they will know the area and know the problems that they will come across.
Cheers Rick
Monopoly, my favourite game
About time I give you a call, I will try to call you today at some time.
Cheers Rick
Monopoly, my favourite game
Im 34years old and yes it can be a worrie , I still am not in my dream home , but will be soon. Oh yeh and I can pay cash for my dream home not to many people I know live in there dream home yet and the ones that do will be a long time before they pay them off.
Delayed gratifcation is my way, But everyone has different gaols it has to suit your live . No good being misserable trying to make a buck , for me I do what I do for the love of it and it pays good divedends.Cheers Rick
Monopoly, my favourite game
Not true. You can be a owner builder , only 1 every 3 years how ever there are ways around that to like put different peoples name on the paper work.
A new rule was intrduced into victoria if the property is double story or over a certain size you have to go and do a short tafe coarse.
Its a load of sh*t I have built about 8 place in the last 6 years and I can do a good job , I would put quite a few builders to shame.Cheers Rick
Monopoly, my favourite game
If you keep property for a certain amount of time before selling it usally a year is about the standard. How ever if it is your place were you live you dont have to pay tax as far as I know. But if you lived in a house divided it and built lets say another property on it then sold it you would be a trader of property. If you kept the property for say 1 year and rented it out then you would only have to pay CGT.
But it is a little grey area if you just keep fliping property every year you could be considered a trader.
Just like the stock market day traders pay normal tax rates , but people that buy and hope , once they sell only pay CGT.
Cheers RickMonopoly, my favourite game
Yes , but be careful CGT and trading tax are 2 different things. if you made a profit on a property of say $90,000 and had to pay CGT you get a 50% disscount . So therefore you only pay tax on $45,000 at your normal tax rate. If you are taxed at the hightest rate you would have to pay 48.5 cents in the dollar . So there fore in this case it would be a total tax bill of $21,825 .
But if you develope a property and sell it straight away you dont get a 50% disscount , because you are concidered a trader of property , so in this case you would have to pay $43650 tax.
Does this make any sense to you? Im not the best at putting things into words.Cheers Rick
Monopoly, my favourite game
Im not a full time property investor , but am on my way there the last couple of years I only work 3 days a week.
For me personally I need the cach flow to be able to invest full time . It is no good having $10,000,000 in equity if you are paying a loan back on say $100,000,000 and you rent is just covering your costs , you still cant retire. How ever if you had $10,000,000 in equity and after paying all your costs on investments you still have say $200,000 a year profit (or cash flow) , guess what you might be able to start investing full time. On the other hand doesent matter weather you have 1000 propertys or 10 propertys if you have $200,000 cash flow a year guess what you might be able to starting investing full time.small print , this might be achiveable depending on your life style , rick takes no resonsability for anyone quiting there job.[exhappy]
Cheers Rick
Monopoly, my favourite game
I have made ofers on propertys subject to access before settlement , but have written in the contract the repair only to be minor not major until I settle. I have never had to worry about geting different contracts , go talk to the agent again and let him know what you want to do exactly should be no problem if the owner agrees to it.
Cheers Rick
Monopoly, my favourite game
