Replies Created | Forums | RodC | PropertyInvesting.com

Forum Replies Created

Viewing 20 posts - 141 through 160 (of 333 total)

« 1 … 4 5 6 7 8 9 10 11 12 … 17 »

RodC
Member
@rodc
Join Date: 2002
Post Count: 335
November 14, 2003 - 2:32 am
The 5% is local, standard rates in the area are 7% but I managed to get a lower rate as I purchased through the same agent and there’s 2 properties. I have some interstate ones at 6%, standard rates for that area are 7-8%. I got lower due to having 2 IPs. The 10% ones are further away, but once again standard for the town.
Rod.
RodC
Member
@rodc
Join Date: 2002
Post Count: 335
November 14, 2003 - 2:22 am
They’re usually pretty standard within the one area.
Often you’ll get discounts if you have multiple properties managed by the one agent.
I pay between 5% and 10%.
Rod.
RodC
Member
@rodc
Join Date: 2002
Post Count: 335
November 13, 2003 - 11:47 am
Hi Brent,
I’ll be interested to see if it makes a difference, my work connection is straight into the internet (I work for a telco that does wholesale internet) and these pages are often slow and do “hang” a bit.
Rod.
RodC
Member
@rodc
Join Date: 2002
Post Count: 335
November 13, 2003 - 11:29 am
Chandara,
For population, employment stats etc try this:
http://xtabs.stats.govt.nz/eng/statsbyarea/area_main.asp
Rod.
RodC
Member
@rodc
Join Date: 2002
Post Count: 335
November 12, 2003 - 10:16 pm
quote:
does anyone know what tax rate a trust company runs on cheers.
The company (corporate trustee), generally won’t pay any tax if the company’s only function is as trustee, as it isn’t earning income in it’s own right. Any income earned by the trust will be distributed to the beneficiaries who are then taxed at their marginal rates.
Rod.
RodC
Member
@rodc
Join Date: 2002
Post Count: 335
November 12, 2003 - 11:26 am
It’s just what Luke said. So for his example if you’re in the top tax bracket (48.5%) you’ll pay 48.5% of $6500 if sold in under 12 months or 48.5% of $3750 if sold after 12 months.
Rod.
RodC
Member
@rodc
Join Date: 2002
Post Count: 335
November 12, 2003 - 9:20 am
If you sell after 12 months you will pay CGT at your marginal rate on 50% of the CG. If you sell before 12 months you’ll have to pay CGT on the full amount.
Rod.
RodC
Member
@rodc
Join Date: 2002
Post Count: 335
November 12, 2003 - 6:48 am
Leigh is correct, the company documents should make the trustee/trust relationship clear that the only business of the company is to act as trustee. The assets will be purchased in the company name as trustee or possibly in the name of “XYZ trustee as trustee for the AAAA family trust”.
The companys bank account should probably be titled something like
“XYZ pty ltd <AAAA family trust a/c>.
I’m not an accountant, so don’t take what I’ve said as gospel. It sounds like you’re being let down by your current advisors as a good accountant should know this stuff (or at least know where to get the answers).
Rod.
RodC
Member
@rodc
Join Date: 2002
Post Count: 335
November 12, 2003 - 3:21 am
I may have appeared overly negative with my last comments. I certainly consider that I got my money’s worth when I saw Dolf last year.
Rod.
RodC
Member
@rodc
Join Date: 2002
Post Count: 335
November 11, 2003 - 10:37 pm
I was going to say something, but after reading Bill’s comments. I should just shutup, otherwise I’ll be a mug as well.[]
Oh yeah, Alf, it does sound like a LOC. (hypothetically, of course!)
Rod
RodC
Member
@rodc
Join Date: 2002
Post Count: 335
November 10, 2003 - 11:22 pm
quote:
Have heard that what Dolf presents at his 3 hr seminar is mainly what is in his book Real Estate Riches
I agree with muppet, the seminar contents is pretty much identical to the book contents. There’s certainly some good stuff there, but if you’ve read his book or listened to any of his tapes, you’ll be struggling to find much that is new. The 3 hour seminar is very much a promo for the weekend workshop.
Rod.
RodC
Member
@rodc
Join Date: 2002
Post Count: 335
November 10, 2003 - 6:22 am
Hi Bill,
could you include me as well.
clarkr at powertel.com.au
thanks,
Rod.
RodC
Member
@rodc
Join Date: 2002
Post Count: 335
November 8, 2003 - 12:19 am
Hi Lisa,
You should be able to get preapproval from Australia using a NZ bank. I would agree with the other comments it’s probably easiest to get a mortgage broker to do the leg work for you. They should be able to take all your details and shop around for the best package.
Different banks have different rules. I’ve heard that Westpac have a 60/60 rule, which means that if a property is less than $60K they will only lend 60%. BNZ and ASB also can be reluctant to lend on properties less than $60K. ANZ and some of the others have a list of areas where they will normally only lend 70%, sometimes though they will go to 80% if you get a registered valuation.
hope this helps.
Rod.
RodC
Member
@rodc
Join Date: 2002
Post Count: 335
November 7, 2003 - 6:56 am
nu gen,
your properties will probably be -ve cashflow before interest rates reach 10.4%. You’ve only allowed for the interest expense, what about rates, vacancies, management fees, insurance, repairs etc.
Rod.
RodC
Member
@rodc
Join Date: 2002
Post Count: 335
November 7, 2003 - 6:47 am
nu gen,
your properties will probably be -ve cashflow before interest rates reach 10.4%. You’ve only allowed for the interest expense, what about rates, vacancies, management fees, insurance, repairs etc.
Rod.
RodC
Member
@rodc
Join Date: 2002
Post Count: 335
October 22, 2003 - 2:50 am
Hi Dino,
I was wondering how you got the right answer with the wrong interest rate!
Rod.
RodC
Member
@rodc
Join Date: 2002
Post Count: 335
October 21, 2003 - 10:31 pm
quote:
ROD C is the winner..
thanks Bill,
it actually took me a lot longer to type it into the post than to do the actual calculation.
Rod. []
RodC
Member
@rodc
Join Date: 2002
Post Count: 335
October 21, 2003 - 2:30 am
I reckon it’s $453412.92.
This is how I got there:
year 15 $2000000
year 14 $2000000.00/1.104 = $1811594.20
year 13 $1811594.20/1.104 = $1640936.78
year 12 $1640936.78/1.104 = $1486355.78
year 11 $1486355.78/1.104 = $1346336.75
year 10 $1346336.75/1.104 = $1219507.93
year 9 $1219507.93/1.104 = $1104626.75
year 8 $1104626.75/1.104 = $1000567.71
year 7 $1000567.71/1.104 = $906311.33
year 6 $906311.33/1.104 = $820934.17
year 5 $820934.17/1.104 = $743599.80
year 4 $743599.80/1.104 = $673550.54
year 3 $673550.54/1.104 = $610100.13
year 2 $610100.13/1.104 = $552626.93
year 1 $552626.93/1.104 = $500567.87
year 0 $500567.87/1.104 = $453412.92
Rod.
RodC
Member
@rodc
Join Date: 2002
Post Count: 335
October 20, 2003 - 11:40 pm
quote:
Telegraphic transfers are of course good for large sums but you have to go into the bank and do that, and it takes a few days. you wouldn’t want to be doing that every day, it’s a bit of a pain!
I haven’t yet found an internet way of doing international funds transfers apart from PayPal credit card kind of things.
I don’t know about any of the other banks but it is possible (and easy) to do international transfers to overseas bank accounts using Westpac’s internet banking.
But for day to day expenses and rent received you will need a NZ account.
Kristine, yes the offers would be made subject to satisfactory building inspection, title, LIM, finance etc.
Rod.

RodC
Member
@rodc
Join Date: 2002
Post Count: 335
October 16, 2003 - 4:37 am
Lucy,
The type of member you are is related to the number of posts you have made. You’ll graduate from newbie to member when you’ve made 8 posts.
Muppet,
This is where I got my stats from:
http://xtabs.stats.govt.nz/eng/statsbyarea/area_urban.asp
Neill and Dingo, you’re both quite correct, the correct structure is just as important as finding the right property. All of the issues that you’ve raised can be addressed, but it certainly can be a steep learning curve.
Rod.