Hi HM

I am a tax lawyer rather than an accountant and this is more an accounting question but will have a crack since no one else is.

It is probably your justification for the chosen method that is more important than the method itself.

You could split bedrooms

You could split water & sewarage via bathrooms

You could split rates according to…[Read more]

Hi 

You can't rent out granny flats, studios etc unless they are approved as a multi-unit dwelling.  Hard and expensive today.  Brisbane city council is having an enormous crackdown on it.

D

I would not strata and then hold.  You will paying a lot more in rates.

Also a lot of Council mapping systems have a casual user fee.

Eg Brisbane City Council has a $30 a day login.  Reports are instant.

eBimap

Try online services for your council first

I am currently upgrading the wife's Kia Grand Carnival, to another Kia Grand Carnival.  I like changing cars personally, but with 5 kids finding vehicles that fit us and all our accompanying crap in is fairly limited.  It is either the grand Carnival or the Chrysler equivalent.  Tarago and Odessey have too small boot space.  

D

Spot on Nigel

And sometimes you can put months into a deal, and a decent some of money and something comes up and it doesn't work.  I have only had a couple of those over my time but they do happen.  I once did about $30k and several months on a Hotel to highrise deal.  But on the plus side, when you spend that amount of time on something, you…[Read more]

Yep, this guy goes to tight assity

He owns half of Stones Corner, half the industrial area of Coorparoo.  He was also one of the first to develop the farmland around Hemmant into Commercial when the Gateway Bridge was being built and still owns some enormous facilities out there.

He has been wearing the same clothes for ever.

He drives an old,…[Read more]

Hi My Best as a percentage was tripling the price.

Bought block of land off Main Roads at Auction.  Got a development approval through for a house on a difficult site and flogged it.

One old boy I know, who has 10's of millions of commercial property, probably more.

His advice was to always pay down one.  Your own house first, then your oldest IP and so on.  This guy has been buying investment property for over 50 years.  The problem is the tight old bugger won't spend any of his money.  He'll be dead in 10…[Read more]

Hi 

Welcome to the forum

The problem with units on the Gold Coast is supply, as in there are lots of them. If you find units in a complex that is in an area somewhat geographically limited or for some other reason they can't build 500 new ones next door that may help.

Also don't forget that BC charges on units can be high.  

I like land…[Read more]

Most Councils have an online mapping tool that you can subscribe to or sign up and pay a casual use with a credit card.

Brisbane City Council for example uses eBimap.  Will cost you $30 for 24 hours use and not only can you find the owners name, the maps will tell you
-zoning
-location of fire hydrants/ sewers/ waterlines…[Read more]

PD online is a good start.  

If it is a true duplex it will be council approved as such, if the approval is for a house, then people are trying to be tricky.

I know 2 of the cash flow positive property companies that are being sued at present (I am not involved) for selling cash flow positive stuff which was not.  When it gets to the filing it court stage, the information becomes public and I can give neames then.

Many of these we look after the buyer to only find the best cash flow positive propertie…[Read more]

Sorry you are out of luck in QLD in most circumstances.  If you can get it through as a duplex you are OK.  However, granny flat, dual living etc. comes under the category of multi-unit dwelling the minute you rent out to separate parties.

There are some councils in QLD that have a specific allowance as a get around, Ipswich is not one of them.…[Read more]

As well as the flexibility of a trust, there is asset protection.

If you own the shares in the company in your own name and you get sued or get into financial trouble, your shares are an asset that is available to creditors and bankruptcy trustee etc.

If you are a beneficiary of a discretionary trust you have no proprietary interest in the…[Read more]

Also a property savvy lawyer can help with a lot of the setup stuff.

As an aside, I am going to set up a property accounting firm later this year, to work in conjunction with my law and town planning firms.  As always, finding the right staff is the hardest part.

regards

D

I am a fan of trust structures in the right circumstances, NSW land tax on non-fixed trusts is a bit of a pita though.

I utilise trust structures extensively in my own developing, investing and business areas.

Also recommend various structures to clients.

I also come across people who are having huge benefits from structures when I am involved…[Read more]

I'll have to grab that one too.  

I have an article in that one on the new Brisbane City Plan in the around the country section.  Can someone who has already have a look for me please. 

I used to buy API religiously every month and did for many many years, I stopped when I bought my first tablet several years back.  I believe they are going to…[Read more]

Hi

Welcome to the forum,

Don't forget depreciation. A depreciation report will help maximise your deductions.

Trust type depends greatly on state property is in.  Using a discretionary trust in NSW at the moment will make your land tax bill wipe out the cashflow.

In a unit or discretionary trust structure, you can not get at the losses…[Read more]

Hi HM

Welcome to the forum

1st question, what council area is the property in?

QLD is having issues at the moment, Brisbane huge ones with this.

D