Forum Replies Created
- TheFinanceShop wrote:Lastly be careful amount putting all your eggs in the one basket.
Regards
Shahin
A dollop of great advice which many ignore – diversification is still very important.
As the dust settles from your settlement and the ex cannot access any more of your super but your ex & kids get % of your income, investing via your super may make sense especially if you want to quarrantine the income or assets going forwards.
GP = SP – Purchase cost – legals(both purchase & selling) – agent comms – stamp duty + depreciation claimed
GP = 350000-300000-1000 – 14,000= 35000
Discount for ownership greater than 12 months = 50%
So you then apply your MRT to the balance of $17,500
essentially, half of not much.
Matt, are you in sale (ie register jockey) or sales – business to business? If you move across into b2b sales, then you would have greater opportunity not to be on the minimum wage but working for a base + commission (often uncapped).
Starting a business will require spending capital to start up as well as ongoing expenses – do you have the capital for the start up?
eilatan28 wrote:is it just a matter of approaching agents to see if they have any current buyers looking ??Basically, you can either contact agents directly or via site like 'sell my castle' who will email several agents who will provide (generic) proposals and market appraisals.
eilatan28 wrote:Or are they going to try to sign me up and do the whole marketing campaign ?? As it is vacant, i will be looking for a quick sale. Ideally i don't even really want it advertised.As soon as an agent sets foot in your door they will do the sell on you – how else do they get to spruik their wares to a willing audience. They will come to the property, have a look around, tell you about themselves, what they have done, what they can do for you etc. Then come back to you with an appraisal/estimate of what they believe they can achieve (based on other recent sales in the area). Then follow you up, two or three times at least.
Advertising is a necessity, every agent will tell you that they have a current database filled with 'cashed up buyers/actively seeking'' etc, the truth of the matter is they collect names/numbers/email addresses at every open house that they hold, they vet these prospects and rate them as to their ability to buy or just as tyre kickers etc. Advertising ensures that the property goes out to the market ie everyone who may be looking for a property, not just those on the agent's database. Buyers don't care much for the agent, if they see a property advert of interest, they will respond.
eilatan28 wrote:Am i free to talk to to multiple agents at the same time ??Talk is cheap. You are under no obligation to any agent until you sign an exclusive agency agreement – so you can invite as few or as many agents over as you wish.
eilatan28 wrote:or do i just use the real estate agents, which i know are quite generic.Every agent is different although what they offer you will be similar ie a result. Don't necessarily go for the cheapest, they may be incompetent or they could be lacking stock so their offer being keener than others. THere are many things to weigh up about the agent like do you believe that this person is the best one to represent your property?
Matt has hit the nail on the head. The development will hinge on the zoning that you have as well as what the DCP contains ie it may be zoned appropriately however may not meet the other site constraints in the local planning requirements. Speak to an independent town planner to see what they say.
It all depends upon the service that you're after.
As per JP above, must be a pretty low agent and will need to be able to prove that you were introduced to the property by the agent ie did you contact the agent or inspect with the agent? If so, how long ago?
It is up to the vendor to sort this out as you have no contract with the agent.
If I were the tradie, I would utilise the Security of Payments legislation to recover the payment ie it doesn't apply to your PPOR however you are not protected if it is an IP. They have completed the work at the direction of the agent (your representative) and have a legal right to be paid.
If contractors had no right to get paid because an agent exceeded their authority, how many would be be bothered doing repairs/maintenance/installations for real estate agents? The plumber is not aware of any arrangement you may have with regards to limits on the cost of works permitted to be approved by the agent so your only recourse would be against the agent.
To answer your question about rising or falling median prices you will need to do your research. Why did the median rise/fall? Was there significant levels of development in an area ie large land release/ several apartment developments built/brought to market/completed? How did the number of properties brought to market this year compare to previous years?
Why do these basic questions matter? It is easy to believe that a suburb is growing and you are achieving capital growth because the median is increasing however all it is reflecting is that several new developments have hit the market and additional higher priced (newer stock) has been sold. Conversely, a falling market may be symptomatic of less newly constructed stock and a return to older or stable stock being sold.
SO when you analyse the market, investigate it first ie are there several ie are certain streets/areas unproportionately represented in the complete sales numbers? Then disregard these sales if they are of like properties which do not conform to the median property you are looking at eg 2 bedroom 1970's houses vs 3/4 bed recently built houses.
The median is just one analyst's take on the sales, it is up to you to develop your own model to suit your investing style.
A bit more Christmas cheer frecks – where did you find it?
With a curriculum like that, who needs agents? for anything??
Also speak to your accountant with regards to specific advice regards being able to claim costs (depreciation, outgoings, management etc) as well as how any additional borrowing will be treated.
Looking forward to selling off all my assets in 2013 & being totally asset-free with loads of bad debt.
No, that cannot be right.
Maybe I’ll just off load something to pick up a development site before the market shifts.
Looking forward to selling off all my assets in 2013 & being totally asset-free with loads of bad debt.
No, that cannot be right.
Maybe I’ll just off load something to pick up a development site before the market shifts.
A delayed settlement can be used to ensure that the vendor is able to provide vacant possession (ie will hand over once lease expires).
It might be done under the mistaken belief of cgt relief as cgt runs on contract date not date of settlement (might need to confirm this).
If it wasn't an ip, then it may just suit the vendor to settle in the new financial year (might be constructing new house, didn't want to move before/after a certain event eg birthday/anniversary/visitors etc).
Unfortunately that is often the case with locations in the bush. You may be lucky enough to find a decent local agent but will find other agents are unwilling to take something on such a distance away if they are not local.
Did I miss that there was no toilet paper left on the roll either?
Have you taken into account any capital works or improvements that you have undertaken (and added back any depreciation claimed)?
Being out of the office meant to the agency that you were uncontactable, they won’t try too hard as they’ve got better things to do.
If they did manage to get hold of you, you would have approved the cost anyway.
As a hws is an emergency repair the agency wouldn’t have got extra quotes but used their trusted plumber.
As for the plumbers claim, if he has served a notice of dispute under the security of payments legislation in your state he will be protected for his claims.
The agency agreement also prevents claims against the agent unless they negligected their duty.
Qlds007 wrote:Have a few clients who were convinced to take out a line of credit and then invest by their Financial Adviser in Timber plantations, mango's or similar such wonderful loss making investments.Course they have now lost everything and still able to claim the interest on the loan until it is repaid.
Probably took out an interest only loan & will crystalise the losses at the end of the loan term as well. Ouch!
