Replies Created | Forums | Scott No Mates | PropertyInvesting.com

Forum Replies Created

Viewing 20 posts - 1,181 through 1,200 (of 3,802 total)

« 1 … 56 57 58 59 60 61 62 63 64 … 191 »

Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
May 15, 2011 - 11:47 am
As far as I understand it, cgt runs on contract date not settlement date. So tax would be assessed this financial year & due in May 2012.
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
May 15, 2011 - 11:38 am
Beat me to it Richard. I’d also add Bar Beach, Cooks Hill, around the old Newcastle hospital, Hamilton & New Lambton.
I’d shy away from Ellermore Vale & there abouts.
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
May 15, 2011 - 3:36 am
I had a chat to the land titles office the other day on a more complex stratum question involving residential & commercial uses, they can assist in giving you what you need to know.
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
May 14, 2011 - 4:23 am
Sit, wait & go back with the same (or lower offer in 3 weeks if it is still sitting there). The first couple of weeks generate the most buyer interest, then it dwindles and the agent has to work on the vendor to drop his pants oooops price.
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
May 13, 2011 - 10:13 am
yep, got the email – it’ll be interesting to hear what they have to say. I’d take it with a pinch of salt if it weren’t for my blood pressure
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
May 12, 2011 - 8:31 am
A few of my associates are working on some deals (undisclosed locations in sydney metro). Deals will return over 10% irr with little risk to the investors. If anyone wants details send me a PM & contact details.
Deal value is around $300k & will work inside a smsf.
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
May 12, 2011 - 5:29 am
If the project doesn’t get approval, then the sale falls over.
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
May 11, 2011 - 11:28 pm
Richard, I am not so concerned about being able to undertake a development in a SMSF but I understand it to be contrary to the legislation to change the nature of the asset ie you can purchase a site with a DA and build it however you cannot hold a raw site/house then take advantage of a change in zoning or increase in FSR within the fund as you are fundamentally changing the asset. Borrowing to do such can become a breach of the SMSF and lose your tax advantages of holding within the fund. Likewise, it can be seen that you can undertake repairs and maintenance however you cannot change the asset by adding an extra bathroom or floorspace etc (without possibly taking out a whole new loan). There was an article in last weekend's Sunday Herald in Sydney on the topic (however I don't believe everything that I read in the papers).
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
May 11, 2011 - 12:51 pm
I concur with Richard but would limit what you can do in a smsf to a development which has a DA not to undertake a development from an existing raw site as this would effectively be changing an asset which may be a breach of smsf regulations.
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
May 11, 2011 - 10:26 am
who have you shied away from & who’s left?
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
May 11, 2011 - 10:17 am
weigh up: cashing in on profit from sale of air rights vs potential eventual sale to another developer.
Best off opening up a discussion with a valuer as to the value options you have.
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
May 11, 2011 - 10:09 am
where? What type of development? Etc…….
1 look up a quantity surveyors website for building costs bmtqs
2 look up colliers, knight frank or the other commercial real estate websites & go to their research papers or contact the local commercial agencies.
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
May 9, 2011 - 11:05 pm
Get your abn & register for gst prior to purchase. Pay the applicable gst & claim it back after settlement. Then deregister gst. At least you get that back quickly.
If you aren’t registered you can’t claim or charge the gst.
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
May 9, 2011 - 10:59 pm
if it wasn’t serious, it’d be funny: “we have a sinkhole in our backyard and council/builder/everyone is looking into it”.
Sorry, I couldn’t resist.
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
May 9, 2011 - 10:52 pm
Property investing with super is still a bit of a specialized area so you should consult an accountant experienced in this field. They will need to confirm that the trust deed allows that type of investment before you commit to a property otherwise you may lose your beneficial tax status. Banks will lend to smsf but are more restricted in the LVR allowed.
Watch out that you don’t breach your funds rules by not diversifying your investments.
Ignore all of the above as it will probably change again after tonights budget.
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
May 9, 2011 - 8:37 am
Jump on the council asap. I recently had my local council repair a stormwater drain under the footpath. I knew that the issue was theirs as I had replaced the pipe 10 years ago, then council replaced the paths.
They discovered the redundant clay pipe & said that it was old damage. I advised it was the wrong pipe & keep digging. They soon found it, apologised & replaced it & the path.
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
May 8, 2011 - 9:10 am
The liability lies firstly with the tenant (operators of the family day care facility), secondly with council then thirdly the owner. Council will give the requirements to the tenant, docs will visit etc before giving approval to use the house. If you are still concerned, contact the council to check what your liability might be, surely it is not the first instance.
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
May 7, 2011 - 11:25 am
AFAIK paint is generally pH neutral or basic so it shouldn’t be corrosive. Clogging your pump is another issue altogether – I’d suggest advising/reminding the tenant of their responsibility to service the pump & flush the lines (pressure spray/water blast).
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
May 7, 2011 - 10:43 am
I would notify the builder by phone, in the first instance backed up in writing, keep diary notes of your contact & builder’s response. Whilst you have a new building, you need to approach the builder or you may void any warranties.
Scott No Mates
Participant
@scott-no-mates
Join Date: 2005
Post Count: 3,856
May 7, 2011 - 10:34 am
Good to hear it has turned out fine.