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shaunwalker
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@shaunwalker
Join Date: 2003
Post Count: 403
January 16, 2004 - 4:42 am
Wish i’d thought of asking 25 dollars for further information, I had my RE agent in darwin ring me asking if i wanted another IP in the same block i already own in. was asking people i know personally if they wanted it.
perhaps i should put it up for a spotters fee? []
Lead, Follow or get out of the bloody way
shaunwalker
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@shaunwalker
Join Date: 2003
Post Count: 403
January 15, 2004 - 5:49 am
what people are telling is correct. You are better off getting a depreciation schedule done. The last schedule i had done was for the next 20 odd years, so should the tax department audit me i can show them where i got the numbers from. there are two ways they can do it, i cant remember what both of them are called.
there is a book at dymics you can look for, called “Real Estate Taxation” it was brought out several months ago. and although the information may be slightly out of date, it gives you the exact ATO web page to go to, to find out if theres been any new rulings etc. it also explains the two types of depreciation. I found the book clear and concise, it also gave examples on how to calculate your tax.
sorry i couldnt be more help answering exactly.
shaun
shaunwalker
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@shaunwalker
Join Date: 2003
Post Count: 403
January 15, 2004 - 5:12 am
Yeah i know what kay is talking about. since being on this forum i have met some great people.. Mel, Billfromoz, LuckyPhil, just to name a few. Through meeting with them personally and building a rapport i now know and trust these guys (and girl), and i would like to think they trust me. I know that these few, so very few are willing to do what it takes and not bugger around and i much prefer people who are not going to waste my time.
Perhaps, by meeting these people that are interested in what you are doing and building a rapport to weed out the tyre kickers you will have more willing partners next time.
remember:
Destiny knocks at the door
Opportunity requires you to kick the door in
(KGB saying)
good luck
shaun
shaunwalker
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@shaunwalker
Join Date: 2003
Post Count: 403
January 14, 2004 - 12:56 am
Tell him, that you’re nothing but a poor uni student and dont have 5000 dollars to give him. Then turn up on his door step 6 months later in a porsche looking for more property.
shaunwalker
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@shaunwalker
Join Date: 2003
Post Count: 403
January 13, 2004 - 12:30 am
I got told of at least three deals in SA last night. They are out there, but like mel i’m not really looking at the moment. Get creative ask friends ring heaps of RE agents, go to open houses etc. if you put the leg work in now it will pay off!
good luck
shaun
shaunwalker
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@shaunwalker
Join Date: 2003
Post Count: 403
January 6, 2004 - 6:05 am
I’ve just spoken to a couple of RE agents in darwin (i should have done that first… duhh)
anyway brent1 is correct they reckon its now worth an extra 5 – 10 grand which is around 3.4%
so thanks everyone for your help!
cheers
shaun
shaunwalker
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@shaunwalker
Join Date: 2003
Post Count: 403
January 6, 2004 - 3:41 am
Thanks for that, its just that i have to refinance, and was hoping to have a ball park figure how much prices had increased. i can understand -11.9% for darwin but that would only be for certain areas, as larrakeyah is one of the better suburbs i would have thought prices had increased, not declined. oh well i will just have to keep looking. i will ring some RE agents in darwin and see what they say.
cheers
shaun
shaunwalker
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@shaunwalker
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Post Count: 403
December 24, 2003 - 1:03 am
i agree, though i have put in low ball offers, most of the RE agents havent been impressed. but in saying that, one or two of the agents have been good enough to put me onto deals where my offering amount has been the asking price. what i did do however, was put in my offer a paragraph saying that i have pre approved finance which is attached to show them that i am genuine in my offer and not wasting their time. on doing that i would recommend you delete how much money the bank will give you…. trust me when they know they will try and sell you a more expensive house.
hope this is of some help
cheers
shaun
shaunwalker
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@shaunwalker
Join Date: 2003
Post Count: 403
December 23, 2003 - 4:27 am
ive got one for you, the latest API magazine is not that good, the REI havent given out CG for the last 3 – 6 months, instead they gave out june 2003 quarters numbers again. i rang API magazine up to ask why and was told that the REI doesnt have the numbers…. the REI not have the numbers? arent they the ones going on about how great RE is?…. me thinks they are hiding the truth and trying to keep people buying IP’s. i dont have a problem with that, its just that when and if it all crashes they will be the first ones to complain. jun – december next year…. i cant wait to see what happens next.
shaunwalker
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@shaunwalker
Join Date: 2003
Post Count: 403
December 23, 2003 - 4:20 am
i did their seminar, and i think they are ok, though i did buy the software from them, and as melbear can confirm, the software isnt correct.
so when they offer deals, its using outdated numbers, ie stamp duty is incorrect by about a year and depreciation on the building isnt a constant 2.5% per year.
so i dont buy properties through them. ive learnt more here with you guys and girls then any information they gave me []
shaunwalker
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@shaunwalker
Join Date: 2003
Post Count: 403
December 11, 2003 - 11:45 pm
C2,
i was going off an uproar in Queanbeyan (satelite town of Canberra) where the locals were complainng of a lack of beds and the closure of one of the old peoples homes’. the reply was that the beds had been sold, ie how many old people they could have there subsidised by the Govt.
One of the arguments the locals used was that alot of the subsidisation (or beds) were not being filled throughout NSW and in fact a large percentage of beds were bought by developers with the intention of building old people homes and several years later the plans are not even off the drawing board yet. I know the mayor of Queanbeyan quite well (i used to date his daughter) and i was asking him about this when this discontent was happening a year or two ago and he said this was correct about the beds being bought. i may be wrong about what was actually said – after all it was a couple of years ago.
I think ive just confused everyone a bit more havent i?
shaunwalker
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@shaunwalker
Join Date: 2003
Post Count: 403
December 11, 2003 - 6:18 am
sorry, my mistake. i was thinking of airfares to see your IP, where only the GST is refundable.
my mistake!
shaun
shaunwalker
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@shaunwalker
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Post Count: 403
December 11, 2003 - 12:13 am
Lead, Follow or get out of the F@$#ng way
heard this one in the middle east last year from some australian soldiers i was working with.
shaunwalker
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@shaunwalker
Join Date: 2003
Post Count: 403
December 10, 2003 - 11:32 pm
ive just asked my accountant about this. and how it works is,
if you dont have an IP then the cost of these courses/books are part of your cost base ie not tax deductable, however if you have an IP you can claim a deduction for the courses etc.
You must remember though that they are not 100% tax deductable but a percentage of it is ie the GST on the books/courses are.
shaunwalker
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@shaunwalker
Join Date: 2003
Post Count: 403
December 9, 2003 - 2:13 am
i’m currently looking into it. from what i understand you buy into a body corp type setup and they get 85% of their pension to house and feed them etc. i have been told they are pos geared property, but not having done much in the way of due dilligence, i simply do not know.
one question i do have is: the government subsidises alot of it, but you have to “buy the beds” at a cost. since there is only so many beds they sell at a time, and i know for a fact alot of the beds owned are not being used (actually they havent even started building the retirement villages yet) how do these people selling this intend on getting the beds?
any one done anything like this? i too would love to hear your thoughts etc on it
cheers
shaun
shaunwalker
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@shaunwalker
Join Date: 2003
Post Count: 403
December 9, 2003 - 12:54 am
i would suggest you read this web page from the asic homepage, in regards to offshore seminars.
http://www.asic.gov.au/fido/fido.nsf/byheadline/Offshore+investment+seminars?openDocument
it basically says to avoid them as you will not be protected (which is their aim to protect themselves)
sorry about that, but i guess at the end of the day it is your decision
shaun
shaunwalker
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@shaunwalker
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Post Count: 403
December 8, 2003 - 10:52 pm
if you sell the block of land/and or house you will be done for capital gains tax on them.
as the new block of land is a seperate entity than your PPOR you will be taxed as if you have just bought an investment property and sold it.
just remember to hold for 12months and 1 day and you should only be done for 50% of the capital gains on your new IP at market value. (this means you cant sell it for a dollar to your family)
shaunwalker
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@shaunwalker
Join Date: 2003
Post Count: 403
December 7, 2003 - 10:57 pm
i used a conveyancer in darwin for my last IP, and to tell you the truth they were’nt any cheaper than a solicitor. she didnt even do that good a job, forgot to tell me a few things that i thought were important.
any one else’s thoughts?
shaunwalker
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@shaunwalker
Join Date: 2003
Post Count: 403
December 7, 2003 - 10:45 pm
any one know timorese?
Boa tarde senhor ho senhora, diak ka lae?
hou nia naran salvador!
how about indonesian
selemat pagi pak dan bu
apa kabar?
nama say waworuntu!
shaunwalker
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@shaunwalker
Join Date: 2003
Post Count: 403
December 3, 2003 - 10:59 pm
i had a look at a block of flats in my local area, went and had a look and they werent bad, needed about 50k for a reno on the place. the RE agent asked what i thought they were worth, i then asked how much is he asking, 6 x 1 bedrooms and 1 x 2 beddy, vendor asking 800k. i just about laughed out aloud which didnt impress him. although the numbers were ok, the place was that old there was next to nothing left to depreciate.
told the RE agent this along with expected interest rate rise (this was saturday) that i was taking all the risk for no return, and he said theres no way interest rates were going to rise again, it was a good set of units blah blah blah. i put an offer in for 300k, i dont think he was impressed. i will wait till begining of january then put in another offer.