Forum Replies Created
That would probably be the best option to ensure that all the pros and cons can be taken into consideration.
i think capial gains will be less because they have held the property for more than one year. Also if they sell directly to their grndamother then they could avoid paying about $13,000 or more in agents fees to a real estate agent. If they choose to do this it may be worthwhile paying for an independat valuation of the property. Or alternatively get it appraised by three or four different agents and averaging the price to determine what the sale price could/should be. cheers Sonya
This would be the best way to set it up. Check out the posts that QLD007 has made on this forum, he has covered this information heaps of times. i think you can search for posts by particular members. cheers Sonya
Hi Merc,
Have you contributed equally to the purchase and payments for the property or did one of you put in more of a deposit and/or pay more money towards the loan repayments? When my brother and I purchased an investment property together we kept meticulous records regarding who paid what as far as deposits went as well as if there was any difference in what each of us paid towards the loan. When he wanted to sell his share of the properties to buy his own home it was easy for the accountant to determine how much money I needed to pay to buy his share. i hope this makes sense.
Also is the property currently rented at market value or is there a chance of increasing the rent to help offset your costs?
Good luck
Sonya
Hi Blissy a redraw account and offset account are very different things. I know that both Richard and Terry have explained the difference between the two a n umber of times on this forum, so I won't attempt to. But if you check the other posts in the financing sections you will probably get all the info that you need. Cheers Sonya
Hi Raf,
I think there has been a previous post about Carly Crutchfield. Have you checked archived messages with Carly Crutchfield in the topic line?
cheers
SonyaHi
Gunnedah is in Northern NSW inland from Coffs Harbour. Has mining, and diverse farming as major industries. Oh and making Supermodels!!! Miranda Kerr is from Gunnedah as well, no that didn't influence my decision to invest there.
cheers
Sonya
Hi YI,
The nortgage broker is paid via commission from the lender. All bank loans, as I understand it, build in a commission payment to their loan rates, whether a broker is used or not. So I don't pay anymore for her help. I have looked at going to banks myself as well as looking at home loan rates on websites such as Cannex, and she has secured the best rate that I have seen including factoring in any ongoing fees and charges.
cheers
Sonya
Go away, i doubt anyone is interested….
Hi,
Just wondering if you have factored in land tax when doing your sums. I think that land tax is payable on a very small land value from memory. I jus googled it and land tax is payable from a land value of $25,000. On a block of land valued at $100k you would pay about $400 a year. Other than that i don't know much about Tasmania.
cheers
Sonya
Good point Richard,
My mortgage broker is in qld, we have never met, but she, like yourself, has an excellent understanding of effective investing strategies. My previous broker came to my house and was very nice but had no idea about setting up effective investing finance structures. Everyhing is now done via email and mail, I have my solicitors here in town and thats all that i really need.
cheers
Sonya
Hi Judith
My heart goes out to you and all the people affected by this fire. I
was surprised the other day when I was talking to my property insurer as I insured a new IP. I discovered that you don't recieve the amount of money that the property is insured for for you to pay out your loan and then to do with as you wish. They told me that they control the money for the house to be rebuilt and if it doesn't reuqire the full sum insured amount then they don't pay any more. I naively thought that like car insurance you simply recieved the money for sum insured and then use that money to pay off any debt and build a new house. The insurance company only allows a house of similair construction. So you can't build a better house even if the insured amount was enough to finance it.
Sonya
Hi
i have a fantastic RE manager in Gunnedah, she always gives me an honest opnion on the 'rentability' of a property that her co-worker selling agent suggests I buy as she is the one who manages the property and finds tenants. She doesn't wnat landlords on the phone asking why she can't find a tenant. My two properties have never been vacant and she also happily inspects properties listed for sale with other agents and lets me know how they present,what rent I would get,etc,. Gunnedah also recently featured in a RE article Can' t remember the source, as one of the good solid places for real estate investment.
Cheers
Sonya
Have you tried googling 'eco friendly concrete' and seeing what hits if any you get?
good
luckSonya
I bought a new IP(well I settle this month does that count?) and I refinanced two loans, a bit of a headache but sooo much better for cashflow. I am looking to buy again soon at least one maybe two or three properties. All of which I hope to be cashflow positive.
I plan for 2010 to be a great year
cheers
Sonya
There are some good cashflow positive properties in regional nsw, even when 100% financed
cheers
Sonya
Hi Trevor,
I have read Seve's book and I must say I must be missing something because all of my properties are cashflow positive, but i am almost at my limit of borrowing capacity because i don't have the money for more deposits, especially now that the banks want deposits of 10% or more.
Cheers
Sonya.
Jacko,
i think you would have been better to start your own post inorder to receive replies specific to your particular situation. i unfortunately do not know the answer to your question, put your own post with a suitable topic and people with knowledge in that area will be able to respond to you.
Cheers and good luck
Sonya
Have you thought about he benefits of investing in another state? I don't know when land tax kicks in in QLD, but as this is a state tax you can minimise how much , if any, land tax you pay by investing in different states. If you continue to invest in QLD you may be sacrifcing cashflow to pay land tax.
I have not visited any of my properties. I rely on doing reserch via the internet as well as speaking to a number of RE agents, not the sales agents, the property managers. They are the people who will be looking to find and keep tenants for the landlord so they are generally very honest regarding what type of property rents well as well as which areas of town rent easier than others. I also speak with the local council to find out what development applications are in the process of seeking or have obtained approval.
cheers
Sonya
Hi Phil,
can I ask where you are buying the motels and how easy or difficult was it to get finance for a puchase such as this?
Thanks
Sonya
Richard I apologise for mispelling your name, I tend to be a bit dyslexic when typing, I should proofread more carefully before posting, ( I had to correct three, make that five typos before posting this one LOL)
cheers Sonya
