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Viewing 14 posts - 1 through 14 (of 14 total)
  • Profile photo of SuzeSuze
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    @suze
    Join Date: 2004
    Post Count: 18
    March 30, 2004 - 6:53 am

    Thanks for all your advice.
    I am going to get some reading material on the Company/ trust issue and study up.
    Yes, I’m seriously considering another accountant!
    Although it’s hard when he’s friend!!
    Cheers

    Suze

    Profile photo of SuzeSuze
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    @suze
    Join Date: 2004
    Post Count: 18
    March 29, 2004 - 8:31 pm

    Lifexperience
    “Anyone know any good techniques to find and set up good private deals in country areas”

    That’s the secret we all want to know[strum]

    Suze

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    @suze
    Join Date: 2004
    Post Count: 18
    March 29, 2004 - 8:25 pm

    Hi Lifexperience
    My acc. recommended that as I am a sole trader,I need to set up a trust for the PPOR and a company for the IPs. He said that you have to decide weather to do investment properties or developments. If you want to do both he suggests you form another company so that the Ips don’t get “tainted” by the developments, therefore attracting tax and GST. You do not have to pay tax on IPs here ( only if you are deemed by the IRD to be trading, ie selling within 3 yrs) but you do on the developments.
    I am totally confused now, and obviously don’t know didly squat about tax and the best way to go.
    A friend of mine says “don’t tell your acc. everything. They’re paid to keep you out of jail!”[guilty]

    Suze

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    @suze
    Join Date: 2004
    Post Count: 18
    March 25, 2004 - 8:08 pm

    Hi all
    Why don’t we all meet at the property and conduct our own auction? No agents fees, no marketing. Who’s bring the wine?

    Suze

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    @suze
    Join Date: 2004
    Post Count: 18
    March 24, 2004 - 8:46 pm

    Hi lifexperience
    I’m new at this too, but my understanding is that it is better to have all IP’s in the company name.Later you can transfer 1 at a time into a trust.
    If IP’s are in the company, you are paying the company tax rate and also if something goes wrong the bank can’t take your PPOR.
    I am seeing my accountant next wk to get a structure in place so I’m not going to get hit with huge tax bills down the track.
    cheers

    Suze

    Profile photo of SuzeSuze
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    @suze
    Join Date: 2004
    Post Count: 18
    March 20, 2004 - 9:19 pm

    Hi Yack
    I’m deciding on which kitchen company to go with for a do up in Kerikeri, NZ. I have 3 quotes, 1 is $1000.00 less than the other 2. Big decision. Go with cheap or quality for an extra $1000.00?Also have to decide whether or not to put in an ensuite.
    Looking through the papers, but will have to wait untill the do up is sold b/4 any more properties.
    [hmmm]

    Suze

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    @suze
    Join Date: 2004
    Post Count: 18
    March 14, 2004 - 5:51 am

    Your cheque should be made out to the vendors solictors trust account. He holds the cheque until the offer is accepted or goes unconditional.
    That’s what I do, then there is no arguments if it falls over.

    Suze

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    @suze
    Join Date: 2004
    Post Count: 18
    March 13, 2004 - 7:04 am

    Thanks for you thoughts.I personally don’t like the wrap thing, BUT I can see where it could be useful.
    I didn’t know that ESC had had bad publicity.Have’nt been in this game very long. Good to know though,I don’t feel so bad about the scalding!!

    Suze

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    @suze
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    March 11, 2004 - 8:18 pm

    I wanted to go , but it is booked out! AND I was coming from NZ.

    Suze

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    @suze
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    March 10, 2004 - 7:25 pm

    Beer
    Sounds like a good investment to me. I think you have allowed too much for maintenance in you cals though, especially as it is a brick building. Usually allow 5% of rent per yr.which would be $450. Also if you did up the units you may be able to increase the rent.
    Cheers

    Suze

    Profile photo of SuzeSuze
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    @suze
    Join Date: 2004
    Post Count: 18
    March 9, 2004 - 7:01 am

    Thanks for your help.
    I’m aware of these seminas that call you constantly for you to sign up. I just thought it may give a couple of tips. Received the semina details today, and there is no mention of ‘Ron Le Grande” only “A legend in real estate, Dr.Albert lowery, New York Times best selling author of “How You Can Become Financially Independant by Investing in Real Estate”????
    Anyway I’ll let you know what is all about.[:o)]

    Cheers

    Suze

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    @suze
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    Post Count: 18
    March 8, 2004 - 7:17 pm

    For info on nz, go to [email protected]. I find this site useful to get current population and employment prospects. Especially helpful if buying in out of the main stream areas.
    Good luck

    Suze

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    @suze
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    Post Count: 18
    March 3, 2004 - 7:07 pm

    i am in the same situation except I own one! I bought it June 2002 from an ad that said they would be ready in sept 2003, only to find out that they won’t be ready until Dec 2005! Mine is a studio apt in the old Northern Roller mill building in Emily Place. They are using the facarde & building 60 apts all with a carpark.I have paid 20% deposit @6.1% on 30,000.I threatened them with “Fair Go” & now they are paying me the interest on my deposit!!
    I do think there will be a market for rental acc like this, & there always other ways of renting i.e. short term rent say for someone who only wants a place for a couple of nights where you can charge $100.00 per night.
    I do have it on the market though at $50,000 morf than I paid.
    If your apt is in a good location, & well built, I still think apts ae good rentals.Good luck

    Suzanne Kidd

    Profile photo of SuzeSuze
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    @suze
    Join Date: 2004
    Post Count: 18
    March 1, 2004 - 8:37 pm

    Thanks everyone. Great advise. Yes I bought it in dec 2003 as a private sale, so the price would have been 640,000 to offset agents fees and he would have got it too as there was a lot of interest.
    I think I will keep it as I only have to pay 350.00 per month to top up the mortgage, and then i can use it as equity in another positive cash flow property.

    Cheers
    Suze in NZ[:)]

    Suzanne Kidd

Viewing 14 posts - 1 through 14 (of 14 total)