Forum Replies Created
Thankyou very much!!
I have looked at the web sites, i will start making the fone calls tomorrow
cheers,
Jason [^]
Hello,
I heard the word “Quantity Surveyor” tossed up every now and again, and didnt really take much notice, but after the recent discussion on this post i would like more info please.
1) Is it a standard thing to back date tax deductions
4 years if they find that u still had stuff to claim?2) I didnt actually realise that they personally inspect the property. how long does the inspection take, what info will they need to know on the properties background before doing the inspection
3) if they charge between $300 and $1000 dollars per property, whats the price difference pay for? what do u get at the end of the inspection?
4) is the cost a tax deduction?
5) my accountant always claims some sort of deduction on the property i have for depreciation, will the QS do a better job at finding every cent that i can claim?
6) My portfolio has 5 properties, 3 houses, a villa and a unit, ranging in purchase price from $144k to $52 k 2 are in sydney, 1 in dubbo, 1 in bathurst, 1 in cowra. will it be hard, or cost more to get a QS the the reigonal parts of NSW? all properties are over 20 yrs old… some are renovated, some have been freshened up by myself… would the services of a QS still be worth my while?
Anyone recomend a QS that they are happy with???
Thanx for your help. all info apreciated
Jason [
]Hey Shushar…
2002??? geeze how time flies, it seems like i just picked it up a few months ago…
The info would be relevant, and perhaps more so as the years stack on, because you could compare info from “then” with up to date info… and see if the place is growing or shrinking…
cya
Jason [^]
Thanx Steve and Judi,
If Bunnings had reward points for purchases, i would be flying around the world every few months… im always there,..
thanx again!!
Jason
Perhaps u may still need the income from your job to finance new property(s), im guessing a house in need of a good reno would be vacant, or either way u would want it vacant to do the reno??? (ie no income)
If it was me, i would buy up as much as i can, while you can (while still in current job), perhaps with tennant in place, hold for 7 or 8 months till you want to do the reno, that way u get some income, then when it comes time to sell u would have held it for 12 month and I THINK u then get a 50% discount on the CGT u pay…
if you buy 1 property every 2 months, then by the time u hav 4 its around the rite time to start the reno on number 1 that u bought…. you can also decide if this is the right time to quit your job..
This all depends on your financial situation at the moment, your goals, and where you intend to buy etc etc etc there is no 100% correct answer. there may be another way to structure your finances to pay minimal CGT but…
hope it works out,
Jason [
]ps, in 2 weeks im off to dubbo for a week or two to do the same thing.. cant wait to see the “before” and “after” shots… [^]
Hey Larelle
From what i know, this MAY be your answer…
It will be your PPOR if you move into it, obviously you will need to change a few official documents to verify this ie electoral roll registration, banks, RTA, etc etc
As to how long u actually need to be “living” there for, i think there is no actual minimum mentioned in the tax info booklets, but this may be verified by someone else.
Are you asking for CGT reasons??? if so, im also thinking that u need to pay CGT on the 2 years it was an investment property should you sell, and the percentage of CGT reduces as you live in it for longer, but there are so many rules, that u need to get the info in your hand in a booklet form or from the net so u can actually see this info first hand…
Hope my info was correct, but im no accountant…
Jason
It sounds like they are asking for a “holding Deposit”. but it may only need to be .25% of the purchase price. So if they are asking for $500 then im assuming the value of the purchase would be around the $200 k mark???
Just thinking out aloud…
Jason
Nat R,
Im just curious as to the many inaccuraices i have mentioned? my comments were based on my own experiences, i also did my fair share of “navigating” trust me on that! im 24 and have 6 purchases and 1 sale under my belt thus far.
You are right about brokers however, i wish i knew about the services they offered when i was first starting out. but as i mentioned my comments were targeted to banks and the non bank lenders out there, and the fact that so many people making alot of money still have to navigate to get a loan at times.
I still think it is an unfair system, sure a business is registered, and they have means of getting loans using their ABN, but 3 times i was asked what was my main source of income, by certain lenders, and i said property investing. then i was told, without an ABN i could not borrow with them as this was their rules. And i still STRONGLY feel that a person working in a good job but as a casual or temp/part time should not have to register themselves as a business to satisfy a loan requirement.
“As for your comments regarding the lender not wanting to see the lease agreements …that is pretty typical..they assume any house can be let quickly if the price is right. If it empty when you apply they can still estimate what a fair market rent would be. “
This was an interesting comment, i never knew of a lender to speculate (if i understood what you said) on the possible income of a vacant property and then use it as literal income on a loan application?? (any brokers out there please step in to verify if this is common practice??) this just highlights what i was saying about some of the contradicting requirements of getting a loan.
NOTHING in this life is certain, only that if your born then eventually you will die. Anything in between is luck, circumstance, etc etc etc. Why i say this? because a bank or lender usually wants proof of working in a “permanent full time job” over the term of the loan. thats all good and well, but whats the definition of being employed permanently and full time? Are you imune from getting sacked? is the company imune from going broke? Are you then protected from having a very bad accident and god forbid not being able to work ever again?? all these things could happen in an instant, therefore a lenders emphasis (in my opinion) should be based on a persons ability to produce income, not how long or how often they work at the same place over how many years! work climates change, if you dont want to sink, you adapt to the change.
Sorry to sound morbid, my intentions were not to bank bash, but to highlight some of the issues i and many people i know have faced when applying for a loan.
I also dont want this to turn this into a verbal slanging match, i look fwd to peoples comments, good or bad, just dont let it get nasty and at gutter level. i mention this because all of you have seen what an innocent question can turn to in other posts! (MortgageHunter, where were you when i needed you!, and what bank looks at casual pay, just curious!)
Thankyou and good night, i mean morning!
Jason [
]Redwing:
Try http://www.whereis.com.au its pretty good at giving directions. And its also got maps
Jason [^]
Thanx Guys / Gals…
Glad i could help
Stingray…
Don’t forget the “town” (city actually) of Dubbo has around 38,000 people living there.
Were the places spread out or in a local area?
Jason
Postie,
The strata co’ should get a building valuation done, im not sure how often but it may be every 2 years, then you just find out over the phone or in person what the insurance figure is and decide for yourself.
Be wary on contents insurance for older properties, i was about to go ahead with contents as part of an insurance package with comm’ insure, and at the last minute was told that contents is depreciated in value over 7 or 10 years i think, and as my property has had the same carpet, window blinds, light fittings etc etc for well over 7 years i would hav got zip as the value would hav depreciated it to next to nothing!
then again that phone call was done well over a year ago, but i think thats how the conversation went…
Jason [
]Hey Henry,
I hav been sorcing properties in the central west by firstly researching on the internet, using all the common real estate web sites. I try to find a sound property that pays for itself and leaves me some cash left over each week. (also good location, building type, land, outlook, capital Gains Potential etc)
Then i decide on the locations i hav found the properties in, and research the locations, again on the internet. find as much as you can, the good and the bad! ask your friends and co workers about the areas, its amazing how many “friends of friends” come out of the wood work that can giv first hand info about the places you are looking at.
Then start making phone calls, and you will soon learn that most pos’ cashflow IP’s are snapped up days (if not hours) after being posted on the real estate web sites…
So u hav to then take the bull by the horns and drive out to the places personally, spend a day or 3 there, walk the streets armed with your clip board and record the trends of sales, rentals and whats on offer at the moment…
You will soon realise that many IP’s you would be interested in buying will never end up advertised online, as was the case with the Dubbo property (which was bought of a smaller independant RE agent)
This has worked for me thus far, at the same time i hav seen a ton of regional NSW, and must hav clocked up over 30,000 km in 2003…
Hope this has helped, Happy house hunting!
Jason [
]Thanx Tools,
Ill take a look and off load the junk to em,
Thanx for the welcome back Kay
Jason [
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