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Thanks Terry. Can you expand on that and provide some suggestions that would give me protection or is there really no such thing?
Thanks Richard
I have a pretty good solicitor already so the protection thing is pretty good.
It was more the way forward for me I was hoping for feedback on so I can get back into market ASAP.
Property is my passion, unfortunately my exes wasn't but anyway.
Would be interested to see your API interview for inspiration.
Cheers
ben
Luke,
i have 2 x investment properties but both are geared to the max so cannot get any equity out of them.
As for selling them after , agents fees, and CGT i would probably have to pay money to sell them.Michael,
I have been with self employed for last 4 yrs and my annual turnover has been climbing at about 14% per yr on avg and can service all my debts no worries at all.
There is a huge shortage of people at age and experience in the west which means i have people knocking my door to come and work for them.I am also looking for a JV partner as well to complete a subdivision in QLD(approved and ready to go) which will produce about $60-70K each which i can put towards the loan as well.
Hi Terry,
Yeah i know its risky but i have to try something.
Willing to pay over the odds for interest, i can do it easily and quickly but just need to find someone who is prepared to go in.I have house boat car and all sorts of other items to use as collateral.
No they are both rented out i n QLD and we are in WA.
But if we sell averything and take the debt in to account there is only debt to split which is pretty sub-optimal.
They are heavily geared so any sale would produce nothing to write home about after cgt and agents fees etc.
Having the houses for 7 yrs and 4yrs then selling for nothing is not ideal either consiering the amount of work i put into the DA.
Hi Terry,
We had a small omount of company tax to pay which is basically all sorted but the bulk of the Debt is PAYG in my name.
We both have a house in ech of our names although its a 99%/1% split each way.
The one with the DA is in my name and i am garauntor for the other mortage which is in her name.
She is unable to re-finance and get the loan in her name so I will still have to make up the shortfall in mortgage payments until she can.
I have taken advice on the BFA from a solicitor and basically trying to get all the debt left with me but indemnified from any further claims against me down the track which seems a good way to go.
I have managed to get her to agree to work with me to re-finance oneof the properties and have accessed some of my super to try and clear all personal which will be a start.
Thanks Christian,
I have no intention of selling the block its a buy and hold investment.the info i am getting from my private planner is that i need to have at least the services and driveways installed prior to getting the seperate title.
I have all the engineering drawings approved through council so might approach them to see what can be done.
Would dare say they will want their exorbitant statuory costs before they sign it off though…
If K-Rudd and his cronies get voted back in we wont have anything to talk about and Wandoan and the Surat Basin will be ghost towns, hopefulyy sanity will prevail and he will be gone.
My basic calcs indicate that a 40% tax on profits of projects that never eventuate = 40% of nothing???
CGT for Subdivsion.
What CGT will i be up for if i subdivide my block and sell off the block off the land? (QLD)
I use to manage a maintenance company in Biloela which is about 70kms from Moura. I had extensive dealings with local council from 2004 to 2006 when we developed a major workshop for repairs of mining equipment and construction work on the back of all the expansion work that was due to occur in the Surat Basin and Moura area from 2009 to 2014.
Their is also talk of major LNG pipeline going from Moura into Gladstone as well.An asocciate of mine has a successful Tyre & Mechanical Service business thats for sale if anyone is interested in buying into that as well.
There is a small town called Banana about 20kms from Moura which is to be the major hub for road/rail transport for that region. The plan is for all the coal from sth queensland will come thru there to the Gladstone port instead of Brisbane, hence the upgrade to the Gladstone Coal port which has started, not sure about that one as i been in WA for a few yrs now, someone may have to verify for me.
As for property managers, you are better off going to First National in Biloela, they might only be 45mins away but they are pretty good. I still have a property their and have been using them for nearly 4 yrs.
PIA by Ian Somers is a good one to use as well.
It can help with evaluations and assesments of properties as well as managment functions.
You can go to his webiste and do a trial run to make sure it is what you need.
Thanks Philip,
Project management 101 is were the saying comes from, definitely my style!!I am keeping the existing property and going to sell off the back block when it is done.
Do you have the names of good builders who did work for you by any chance? I would love to get my hans on some serious cash as there is some excellent potential in Ipswich to do well.
Cheers
Ben HamiltonThere is a lot of growth ahead for Cairns and Townsville as well.
Good H&L packages – watch the Building contracts as they are pretty vague no risk for the builder whatso ever.
Innisfail is not bad either – they are still re-building after the cyclone last year.
Yes it is hot-but where isnt it hot?
Make sure you have a independent 3rd party check any prospective properties especially if you are buying from WA.BH
