Forum Replies Created
Can anyone tell me what the interest rates are on these green loans? Are they subsidised based on a mortgage interest rate or a personal loan interest rate?
Thanks
Thanks again Richard,
Could I ask you, in your opinion, are there too many grey areas in purchasing a block of units using some form of vendor finance? Have you bought in the past with your own capital and bank loans?
Thanks Richard, can you elaborate on that a bit? Based on a 1 bed unit, current value approx $135,000, renovate (and strata) for up to $35k and sell for up to $240,000.
Thanks Linar,
Paying ongoing rent while renovating the units would be part of the offer so the vendor is not out of pocket from the delayed settlement. The upfront and holding costs make the deal too costly.
Richard, if the units were sold individually would they be subject to a GST component?
Fair points, thanks for the insights. Has any one else done something like this before or am I flogging a dead horse?
Thanks Scotty,
Any idea about the depreciation of the building due to the renovations despite it been built in the 60's.
Hi Nigel,
Well done on making the move. Let us know when you setup your property management arm of the business. I’ve been struggling with my current manager, communication doesn’t seem to be his strong point!
Good luck
Tim
Thanks Richard,
Luke says that witholding tax is not payable with a W8 form but if a W8 form states I’m a non-US citizen then doesn’t this mean that witholding tax is payable as part of the tax treaty between Oz and the US?
Tim
Thanks guys, your info is invaluable.
I have been advised that my LLC would be taxed at the rate of 15% which CANNOT be used as a tax credit when bringing the money back to Oz. I can otherwise elect to pay the flat rate of 30% witholding tax instead which would be a tax credit and then bring the money back and pay tax at the rate of Marginal Rate% minus 30%.
Luke, I assume that by completing a W8 form I would be acting with the intention of NOT bringing the money back to Oz, is this correct?
Tim
Many thanks to you all, I’ve been in touch with Michael Plaks and he’ll be assisiting me with the depreciation and also annual tax returns.
Your comments and info are greatly appreciated.
Tim
Ok grossrealisation, thanks for all your comments. I can see from your user picture and comments what sort of individual you are. You’re a customer I can do without and I’ll leave it up to others to make their own minds. Just stick with your misery and good luck fighting the world.
Hi Ozi,
Thanks for the comments, I have spoken to a couple of fellow investors who’ve bought in the same area but I still haven’t been able to get a clear answer on depreciation. I made the purchase because the initial cash returns are excellent and so depreciation will really just be a bonus.
Tim
Well grossrealisation, aren’t you a real superstar. I have no relationship at all with the forum member who asked the initial question so your accusation of dodgy marketing has no foundation. If anything, my post can be seen as a simple piece of advertising however the moderator is always at liberty to remove it.
With regards to your other points, the information has been verfied by a number of sources such as Bulgarian media reports and companies investing in Bulgaria such as assetz.co.uk
The cost of living is still extremely low in comparison to neighbouring EU countries and yes, many international companies are locating in Bulgaria HP, GM, ReMAX). Inflation is currently low however that’s not to say it will not rise strongly as the property market contines to show growth.
If you have anymore comments please feel free to PM me rather than showing yourself as been stupid by making false accusations in a public forum. Your sources of information would also be appreciated to backup your disputes about the information on my site.
Tim
Bulgaria has a lot going for it at the moment such as low property prices, booming tourism and the country is expected to join the EU in 2007. I’ve put together a kit for overseas buyers, you can see it at http://www.spam.co.uk
Good luck,
Tim
On the topic of San Antonio, can anyone advise me on obtaining landlord insurance for a duplex I’ve just purchased there? I can’t find any information from a google search.
Can anyone recommend a broker or insurance company I could contact? Also, any additional information on landlord insurance in the USA would be much appreciated.
Thanks
Tim
Well done, it’s really great to start young, plant the seeds now and watch the fruit grow.
Good luck
There are a few English real estate companies setup to sell Bulgarian property and so the language should not be an issue. I’ve pruchased over there and I’m very happy with the investments. Prices are low, the Brits are flocking there in record numbers for holidays as it’s a lot cheaper than France and Spain and the country is really shaping up to its expectedaccession to the Eu next year.
Good luck
Tim
I’ve been investing n Bulgaria. Low property prices, 30%+ growth p.a over the last 3 years and the country is expected to join the EU in 2007. Due diligence is necessary though as there is always the possibility of oversupply, especially in the tourist areas with new developments coming to completion and many new landlords looking for tenants.
Good luck.
Tim
