Forum Replies Created
Thank you Terry and crj for the feedback, much appreciated!
Ok, I need to learn more about trusts, entities and GST then meet with a good accountant…are there any good books I could read to familiarise myself with before I meet with an accountant?….or maybe other sources of info that will help
My ultimate goal is to own a property portfolio completely debt free, using developing as the tool to speed up the process and pay off the debt.
all comments are welcomed
Thanks Terry…interesting I get to choose…nice!
That being the case I think I would be far better off paying CGT vs developer tax rate of 30% plus the GST
As an investor first and foremost buying IPs for the long term I also buy large lots with old houses on then then do the demolition, subdivision, build new houses, etc. I'm considering selling a few IPs each year i.e 4 maybe 6 is this operating in a professional businesslike manner as far as the ATO is concerned?
Not sure…as long as I don't register for GST…or will the ATO slap me on the wrist and make me sign up for GST???
any comments are welcomed please do…
Tremelo,
Q1 Try this link, click on snapshots
http://www.homepriceguide.com.au/Q2 Make contact with several REagencies in the particular area you are interested in, ask:
How many properties they have on their books in the area.
and then ask,
How many of them are vacant at the moment.If they have let's say 100 properties in the area on their books and 3 properties that are vacant, then you have found a vacancy rate of 3%.
Thanks Terryw,
Hey do you know if Michael is a property investor?JimmyJ wrote:Does anyone know if this is the actual sale price?
Yes, I can confirm the price displayed is accurate I noticed a property I purchased in this section.
Interestingly (to me anyway) I noticed the property was only displayed on the month of settlement and not the month when the contract became a binding contract. My point is that some of these displayed prices may be a few months old from the date the contract became binding due to extended settlement periods (as with my case).
Funny thing was when I initially seen my property on the website, at first i didn't realise why it was there. For a split second I thought I was a victim of some type of mortgage thief, that someone was displaying my house for sale or something…lol
doogs1357 wrote:So if I'm making an annual reportable income from the profit from these projects will the bank take this income into account when assessing me for a loan?
I think you need a track record of 2years to be recognized for Traditional fundingThat's interesting…could you do some work experience with a conveyance firm?
Have a look on realestate.com.au
Check rentals in your suburb look at similar properties to your, this will give you an idea of what the rental income is for the area. – then you will know approximately what to expect from a REagency rental appraisal.I use this method to monitor any rental movement in the suburbs I've invested in.
What type of default explanations are best used when applying for property finance?
What works…what doesn't?
The defaults on my credit file where all paid in full about a year ago.
3 defaults
1. Bank credit card for about $1500
2.Telecommunications for just over $1000
3. One of those furniture store finance programs "Buy Now Pay Nothing For 12mths" for about $4000 – "come in sucker program".The problem with my recent ANZ application was when it was submitted no explanations were given for the defaults. – main reason for the declined decision I suppose.
But…..
Since these defaults I was granted finance again for another IP from CBA…..which I find partially confusing???
How do I have defaults removed?
Any more thoughts and suggestion?…..please do.
Interesting!!!…thanks to all
Expat – I'm an Aussie citizen living and working overseas.
$100K + genuine savings should suffice.
95%LVR is great!!!….but experts say I can't obtain LMI because of defaults on my credit file. – 80%LVR is my maximum
Are there many institutions that will do 80%LVR for vacant land?
Great advise bfantastic thanks
As an Expat it's a little harder to obtain finance that's why I'm considering the 4 major banks.
At htis stage I'm just contemplating ideas, if I'm able to buy land-only at a 80%LVR I can afford a block of land at let's say $200K. Put down the $40K deposit plus costs then hold the property while saving funds for construction at a later date.
Would this work?cheers mate
Does anyone know what the maximum land only LVR from one of the four major banks is?
I tried searching on their websites but no luck there.
Yeah great 80%LVR, I am interested to know which banks do this?
Hi Winner_1
Sorry to hear about your misfortune, I'm also planning to build a house for the first time. I don't want to fall into any traps and I would like to avoid as many problems as possible.
Can you please give some advise on what to watch out for when building?
With your situation if you had your time again what would you do differently to avoid problem(s)?
Well hope you manage to recover your losses
Best regards ToWhomItMayInterest
As an Expat (non-resident) negative gearing, the annual deficit has nothing to offset so simply accumulates each year to be used in the future…"tax credits".
You will need to find a 'specialised' taxation accountant, it took me 3 attempts.
2 of the accountants I meet with were unfamiliar with "tax credits", the other accountant was familiar but quoted $3000 for a tax assessment, plus "5% administration, overheads and telecommunication charges"…???…that taxation specialist was too 'specialised' for my budget.Try this website
It's a taxation service that specialises in Expats, they maybe able to help with your situation or may point you in the right direction.
I'm interseted to hear what happens, if it is possible for your situation.
Best regards ToWhomItMayInterest
Thanks heaps for the contact Linar.
This week currently organising to have a property valuation done, I gave the PM the heads up to schedule access for the valuer. Now several days have past and the valuer has been trying to contact the PM leaving messages with no response…???…what the hell???
lol…this is amusing that I have to ask several time to get any single requests done…it's not a big problem just a tad annoying.
whether it's rental statements or access for professionals, etc I have to ask several times. I would do it myself but I am on the other side of the world so catch 22.
Yeah World Changer, I agree how can PMs possibly manage 150+ properties.
ToWhomItMayInterest
SC2007 wrote:How can i find out vacancy rate in a particular area.Any advise?
Make contact with several REagencies in the particular area you are interested in, ask:
How many properties they have on their books in the area.
and then ask,
How many of them are vacant at the moment.If they have let's say 100 properties in the area on their books and 3 properties that are vacant, then you have found a vacancy rate of 3%.
Hi Duckster,
Thanks heaps for the link!
I have looked at a few of these FCA and they all seem expensive. – might go for a offshore account, I need to do some more research.
The main reason I need this FCA is to hold my salary GBP, then exchange to Aussie dollar when there is a good xe-rate, instead of whatever the bank is offering at the time. – that being when my monthly pay going into my Oz account.
Lets say I earn 100,000 GBP and the average xe-rate for the year is 2.1.
I will get $210,000 Oz dollars.But I have seen the xe-rate alot higher at 2.4+
At this xe-rate I would get $240,000 Oz dollars.So that's a difference of 30K over a year, that's alot of money!
I am hoping there are some ppls on this forum that have some experience with maximizing xe-rates
or knows of some type of method of taking advantage of xe-rates.Best regards ToWhomItMayInterest
Hi Linar,
Yeah, I would definitely like to make contact with your friend's PM. – that would be great!
The current PM that I am using is by default because the original PM I decided to use is no longer employed by the REagency.
Thanks to all,
best regards ToWhomItMayInterest
yeah I thought so just wasn't sure if it was me being a whiner
thanks, I will try the letter approach.
Does anyone have a PM that they would recommend for the suburbs north of Adelaide CBD?
