Forum Replies Created
Thanks for all the feedback guys. Much appreciated!! Cheers
TuggerG’day Terry,
Thats what I thought originally but then I heard from a friend that he thought it could possibly be added to the value of the house and depreciated over the 40 years… I really have no idea and the few people I have spoken to aren’t quite sure either. Hoping someone with a tax background can give me the right answer. Cheers
tugger
Thanks Steve… I have had a crack at Excel again and seem to be making progress. And thats thanks to google searching all the different tricks. Thanks for your help. Cheers
tugger
G'day Scott…
Yeah it was 10 years from the signing of the subdivision date, which took place in 2007…which means we would have to wait 6 years which would be fine as long as council requirements didn't alter too much. My wife's sister is a lawyer and she is going to go through it tomorrow but i'm sure the developer is more financially secure and willing to take things further to benefit themselves. I would have almost considered a fee of around $5000, but the fact it was close to $18,000 just makes it so wrong.tugger
Yeah good point about the townhouse… I consider this a townhouse as it is stand alone, has a small yard, and has 3 bedrooms and 2 bathrooms.. they are only roughly 105sqm but are not double storey…i don 't think… There are 3 steps up from the bottom level to the upper level… The more I think about this the more it annoys me and makes me think its all wrong. Appreciate everyones comments and ideas. Cheers
tugger
Yeah that was my feeling too…no pay, no build. We asked the developer about the other multiple dwellings and one was his, the other his engineers, two of the others are his mates. He said they didn't pay because of a prior arrangement he had with them… Which sounds pathetic too…. Not sure if I can pull out any winners here at this stage
Thanks for your help… Got my hands on the covenant and this is how it goes roughly;
''Not within 10 years of the date of the acceptance of this plan should any units/flats be built on the said Lot otherwise than in accordance with plans and specifications to be submitted to and approved by xxxxxx investments company before the erection of any such building is commenced''.
Now my understanding of this is that they can agree or disagree to us building, but there is nowhere where it says anything about financial compensation to them. Any thoughts? Cheers
tugger
Good onya crest…
If i'm planning on taking over in the first week of April what sort of time frame should I give myself to write this letter to the property managers. They are being real assholes at the moment so i'm worried about even getting the most basic of information off them.
I'm going to call some tradies in the next couple of weeks to try and get them on board for maintenance problems that may arise.
Thanks again for your help crest… i'm sure it will all be good once we get our teeth into it. Cheers
Chris
Rachelthelegend…. you are a legend.
Thanks for that great information. I was a bit worried about disturbing the tenants when taking over but if they just continue on the same contract they signed with the property manager than that suits me down to the ground.
I will be returning to Tas on the 2nd of April and would like to take control of them on the 6th of April. When would you recommend sending this letter off to the property managers? They are currently chasing up insurance claims by us on one of the properties so I dont want them to just drop that cold, rather they finish what they started.
Thanks again for your help and if you have any more advice its always welcome. Cheers
tugger
I will be living in Tas where all 3 properties are. The furthest from me will be about 20km. All are tenanted, with rents at $250, $380 and $395. The current tenants are all quite good so that makes me feel a bit more comfortable. One of the house was built in the late 70's so there are a few maintenance issues with that but the other 2 I have had for over 2 years and have only had to have the gardens done between tenants.
Thanks for your replies….. I'm moving back to Tas in April and will be on 12 months half pay so I think I will take control of my properties. Couldnt do any worse than the agent we have at the moment. Thanks again.
tugger
Thanks Terry….I learn something every day. Cheers
tuggerG'day crj…
Thanks for that. I just assumed that because it had not provided any financial benefits for her that perhaps she would avoid cgt or there may be som exemptions. Wrong…..thanks again anyway. Cheers
Chris
G'day Nathan…
Cant help you with the second question, but yes any money withdrawn and then used for investment purposes will be tax deductible on your intial investment loan.
Cheers
tugger
thanks for that info Domain…. yeah we are putting in our own ads and getting most of the tenants for our property manager, as website based advertisement doesnt cast the net far enough sometimes.
Thanks again. Cheerstugger
yeah well 8% is the discount…normally 9% but yeah might try and negotiate again…
thanks for all that info… will try and get on to it as soon as possible…do you know where I can access generic contract documents?sorry tuffet you are wrong on the FHOG initiative… if you have no intention of living in the house and your sole intention is to make it an investment, then you dont forfeit your option to receive the FHOG down the track. My wife and I have bough 3 IP's over the last 2 years and this year we are building our PPOR and receiving the FHOG next week…. its all about your intentions when purchasing
yeah suchy we have our other three IP's fixed IO loans for 3 years so that is all secure and stable, while our PPOR is variable on $280k… I suppose the great unknown is where will interest rates be when we come off the 3 year fixed….mind you by than I would hope our properties will be positive with rental increases and tax implications….
yeah I had thought of that before but my property manager didnt like the idea… I suppose as my property manager she is working for me and should have my interests at heart.. and I'm sure the tenants wouldn't really mind if it saved them a weeks rent.
just hoping my insurance would cover the damage…who would be required to pay the costs of having it removed if it fell in our yard?
thanks for your comments
