Hi Cathy

If you ring the Dept of Fair Trading in the state your property is in, they should put you in touch with the section that handles strata title matters. They will be able to advise you.

Wake

I think Jill means it is land only as she has referred to a “section” so there is no rental income.

Wake

BE FLEXIBLE, AND OPEN TO NEW IDEAS

The investing strategy you started with may not always remain appropriate. Be prepared to change if your circumstances require it ie change in market conditions, change of personal or financial circumstances etc

Remember there are numerous variations to investing eg res/comm/indust; +ve/-ve cashflow; renos; buy…[Read more]

Hi Mikala

We sacked our last accountant for the same reason – even after I told him about the ATO decision, he didn’t check it out and said “they might change their mind further down the track”. As we are about to embark on building house No. 3 we had a lot to miss out on!!
Wake

This topic has been the subject of an ATO decision several years ago. Our acountant, Mark Williams, has also confirmed that it is correct, including for IPs under construction. Some conditions need to be met, such as the building being constructed within a reasonable time of purchasing the land.

Wake

Hi

We also have a property in Armidale. The tenants have been there 18 months and are consistently a little behind with rent. PM has been to tribunal and they pay up but then slowly get behind. Otherwise keeping the house in good condition, so we have left them there. I spoke to PM last week about turfing them (as I do periodically), and he…[Read more]

Hi

The cracks could be caused by a number of problems – could be brick growth, could be foundation movement etc. It needs to be inspected by the relevant professional ie builder or engineer, to be able to determine the cost of repairs. If you submit your offer, it should be subject to inspections, which is a normal condition, but might want to…[Read more]

Hi Lynette

I know there is a feasability program available from http://www.devfeas.com.au. Don’t know if it is the same program Rich is using, but you can download a trial. They have to email you a username & password but its free. Have looked at it, but not used it to properly analyse a deal, so can’t comment on its usefullness compared to any other…[Read more]

Did you get the company title info in writing? Perhaps they made a mistake and meant strata title. To my knowledge, no company titles have been registered for many years. Strata is what is normally required if the land is too small for torrens title.

Wake

Hi Keiran

After I sent the post I realised it was ambiguous!If your strata plan was registered anytime after 1973, then it is likely that your problem should be referred to the owners corporation. In most cases, the exterior wall of the unit and the balcony slab and wall are common property. The easiest way to confirm this is to ask your strata…[Read more]

Sorry – I meant state as in NSW, QLD?

Wake

Hi Keiran

What state is the unit in?

wake

Hi Komari

Jules1 is correct. Residex won’t tell you where to invest. Their reports are based solely on statistics, ie historical data, so they don’t/can’t take into consideration things such as proposed new infrastructure, or the potential loss of income for an area etc etc, but we have found their reports to be quite useful in conjunction with…[Read more]

Hi MJ

Terry is right. There have been previous posts about claiming interest and rates on vacant land until building is complete (within a reasonable time frame) and the answer is that you can claim these costs if the property is to be an IP. See ATO interpretive decision 2001/479 and other related matters.

This does not apply if you are buiding…[Read more]

Hi Trophy

Quite a few years ago we had the same situation in NSW. Friends asked us to help them sell a block of land. I was concerned about working outside the boundaries of my license, which is in real estate, but NOT sales, but I was advised that if it is one off transaction, for a friend, there is no problem. I can’t remember where I got the…[Read more]

Hi Jackal

I have sent you a private message.

Regards
Wake

Hi Khalida

Not sure exactly what aspects of legislation you are referring to, but you will need a QLD solicitor because the contract and purchase process IS different to NSW eg shorter standard contract period, and you must sign contract to submit your offer (offer in writing). NSW solicitor can’t handle the purchase for you. Hope this helps a…[Read more]

Hi Jenny1

Might depend on what state the duplex is in. In NSW if the property is strata titled then an owners corporation (body corporate) is not optional. However, there may have been a by-law registered that gives each owner the responsibility for their own property and grounds etc. If so, this would specify the situation with the roof, common…[Read more]

I also went to the Sydney seminar and found it very interesting. Not for the faint hearted or nervous types, but sounds viable, especially if you have the equity to buy outright. For us its worth further investigation.

Wake

Hi Shackles

I have not actually settled on a purchase through a buyers agent, but did enter an agreement and signed a contract but the vendor pulled out after we signed (no reflection on the buyers agent). I believe that if you are time poor, and they can source deals that suit your criteria and are finacially viable for you after their costs,…[Read more]