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  • Profile photo of woodsmanwoodsman
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    March 18, 2004 - 6:35 am

    Like most residential leases (I am assuming your property is in SA), they can be broken quite easily at least from my knowledge in Victoria and the Tribunal here.

    For example, you may want to leave after 14 months. Whilst as long as you give notice, the Tribunal won’t enter a judgement against you for the remaining 10 months. Unlike a commercial lease which can be different.

    If I was negotiating buying it, specifically on the rental, I would want some guarantee, that you would be staying for 2 years and if not, there would be some compensation offered. A defacto rental guarantee if you like.

    Just a thought..

    James

    Profile photo of woodsmanwoodsman
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    March 18, 2004 - 6:26 am

    I am not aware of any specific time requirements.

    However, I would suggest to prove that you lived there, then things like phone bill, electricity/gas bill would have been established under your name for that property address. (Electoral roll too)

    James

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    March 18, 2004 - 3:19 am

    You can always rent, Russ.

    James

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    March 18, 2004 - 3:05 am

    I found Pepe, I am a very happy man!! (small things for small minds)

    Pepe aka James

    Profile photo of woodsmanwoodsman
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    March 17, 2004 - 6:53 am

    Redlilia,

    Longer-term, I think you are positioned really well. Not as much up-side compard to say Robina a few years ago… But town centre hasn’t come on-line yet. and other infrastructure is slowly coming on..close to Hope Island as well.

    Of course I have bought in Coomera (so maybe I am biased!)

    Probably not as well planned / developed as say Pacific Pines or Robina because there is sucha rush for land and development.

    James

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    March 17, 2004 - 6:36 am

    Yack,

    I would think your formula would also need to have a measure for size….

    Sqm (for unit/flat/apartment) or land size (for house and internal sqm)

    One property with the same house (sqm) might rent for the same amount, but if one has 50% greater land size, it would be worth more. (That wouldn’t be reflected in the rent though)

    James

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    March 17, 2004 - 6:13 am

    I can’t believe there is no Pepe Le Peu![glum2]

    James

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    March 17, 2004 - 6:07 am

    I have recently received a similar promotionin the mail by Hans Jakobi.

    I skim read it and I am pretty sure it said money back guarantee at the end (with a whole lot of ‘free’ gifts thrown in as well)

    James

    Profile photo of woodsmanwoodsman
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    March 17, 2004 - 6:04 am

    Agree with the previous sentiments. I also wanted to use this new smiley too.

    [jerry]

    (change the name to Yacky in this instance!)

    James

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    March 17, 2004 - 4:17 am

    Thanks SIS

    James

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    March 17, 2004 - 3:11 am

    Does that mean 107.02% of people who own property own an IP?

    James[wink]

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    March 17, 2004 - 3:07 am

    Archizen,

    I like that advice Mel.

    If a friend or family member doesn’t feel comfortable to do this, maybe a buyers advocate may be able to achieve the same result. Assigning would not be in play in that situation, however, you could purchase through a trust or other legal entity.

    James

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    March 17, 2004 - 3:00 am

    When a credit check is done…does the bank actually see your entire credit history or do they just get a confirmation that no default or judgements have been made against you??

    James

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    March 17, 2004 - 2:55 am

    Mel,

    You are indeed correct. The brain was thinking one thing and the fingers were typing something else. Should be 66 months.

    I wish I could have used the excuse of it being late when I wrote it…Doh!

    James

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    March 17, 2004 - 1:25 am

    Tridean,
    I suspect that he and his clients have probably made a lot of money over the past few years this way. Usually we advise and recommend the things we know well or that have worked well for us personally. Whether it is right thing for you today, don’t know.

    As the others have said, keep asking more questions, get a better idea of where he is coming from and make up your own mind if that is right for you.

    James

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    March 17, 2004 - 1:11 am

    Once you get a judgement of a debt against someone in the tribunal, don’t you then need to go to the Magistrates Court and get a judgement against her in court before that happens.

    James

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    March 17, 2004 - 1:09 am

    Q.Why would you refinance when you have paid the first 5 years in interest. For instance $1000 per month * 60 = $60,000.

    1. Maybe valuation on your IP is higher through another FI (beacuse of the valuer)
    2. More competitive rates
    3. Leverage deals through consolidation of laons with specific financiers

    James

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    March 17, 2004 - 1:00 am

    Yack,
    To get her details on this tenancy database, do you need to do this, or does this happen automatically after the tribunal judgement.

    I wonder whether many agents currently use this or indeed have access to these types of databases.

    James

    Profile photo of woodsmanwoodsman
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    March 17, 2004 - 12:49 am

    Intersting to note (have seen this stat elsewhere), that the vast majority of property investors own only 1 IP.

    Not really an retirement/lifestlye changing nest egg though.

    James

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    March 16, 2004 - 11:44 pm

    Tridean34,

    The actual tax you pay (for an individual) is the same.

    If you make any profit on your IP, you will add that to your assessable income and pay the going PAYG tax rates.

    When you sell your IP (and assuming capital gain), this will also added to your assesable income and then pay the PAYG tax rates on the combined income.

    The only difference being that you only pay CGT when you sell. If you make a positive income from your rental, then you pay each year.

    James

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