Forum Replies Created
I would be interested to see the fall-out if they can’t get out of their contracts. Not sure it will quite as dramatic as you put it qwerty (that name is easy to type!!).
James
Thank you both for your contribution.
Verity, a follow-up question if I can. I have access to APM….and for the postcode, property type etc, it gives you a low, median and high price.
Not looking to revalue my place at anything above what it is worth, just wanting to maximise it. Does the bank look at these figures and say, yes it falls within the range and therefore OK. Or is there something a bit more scientific. The valuation I placed on it (when applying for the loan) was accepted on the internet valuation.
I will be doing this early next year again. This would be done primarily to increase LOC, so debt facility would only be to 80%LVR.
Thanks again.
James
Leighk,
A QS will usually ask questions about the premises you are looking at having the work done for and will give you some guide.Many will give guarantees that the claimable depreciation is more than the cost. Of course it will need to be, because the despite being a deduction, you only get say if you are on the top tax rate, effectively 51.5% of the cost back from what you paid.
In saying that, all real life examples I have seen, clearly show a net benefit in doing getting a tax depreciation schedule done (These were for properties that were 30 years old).
James
Esier said than done. Do a search on valuations on this fourm – there are many opinions/suggestions in this area.
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=5376&SearchTerms=valuations
James
Close to exhausting my finances to absorb another negative geared propoerty, so I am carefully looking at property in population growth centres. With the desire to be at least neutrally/positively geared with exapanding infrastructure, industry.
Not easy though.
James
Everdine,
How much are you talking about. $10 per week? More?Sometimes, a slightly below market rental is the best incentive for the existing tenants to remain.
If you assume two weeks vacany when tenants move out, the increase (if it pushes them to move), is eaten up well and truly.
I would be more inclined to pressure an agent to ensure 100% occupancy ie getting the right tenants.
James
RD,
Search the Internet property sites.
http://www.property.com.au
http://www.domain.com.au
http://www.realestate.com.auUnderstand the market (its pulse), talk to real estate agents
Understand what you can afford to spend, see a mortgage broker.
Understand the best investment structure for you eg individual or trust etc, see an accountant
Keep Saturday’s and Sunday’s open to hit the road and see first hand the properties you may purchase. See a motor mechanic – service the car
Talk to other people who are investing eg this site is a good start. Upgrade your internet package (you will use it)
Unfortunately there are no easy answers. Just more work (enjoyable though and rewarding).
Good luck
James
wayneL,
I’ll see your ‘unacceptably high proportion of government spending I consider to be electoral bribery’ and raise you, ‘all government spending for what ever reason has a political driver’ behind it.
Thats’s why goevrnents find it hard to give back benefits without some corresponding quid pro quo.
James
I am assuming you are paying PAYG tax through your employer.
The ‘loss’ on your IP allows you to claim a reduction in your assesable income. Through your accountant or yourself individually you can vary the income tax that you pay per pay period through a claim with the ATO.
Instead of claiming it back at the end of the year, the reduction in tax per pay period will cover (depending on your current salary) most of the additional payments you would require to cover.
James
Check out http://www.propertytalk.co.nz as well.
James
Maybe a business opportunity Shushar!!
James
Do a search on this site under trusts and also http://www.somersoft.com.au also has good information as well.
‘Trust Magic’ is an excellent resource ($99). I have recently purchased it and suits someone just in the process of commencing their trust knowledge. Can only be bought directly through Gatherum Goss & Associates (their accountants in Melbourne).
James
Anne,
Agree wholehartedly with MortgageHunter. That still allows you access to your funds if you need them for an emergency or indeed another IP purchase (if an opportunity presents itself)
James
Danw,
Comparable sales, for similar properties to yours. Try to get addresses and actual price. (Digital photos if possible)
Look at current sales in your area and go through OFI, take some photos and record either auction result or PS.
Try and make those references which are higher than yours. eg if your PPOR is worth ~ $500k, try and get properties which have sold for $510-540k plus.
This should be a start.
James
If you are owed money, then there is no issue. Happened to me two years ago.
They only get peaved when you owe money.
You can simply get an old tax return (cross out the year on top of the page with the correct year) and submit.
James
How long are they valid for usually?? Thanks MH
James
PurpleKiss,
Are these CF+?James
I am assuming (given car park is on title), that it is strata title. (preferable to stratum or company share)
James
Interesting tactic to come out and say that there will be some tax increases (inevitable). In ‘Yes Minister’ speak, this is a courageous move.
James
Yeah baby!! Me three
James
