Forum Replies Created
Its allways worth phoning a number of solicitors to get a price. They have a scale price but most will deviate from it and save you substantially.
Any solicitor that can’t give you a price, simply avoid.
Cheers
Andreas
ps I manage to get my solicitors cost to about $1000, which covers the conveyancing and mortgage legals, excluding any stamp duty. This is on property costing $225,000 and $1.2mil amongst others.
Hi Scott
Ensure that you have sufficient insurance to cover mortgages. There are all sorts of insurances available some even pay out if you become incapacitated.
Andreas
Hi Willi
Re extended settlement. This has been done before particularly in a rapid market also the same concept but doing part of the reno prior to settlement to increase the MV. Both same concept. Risky as you have exchange contracts without the money.
I have done variation to ensure the best deal from the lender in that I had alternate source of finance immediately avail if required. Gives you enormous power to get the best deal.
The problem with identifying a lenient valuer is you need to use them first which costs money. I have heard of people getting 2 -3 valuations done for exactly this reason. I guess it really depends on the size of the deal $100,000 compared to $1,000,000.
hth
Andreas
Hi Andrew
The problem I refer to is associated with the tenant protection as per the landlords act
Dear Ad & Steve,While it is not unlawful to use a Lease-Option Agreement in Qld.,you cannot however contract outside the law and have the tenant pay all outgoings as it breaches the residential tenancy act of Queensland. I suggest then that you look at installment contracts and that you speak to Mark Game in Brisbane 07 3236 0001.
Have you solved this problem by approaching the same people or what? I am trying to get a better understanding of the whole wrap concept. For instance where you mention a return of 3-3500 is that pa and how is that configured, what gross income, what expenses etc. My understanding of the wrap situation is really a game of % over the finance you source. How do you avoid land tax as the property is in your name (or trust where no rebate is permitted).
I am going to the Nov seminar just to get a better understanding of the wrapping concept.
Cheers
Andreas
Hi AD
I note from other posts that there is a problem with wrapping in QLd. How will that effect your strategy in wrapping. By the way I have never wrapped and simply buy and hold.
Cheers
ANdreas
Hi DA
Why aren’t they all for buy and hold if they return 10% gross?
Cheers
ziz
Hi Wei
I would have thought that the lease info was part of the sale document or certainly part of the contract of sale.
I have never had any problems obtaining all the relevent info re a property even before I have indicated an interest in it.
You mention that you inform the agent of your intentions.Maybe this is the problem in this particular agents case.
To me the bottom line is that it is no concern of the agent what you do with the property after the sale. The agent could be selling you apples or any other product for that matter and would you tell someone selling you apples that you are going to eat it or stew it or whatever. Off course not and the person selling the item couldn’t careless. So why tell them about the intention to wrap particularly if you haven’t closed the sale and the agent can queite easily turn around and outbid you. This has happenned to me and a good deal was lost because I opened somebodies eyes to the possibilities available.
By the way you need to be very carefull in publishing details that can be construed as slanderous on any forums. Recently a number of people were sued for millions of $ is USA for simply stating that they were unhappy with the service and non performance of a particular business. This business then claimed damages and just the court cost of fighting the case would send you broke.
hth
ziz
Edited by – [email protected] on 11/08/2002 11:36:07 AM
Hi All
With all things taxation ‘you can claim anything’ and it may not be picked up on your tax return that it is not a permitted item but for 5-7 years the department can revisit this return and question any item.
So just because you managed to claim something does not qualify an item as a valid claim.
In relation to claims anytime my believe is that only repairs to the same state are allowed, any other repairs are classed as improvements and then need to be depreciated. Naturally the interpretation is open and many things can be claimed but aqgain the 5-7 year review is always there.
A further twist in this tale is the need for the property to have generated income before any money is spent on the property otherwise this does fall into the capital improvement catagory.
This is my understanding of the tax rules.
ziz
Edited by – [email protected] on 11/08/2002 11:35:03 AM
I would agree with Felicity and say there are many ways to achieve longer term goals.
Personally I am a conservative investor and like Felicity and husband we were in a financially good position back in 1985 and bought our first investment property. This property was negatively geared in that we were paying 14% interest and returning 11% gross. We may all laugh at this now, but this was my first property, having nobody around me involved in property investing, and unlike today very little press coverage about investing.
Having found owning this first property no hardship, two years later we bought another one, followed by another and another until today we own 43 units, 4 houses, 4 townhouses and a factory unit.
All these have not been bought based on negative gearing, but at times there was some negative gearing involved. They are all in Sydneys western suburbs with a debt to equity ratio of 30%.
Of course as we acquired more, things have become easier, but fundamentaly you still need to look at the deal and it needs to work for you right from the start. If the deal is based on some future event such as rental increases or infastructure developments or any of a meriad of possibilities which does not eventuate then you are stuck with a lemon.
We are currently sitting on the side lines looking at the crazy market waiting for further oppurtunities.
I am smiling from ear to ear
ziz
