Hi there,
I bought a block of land in queensland around 4 months ago for 135K and now the estate agent tells me that the same blocks are going for 165K+. I have just read Steve’s book and am unsure what to do with this land as I now have some more money to invest with aswell (to get positive geared property like so many others!).
This is my first investment so does that mean I have to pay capital gains tax if I sell, or can I avoid this because I only have one property?
I am very new to this property game and have only read a few books so far. I am very keen to learn more every day so any basic advice from those of you who have been there and done that would be greatly appreciated.If you sell the property within 12 months and 1 day from the date of the original contract you will be liable for CGT.
I am not sure where in Qld you are referring to but why not consider building on the property and gearing up with the increase in equity you will now have to buy your first few positive cash flow properties.
At least with a house on the land you will have income and something to depreciate.
If you need anything else email me.
Cheers Richard
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http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
007, thanks for the advice. Looks like I have sparked some capital gains talk and I don’t feel so stupid now. I have put futher info on your email…
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