share what your best net return is that you have got from the purchase of a commercial or residential property.
A client of mine constructed a house on land for a total cost of $130,000 with the bank valuation coming in at $390,000 just a few months after completion.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
TerryW,
What year was that??Thats a Nice return
I dont think that includes the $200, 000 block of land.
That was this year, $30k for the land.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terry, where was this??
I bought a unit in Darwin a three years ago for $95,000, rented it out immediately for $300pw and sold it 2 years later for $200,000. I did a $2000 reno on it when we bought it.
Cheers
K
Three stories…
I bought a three bedroom house in Edgewater near Maribyrnong in April last year for $331,000. Did a $2000 reno (patching up cracks on walls, ripping out carpet and polishing the existing floorboards, agents came along and valued it at $550k
Previous to this though, I bought a double storey house with a coin-laundry in the front. Paid $41,000 for a deposit with the purchase price $410,000, the income from the coin laundry covers the mortgage and bills.
A client of mine purchased a vacant shop in Footscray for $390,000 earlier in the year that was vacant for more than 6 months. Somehow found a tenant in there immediately who was willing to pay $4000 per month. $48,000 per year, and tenant pays outgoings values it at close to $1 million.
bought a house Aug 2007 for $300k. did a $25k reno. sold Feb 2008 for $446k
Settled on 14 blocks of land in Western Qld at $9000 a block Dec 2007.
Sold them all and settled Nov 2008 at $38500 each.
10% CGT you have to love it.
Richard Taylor | Australia's leading private lender
sounds good some nice gains acheived
Apologies for the repetition. I will remember in future to only press post comment once.
CentralChoice wrote:Apologies for the repetition. I will remember in future to only press post comment once.It's alright CentralChoice…Cyber Cop to the rescue. "I tidied them up
". You're my first job as moderator.Hey all …. long time since I been cack on here…. This year I got control of 11 Houses (all different vendors) for $1.00 each…. for five years on Lease option ….. most of them I am getting a great positive cashflow result….. (except the one I moved into)…
The one we moved into was such a good deal….. when we advertised it as a REnt to own …. no one moved on the deal…. so we got it. Pay $500/week and get $250/week off the house price…. for al five year option.
We get heaps of these types of deals in NZ (as we will possibly expand back to Aussie…. but concentrating on NZ for now)…. There are bucket loads of motivated sellers and no buyers in sight….
One of the deals we got releived an investor of a $185/week negative cashflow issue and now they are getting $20.00 per week positive cashflow…. we get a net cashflow difference of $150/week.
hope this give some people out there the knowledge that this stuff is still happening out there even in this market…. just takes a little more time and effort.
Cheers,
KIWIHello Richard
Would you please mind explaining how one organises it to only have to pay 10% CGT.Great result BTW
Cheers
ElkaHi Elka
Sure purchased them in my Self Managed Super Fund and the Contract dates (buy & sell) were >365 days.
Richard Taylor | Australia's leading private lender
That will do it.
Thank you Richard.
Elka
I am in awe.
CentralChoice wrote:Three stories…
I bought a three bedroom house in Edgewater near Maribyrnong in April last year for $331,000. Did a $2000 reno (patching up cracks on walls, ripping out carpet and polishing the existing floorboards, agents came along and valued it at $550k
Previous to this though, I bought a double storey house with a coin-laundry in the front. Paid $41,000 for a deposit with the purchase price $410,000, the income from the coin laundry covers the mortgage and bills.
A client of mine purchased a vacant shop in Footscray for $390,000 earlier in the year that was vacant for more than 6 months. Somehow found a tenant in there immediately who was willing to pay $4000 per month. $48,000 per year, and tenant pays outgoings values it at close to $1 million.
Something very doggy with all those numbers, I am not sure they say the whole story or that they are even truth. Plus valuations are only that paper numbers, try to sell to see if you can at all.
Coming from a RE related person it will leave me with a bitter taste. Did a company called centralchoice do the valuation?
Clones
". You're my first job as moderator.
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