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  1. K

    Can anything be done?

    Some more info - The failed business was a small retail business that I purchased about 6 years ago, went well for a year, then the next year turnover dropped to about 2/3 technology advances got me, Couldn't even sell it, had to close. Major money lost and lessons learnt. (Don't buy businesses...
  2. K

    Can anything be done?

    Thanks for the replies so far - ok180 - I wish I had been partying! I am starting to pay things down, all the funds had gone into the business venture. - tobe - Joint venture would be the next option if I cant get finance. - Casserole Dish - I already have paid mortgage ins. for the PPOR, I...
  3. K

    Can anything be done?

    After a period of investing everything in various business ventures (one that failed and one that has yet to come to fruition) I am in the process of rediscovering my passion for property. Up to 5 years ago I had successfully bought and renovated a number of houses, I loved it, then I got...
  4. K

    Good investment analysing sites for NSW

    Hi Jasin, The capital growth in Newcastle has been terrific over the past 18months, 2 of my properties there had doubled in value between June 2001 and Nov 2002. (bank valuations)Unfortunately rents have not kept up. I am still buying in the Newcastle market but not straight buy and holds, I...
  5. K

    Cashflow Positive??

    Hi Andrew, Are positive cashflows possible? You bet they are. The suggestions above are the start, IO loans etc. But you also have to think laterally, look at the POTENTIAL in anything you buy, eg - can you convert a 2 bedder into a 3 bedder by adding a wall to a seperate dining...
  6. K

    The year in review...

    My 2002 was a bit strange. Having bought 3 properties in 2001, making a total of 4 ip's, I started the year with 3 being rented out, 1 in the process of renovating myself. My plan for 2002 was to finish the reno, rent it out, and then look to buy at least 1 property. Year started well, had...
  7. K

    Missed Opportunity?

    Hi, Could not resist this topic, so here is my tale. Wife, new baby & I built a b/v 3br house on full 1/4 acre block in quiet cul-de-sac at Wilberforce (Sydney) in 1980 Total cost - $34,000. Wife, 3 kids & I move. Sold in 1990 for $113,000 at auction. It would have a value today of...
  8. K

    How to release that equity?

    Reply: 2.1.1 From: Ken . Rolf I am selling 1 of the IP, my estimated value of the remainder is $500k, borrowings needed to cover existing debt is $330k. PPOR borrowings is $110k. Am having discussions with the local Community (bendigo) bank, they have offered professional rate of 6.15% for...
  9. K

    How to release that equity?

    Reply: 2 From: Ken . This topic has got me thinking that I may be about to go down the wrong road. I currently have a PPOR as well as 4 IP's. The whole lot is x-col in that the mortgage for the PPOR is at 80%, as it is for 1 of the IP's, 2nd is about 40%, and there is no mortgage on the last...
  10. K

    Interest on land value

    Reply: 1.1.1 From: Ken . Thanks Dale and Peter My reading of Steele in the High Court in 1999, was that, as the INTENTION of her buying the property, was to EVENTUALLY earn assessable income from it, then she was entitled to claim a tax deduction for the interest on the loan she took out to...
  11. K

    Interest on land value

    From: Ken . Hi all, Have been reading the 01/02 rental properties ATO Tax guide. In regard to interest, it says that the interest charged on a loan to purchase a rental property can be claimed as a deduction, provided the property is rented or available for rental in the income year that the...
  12. K

    Sydney Top 10?

    Reply: 2 From: Ken . Sydney under $200k? Possible, but would you want to buy them? Wendy, I notice that you are from Ingleburn, have you thought of looking in Woolongong and surrounding areas, it would probably not take you as long to get there as it would take you to get to the northern...
  13. K

    what price a new kitchen?

    Reply: 2.1.1.1.2.2 From: Ken . Nigel The Aquatile boards are able to be bought from the big hardwares, Hardwarehouse, Mitre 10 etc, some have displays. It looks like tiles, have to be particular at the joints with the spacing and neat white silicon, this is what will give it away if not done...
  14. K

    what price a new kitchen?

    Reply: 2.1.1.1 From: Ken . Nigel I have just completed a new kitchen in a cottage in Newcastle, it is L shaped and approx 2.5m x 3.5m. Cupboards with woodgrain laminate doors and plastic edging was $1700, this included wall units along 1 side, also end trims and kickboards (looks good and is...
  15. K

    Coffs Harbour?

    Reply: 2.1.1 From: Ken . Michael I went for a trip to Coffs in January to investigate investment properties. Originally I was thinking of cheap units, or townhouses (up to about $80k)which were returning about $120pw rent, looked reeeel good. When I was there I found that these tended to be...
  16. K

    Tax on IP's

    Tax on IP%27s Reply: 2.1 From: Ken . Thanks for the response guys. I am quite happy having the split along ownership lines...at this stage, but as Paul mentioned, the time has come to restructure for future needs. But to do that I need to find A GOOD PROPERTY ACCOUNTANT (I hope Dale is...
  17. K

    Tax on IP's

    From: Ken . I have 4 property's, 2 in my name and 2 in my wife's name. All the loans are in both our names. My question is how is the income (rent) and deductions dispersed between us? Is it based on the shared borrowings, eg half the income and deductions from each property is allocated to...
  18. K

    Virgin Investor Seeks Help

    Reply: 4 From: Ken . Mark I agree with all the above. You appear to be putting the horse before the cart a bit. Using a property manager or not, and what type of bookkeeping program to use are things you could look into after contract exchange. More important for you at this stage is...
  19. K

    Damage between contract & settlement

    Reply: 6.2 From: Ken . Thanks everyone for your thoughts, this definitely looks like it has the potential to become messy, a few points. This is in NSW. I didn't even consider getting insurance at contract exchange, as I always understood that liability would transfer at same time as...
  20. K

    Damage between contract & settlement

    From: Ken . I have a problem, a little background - I have a signed contract on an IP, and just prior to settlement, there was a small fire in the house (fire brigade attended). Some floor needs replacing and a complete paint and re carpet due to smoke water and fire damage. I was informed...
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