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NSW Just sold my IP

Discussion in 'Where to Buy' started by Darlinghurst Boy, 14th Jul, 2016.

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  1. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    many of you bagged me last year when i bought an IP on the NSW Central Coast of Lake Haven.
    12 months later and i sold it for more than 50k over the purchase price.

    Of course i have CGT to pay but i could not refuse that offer !!

    Im back on the hunt again ... Back to the Northern part of the Central Coast.
    Im staying away from the Southern part and Newcastle areas and my local area of Darlinghurst .
     
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  2. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    Good stuff DB, glad it worked out. Was that the one with the old kitchen taps?

    What sort of net profit do you think you will have made after purchasing costs, stamp duty, cgt and selling costs? Would you do it again?
     
  3. bob shovel

    bob shovel Well-Known Member

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    I thought you bought in Lake munmoron?
     
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  4. hash_investor

    hash_investor Well-Known Member

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    Check out Park Ridge if you are in market. Its gentrifying ... apparently. Ask @Tekoz if you need help
     
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  5. Mumbai

    Mumbai Well-Known Member

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    You are still giving everyone chance to bag you.
    Selling over the purchase price and making profit off that investment are two different things.
    There are stamp duty, legal, selling costs, etc to be factored in.
     
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  6. Tonibell

    Tonibell Well-Known Member

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    Good stuff !

    So give us some details to understand the deal.

    So what were the figures for the buy and sell and how long did you have it for ?

    Also, how long on the market and what were the other offers ?
     
  7. Special order

    Special order Well-Known Member

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    you sold an IP that will probably incur CGT and when you go to buy again you will now re-incur buying costs, probably not the smartest move, but who knows.
     
    Last edited by a moderator: 14th Jul, 2016
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  8. Richard Williams

    Richard Williams Buyers Agent - Southeast QLD Business Member

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    Did you buy in Moree............?
     
  9. Azazel

    Azazel Well-Known Member

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    True, when you factor in stamp duty, conveyancing etc...
    And very true.
     
    Last edited by a moderator: 14th Jul, 2016
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  10. larrylarry

    larrylarry Well-Known Member

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    Didn't you only buy your IP in Lake Haven in September 2015? NSW - 60k Deposit for NSW IP, Where & what should I buy?
     
  11. ellejay

    ellejay Well-Known Member

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    Why not wait to hear if DB wants to provide more info before sniping? So typical of some on here, holding on to a negative property for years, pouring in cash whilst boasting about dubious net gains gets a big pat on the back. Selling and paying down debt though...what a loser. Usually hear this from giants who've been investing for 5 minutes and never seen a downturn.
     
    Last edited: 14th Jul, 2016
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  12. Mumbai

    Mumbai Well-Known Member

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    Purchased for 305k in September 2015 , sold in July 2016 for 349k. It's not even a year. No cgt discount. Plus 10k stamp duty. Plus at least 6k selling costs. Plus interests (if mortgage) . Don't think there is anything interesting
     
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  13. wobbycarly

    wobbycarly Well-Known Member

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    DB has form...
     
  14. ellejay

    ellejay Well-Known Member

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    Only the OP knows that, if they were given half a chance to reply without being mocked by people who know zero about the situation. Maybe selling was the best decision for them, you don't actually know.
     
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  15. ellejay

    ellejay Well-Known Member

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    True, but still...
     
  16. Azazel

    Azazel Well-Known Member

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    I agree, I would love to hear the story.
     
  17. dabbler

    dabbler Well-Known Member

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    eeekkk....I thought that was part of his post and tied up with the rental side...

    DB 50k is probably not worth it IMO, and seeing Sydney is still going, pretty sure it would have grown more. But if you end up with 10 or 20k, it is still $$$ realised.

    PS I too thought it was under a year.
     
  18. MTR

    MTR Well-Known Member Premium Member

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    lol
    ain't it the truth
     
  19. MTR

    MTR Well-Known Member Premium Member

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    mmm, seems people happy to bag DB, yet those taking on debt in a dead market are heroes, who is the biggest fool?

    MTR
     
  20. larrylarry

    larrylarry Well-Known Member

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    Who are you referring to?

    No matter. Central coast prices are still rising so it'd be interesting to know the reason for selling. Lake haven market slows down or soft rental? I think overall cc prises are rising and so is Newcastle.
     
    Last edited: 14th Jul, 2016