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Linar is right,
if you are looking to build your career on property go to tafe, most tafes run night classes and allot of the study can be done at home. You should also look into studying for a real-estate license and business courses.
It takes time to learn everything, no short course will give you all the answers and is most likely to send you out the gate with 2 much go and not enough know. Put in the hours of study get some certs along the way and hey if your ip's aren’t doing so will u have the tickets to get a decent job
The price of the courses are outrageously cheap, tafe equals out to I think 67c per hour of tuition and for that you get to network with real-estate agents, developers and other investors. Most of the best partnerships I have formed are from people I studied with at tafe
so that’s my literal 2 cents (about 2 minutes of tafe tuition)
fandibong wrote:Anyone knows how long the minimum I need to keep the property as Owner Occupied before I can switch to Investment, without losing my FHOG?
I always wonder why people don't buy as owner occupied, claim FHOG, then say after 2 years switch into investment and takes benefits from the Negative Gearing?
That means you can take advantage of both worlds
you need to live in the property for 6 months starting within the 12 months from the settlement date. meaning you can move into it in and stay there for 6 months and the FHOG people will approve the money they gave you, just collect bills/rates/anything with your name and the address on it and send it all your away and then its done, You are free to rent it out.
Changing your loan to I/O is normaly very simple, most lost loans offer an I/O period 3/5/10 years as an option you can evoke. talk to your bank about this then from the date you rent out your PPoR is then Tax Deducable.
The problems then comes further down the track because if you want you can claim it as you PPOR because you lived in it for the 6 months (hopefully value adding, CG) and claim this when you eventually sell the property CGT free (only the protion of the growth for that time period). for this you must apply the 6 year rule for renting out your PPoR and depending on you state you may need to live in the property for longer then 6 months in the first 5 years to be able to claim it as you PPoR
Remember to get it independantly revalued each time to change phases eg;
Buy the house – revalue @ 200000
6 months of living in the house (value adding) – revalue @ 215000
12 months of renting – revalue @ 220000
12 months of living the in the hosue (value adding) – revalue @ 235000
18 months of renting – revalue @ 250000Over 4 years you gained 50k CG but because it was your PPoR (and u lived in it) during the main growth peiods, 30k of the CG will be tax free and only 50% of the remaining 20k will be liable for CGT
<br /:)” title=”>:)” class=”bbcode_smiley” /> this is an example only, remember to do your own homework!
:)” title=”>:)” class=”bbcode_smiley” /> this is an example only, remember to do your own homework!
