Well – we turned it around. We sold some shares,
put some of the money aside into our home loan – and used it to upgrade our PPOR to bigger (growing family)
and then used some of the money to renovate the unit, and (as someone else elegantly put it) “Shot the dog”

We sold the unit. We got a good price, put the money into our…[Read more]

Perhaps the following story from my similar situation will help.

We were in the same boat as this mid last year. We had three investments that were neg geared.

We were out of cash. Had about $1000 left of holding costs, about 2 months worth, and after that? could see danger up ahead.

1 unit not renting…[Read more]

Amongst other things, I floated the idea of selling my house to a trust and renting it back. Short answer: No.

The ATO looks very dimly on this they issued a warning to accountants late…[Read more]

Paul Ramsley is at Springwood, opposite Ikea. (south of Brisbane)

The business name is Rockland Business Consultants
http://www.rockland.com.au

He is a property investor himself, and partnered also with a seperate business is an investment advisor – specialising in limited property trusts.

I like using him because he knows property, has a keen…[Read more]

Another pro: You could rent the house to yourself furnished and then claim decpreciation on your big screen TV etc.

Another Con is Land tax, and you would have to pay your trust market rent, so over time it would become cashflow positive.

It may be a good idea if you only intend to live there for a…[Read more]

Here’s a (non original) thought.

You could “Sell” your PPOR to the HDT.
(at market value for “arms length”)
(costs = refinance costs, stamp duty etc).

Then once the entity owns it, rent it back
(at market value for “arms length”)

This turns it into a tax deductible asset. Kiyosaki be blowed!

Then if you move…[Read more]

Cheers
ac

Warning: About 1/2 way through you might experience a slump as the place looks like a mess, and you’re…[Read more]

If you don’t claim it, I think you still have to pay the same capital gains tax as if you do?

it’s not the ATO’s problem if you don’t claim it – they offer it to help private investors house tenants.

OOPS – Scott – you got to it first. Should have read your reply more closely.

I hope they get a good solid kick in the goolies.

Ie – a big fine.

doubt it though – with the agencies being ‘policed’ by the REIV – who also happen to receive money from teh agencies and are advocates for the agencies.

My fave:
As happy as a dog with two tails!

“It’s Easier to ask forgiveness than permission”

My Dad’s (From Jackeroo days)
All over the place like a mad woman’s s**t !

Just a thought, not entirely sure on legality.
Keep it legal.
If you do everything above board – ie a diary is fine, but recording may or may not be.

ciao

Red flag to a bull!! Then he goes and does it.

I like that attitude. Too often I’ve been…[Read more]

This is because they have a commission (almost) within their grasp and will work hard on the easiest party to condition them into a sale.

That party most probably is you at this point. Whatever…[Read more]

A couple of points.
Quantity surveyor is well worth the money as they find every little bit of depreciablity in the house such as light fittings, switches, taps, blinds etc.

They cost about $400 + GST or more I think. More than $200 anyway.
They…[Read more]

I was wearing a white shirt with big cuffs, and I am a fairly short guy with dark hair, glasses, and a big grin.

I was sitting on the right hand side, about 5 rows from the front

It was a fantastic time.

I met a few really great people also!

Thanks Steven & Dymocks for putting it on.

cheers
alwayscurious
“oh, the places you’ll go”

I dropped into the local patios and I find myself still doing it – even if the person I am speaking to has perfect english!!

That made me giggle a bit. I remember this one chap who was from elsewhere in Asia who had to run from the law, ended up in China…[Read more]

IE weekly rent = 100$ per week.

Times 500 = 50,000.

Purchase price should be no more than $50,000

If you quickly do the maths it’s EXACTLY THE SAME as the ’11 second formula’
which is

weekly rent divided by 2, times 1000 <= purchase price.

Cheers
alwayscurious.

In my opinion Steve’s books & courses etc…[Read more]

alwayscurious.

Perhaps a nametag with your nicname would be good?

So that’s my deal. And I like sushi. a bit. And a bit of curry takeaway once a fortnight or so.. erm.. ahem. and ..

I will justify it tooth and nail.

I have just terminated a contract and I know from the bank that i cabn only borrow sround $220 000.
I live in Brisbane and these days I can’t even get one project for this price that would come with many problems, more then its worth let alone do what you suggest and do many reno project simul.
I wonder how…[Read more]

Anyway it was an innocent question – my intent is not to wrap at the moment, but we’ll see.

I’ll consider it for the future though. Cheers
alwayscurious

That’s when I reckon it’ll hit home.

It’s not a pie, it’s a pipe, I reckon.

The shares sold and money deposited last night – 21K! Woo – 3K more than I thought.[thumbsup2]

I think I will go and blow the whole lot on hats [cap][buz2][cowboy2][grad][xmas][party]

We’ve budgeted that we can hold our properties at 18K and we have more now so that’s FANTASTIC.

We’ll be able to re-invest some of that…[Read more]

If you have to borrow the entire amount like I did, *use equity* then you are effectively borrowing 100% and more than likely it could be neg. geared.

CHeers
alwayscurious

Another opportunity for you is right around the corner.

I am impressed with the calibre of people on this forum – often times it’s not just about the money.[thumbsup2]

Is it on the 28th still?
I am going to try to make this one.

Rosebury has 1300 people.

According to one site:
There are two groups – a) miners
b) unemployed / pension / retired.

Lots of people moving from within the state because of cheap housing

Two mines tin & zinc – one owned by Pasminco (under receivers, bought out by Zinifex)

Zinifex…[Read more]

I think it’s the only thing that got me this far though. I only saved cash for 1 deposit – in my PPOR. I ‘used equity’ in a cross…[Read more]

‘Fortune favours the brave’

I rang the PM every day though until he did!

However – the counter argument is that banks will rather keep you as a paying customer and may give you a loan repayment holiday or other to avoid the cost & hassle of selling…[Read more]

Basically – the window glass holds a film of smoke also! – we washed all the windows, and the curtains (hand washed, carefully & line dried in the same way they hang.)

Once we’d vacuumed the house a few times, all the smell was gone. But it took a fair bit of effort.

In another situation, (smoke damage from fire, pong!!)…[Read more]

IE – we started with not too much equity in our PPOR (about 60K equity on a 180K house)
we cross collaterliased for IP 1.

Then IP 2 – we went to purchase even though we had about 80K Equity in PPOR and 20K in IP1.

Then, when we…[Read more]

I had to go gaurantor for my wife, and my wife for me, that’s two solicitors in seperate deals.

PM me and I will give you the names of Solicitors I used – they both charged $50 for the 20 minutes or 30 minutes they spent with us.

It’s a safety thing for the banks because in one instance an unscrupulous person got…[Read more]

The con’s are – less of the repayment is tax-deductable.

The pro’s of fixed interest are: Risk minimisation (hedging). – you might pay a premium for this.

It depends on your cashflow situation.

I would say if you are in an aggressive asset building phase – you might like to use interest only until…[Read more]

I’d be interested to talk to someone about this, the costs involved etc.

Cheers
alwayscurious

Ah what the heck – it sold! woo!

I sent the letter today.

Plus, I had another look at the agreement and I get 20K freq flyer points for listing and selling

(no points to guess which agency I used!)

So woo! My reward is there. I had forgotten, but after…[Read more]

I give to a sponsor child, our church, various missionaries, the Salvos, visiting speakers at our church, people that come to the door, people in the street, friends (coffees or whatever) etc.

One of the goals in wealth creation is to always have something in my pocket or hand…[Read more]

I personally like “Mojo Jojo” from Powerpuff Girls!

Well done for first home too – it gives you a VERY stable base to work from. Not for everyone but it solved some instability probs with my wife and me – sorted the itchy travel feet out for a while!