Forum Replies Created
I have at least a half dozen ip’s which I have never physically been to see, myself.
Before purchasing, I did my research on the area and most importantly, shopped around and lined up a property manager to manage any properties which I may purchase in the future.
As well as a pest/building inspectionk, I would classify an inspection by my pm to be of utmost importance. It is the pm who has to find a decent tenant for you, achieve a good rental return, and also come begging to you for repairs and maintenance to be approved.
Sometimes, my pm will honestly tell me NOT to buy a certain house in a certain area, as it is she who is going to be landed with the headaches if I purchase a ‘dog’ of a place.
If you want to get out of a hole, first stop digging.
Hi Leigh, I see your problem with your pets. What if you got someone to mind you animals whilst you went to Sydney and found a job?
Once a job is secured, you could apply for somewhere to rent, putting a small dog and a cat on the application form.
Then move into the Sydney house with your pets, (the cat had 4 kittens)and rent out the Newcastle house on a periodic rent term of 3mths.
If everything goes pear shaped in Sydney, at least you and you tribe can always move back home.
If you want to get out of a hole, first stop digging.
Termites and realestate agents, reminds me of the day I went to inspect a prospective cashflow positive property.
When I noticed termite mud tunnels running up the stumps, I broke one of the tracks with my finger and white ants were clearly visible. The agent remarked, “I wonder what those little insects are? They look like little ants.” She was honestly serious.
If you want to get out of a hole, first stop digging.
Shaun, Your agents antics remind me of my last property sale. I had done a lot of research to the market value and listed my property at a reasonable price of $220k.
One week later, the agent hadn’t even listed the property on his website yet and he asked if he could drop the asking price to $210k. I asked had he had any ‘offers’ yet and he said no. I asked why would I drop my asking price first, before anyone put in any offers.
Property remained at $220k, property was finally listed on his website and it sold within a week for full asking price. Buyer didn’t even negotiate a lower asking price. He obviously knew the area’s market value and thought it a good purchase.
Cheers Brenda
If you want to get out of a hole, first stop digging.
Equity wise she looks very good. It does depend on what rents are received and what interest rates she is already paying. Lenders are fastidious about how you are going to eventually pay the money lend back. The next purchase would have to be a very good deal. A cashflow positive buy to offset any losses on existing loans may make her finances actually look better rather than worse.
If you want to get out of a hole, first stop digging.
Travel expenses to purchase a property are kept in the capital area. If you sell the property in the future, the travel expense will be deducted from your capital gains along with legal costs and stamp duty.
If you want to get out of a hole, first stop digging.
Hypnosis is in contravention of my religious beliefs. Despite this I did contact a hypnotherapist who said it could not be done with a one-off visit and would require repeated visits and a 100% success could not be given even then.
I have found there is a new nicotine replacement product newly available which is in tablet form and sounds promising. I will be having a medical check up first before I try this method of giving up so there are no complications.
If you want to get out of a hole, first stop digging.
Originally posted by kay henry:Brenda
DSo you have to have any special qualifications to homeschool kids? Like a teaching qualification etc? What happens if you don’t know the answers to the schoolwork your children are doing?
kay henry
It’s easy to homeschool, I buy the answer books from the school. I did have to do a correspondence course myself to be able to homeschool, but it was easy too.[biggrin]
If you want to get out of a hole, first stop digging.
Hehehehe, I like it.[specool]
If you want to get out of a hole, first stop digging.
I am a wife and mother and have those associated duties which come with them. An extra position I have is to homeschool my two children.
In my spare time, sic, I renovate my house or my other properties and invest in more properties, and show my Schnauzer dogs.
In a previous life, pre marriage, I worked as a meat packer, jillaroo, horsebreaker and dental nurse.
If you want to get out of a hole, first stop digging.
I would love to give up smoking. Not a day goes by where I don’t think about it.
Trouble is, I seem to have some sort of phychological fear of giving up the smokes. It seems like I have some sort of split personality where I want to give it up vrs nah why bother. It drives me nuts all this two sides fighting so in the end I just keep on smoking.
I have in the past tried patches, but they itched and burned my skin and were a constant reminder that I was giving up. I tried nico type lozenges but they burned my throat and made me cough. I tried eating lollies but the increase in sugar make me sick in the stomach. I tried chewing gum but I chewed so much my jaw ached.
Isn’t there any treatment, like a weeks worth of sedation till I can get over it? I need a detox centre for nicotine, me thinks.[blink]
If you want to get out of a hole, first stop digging.
Hi Two Sheds,
A few years ago, I bought my first investment property for $125k and rent was $125pw. Interest rates were at 8% at the time. So not a very good return at all.Then I bought a second property for $27k which rented for $100pw which vastly improved my cashflow. So much so, that I was then able to hold the first property until capital growth had improved.
First property then increased to $185k but rent was only $140pw, so I sold it and payed out the loan on the second property and my own home as well.
With a whole lot better cashflow, I then went on to buy lots more properties. Sometimes selling the capital growth ones which had poor rent returns or lots of maintenance hassles and using the money to reduce debt and then go shopping for better cashflow ones.
I do ‘what if’ senario’s all the time on paper to see how I can improve my financials and my property holdings.
Last year the bank said no more borrowing as they thought me overborrowed. So I sold a capital growth house which I had purchased for $105k only 2 or 3 yrs before with original rent of $170pw. I got $220k for it and rent at that time was still only $180pw.
“It’s what you do with that money which is most important”.[grad]
In my case, I paid off two of my other properties to reduce debt and improve cashflow. Then I went shopping again and bought 3 cashflow positive properties, 2 neutral properties (which with a rent rise are now positive) and one negative one for capital growth. My bank never knocked back any of my applications although they did their usual ‘tut tut’ about it all.[biggrin]
In my case, because I have such a lot of depreciation which I can claim against rental income that when CGT gets added to it, there is very little if any tax to pay.
You will have to factor in the CGT into your ‘what if’ senarios to see if you are better off or not. If it gets too much to get your head around, (especially to indexing in calcuating your CGT), then try getting your accountant to do some figures and CGT calculations for you, even if it is just to confirm your own calculations.
If you want to get out of a hole, first stop digging.
If you grab a free tax pack and the supplemental tax pack as well, available from newsagents and post offices, you should be able to follow exactly how tax is calculated on income.
A quite good book on explaining it all is “Rental Property and Taxation” by Tony Compton. I found myself a copy at http://www.businessmall.com.au From memory it was around $28 and I still refer back to it at times especially on how to claim depreciation.
If you want to get out of a hole, first stop digging.
Have you thought about having a company rent your land to erect a big advertising sign there?
If you want to get out of a hole, first stop digging.
I have just had the exact same problem with an IP.
Windows on one part were badly binding and it was due to movement in the stumps.My PM called in a tradey of some sort who said the stumps didn’t actually need replacing, as this entails the entire house being raised to replace them. Instead, he just jacked up the offending part of the house, using a truck jack I think, and slid pieces of tile or somesuch onto the tops of the stumps and then put back the whiteant capping into place.
Total cost to me, only $100. Tenant is now happy she can now open the windows again.[biggrin]
If you want to get out of a hole, first stop digging.
May need to look into Navras cashbonds in the future but at present, I am happy to just look after the ips I already have. Just maintaining and putting all those into a tax return is a lot of work. Don’t know if I’m ready for any more just yet.
If you want to get out of a hole, first stop digging.
I did buy one in Ipswich this year and sold one there last year. Bank says no more lending at present so I won’t likely be able to borrow more for a little while now.
Mostly, I got that postcode as it is the nearest major code near to where I live and was curious to find out how much houses were really selling for.
I do like Mackay and Rockhampton and Gladstone areas but again, limited borrowing for me unless I sell something first. At present, I am reasonably happy with the 24 inc ppor I have already got, and am incluned to keep them all if possible.
If you want to get out of a hole, first stop digging.
Hi all,
I have the cashflow 101 game on CD. It is great fun because if you can’t get someone to play with you on the board game, you can always play against multiple computer players with the cd game.[biggrin]
Mind you, the instructions say it is virtually impossible to go bankrupt, but I seem to be able to be able to make it a regular occurrance.[confused2]
If you want to get out of a hole, first stop digging.
Congratulations foston[specool]
Don’t forget to insure it well. Use this time now to apply different figures like capital growth and rental increases to see how it will turn out in a certain amount of years. It’s always fun to do figures and a ‘real life’ purchase, rather than a ‘what if’ purchase.
Enjoy.[biggrin]
If you want to get out of a hole, first stop digging.
I do my own tax return but I don’t lodge it myself, that’s what tax accountants are for.
Bottom line is the ATO says you are responsible for your own tax return and if the accountant makes a big mistake, you may be still responsible.
Therefore, I am rather like the labourer on a worksite. I do all the timeconsuming work to compile the return so the foreman (tax accountant) can spend lots more time checking its all in order before I give the final signature and they lodge it for me.[grad]
Hopefully my tax accountant will not charge as much as if I just tossed a shoebox full of statements and receipts at her. Although, I have yet to find any proof to this theory.[crying]
If you want to get out of a hole, first stop digging.
