A mistake that I’ve made is taking the easy way out and not researching for proper PM, lawyer & loans before starting out. Stuck with a less than satisfactory experience.
If I can have a do-over, I would certainly take the time to find myself a good team. Trying to research good ones for the next IP.
Best of luck!
Logan replied to the topic Whats your number one lesson learnt from property investing in the forum General Property 3 years, 6 months ago
Agree with Jamie. Once you have done your DD, sometimes the hardest step is coming up with the guts to implement.
Thanks Terry I’m learning a lot from you.
Just to clarify on no.3.
Do I determine the commercial rate as it is a personal loan ? Because it would be a different rate to what is being charged on the LOC.
I’m assuming that I wouldn’t need the paperwork & also charge myself the commercial rate if it was purchased under personal name?
I was wondering if anyone can help shed some light. I was thinking of accessing a LOC on my PPOR to purchase an IP, without taking out a mortgage on the IP. My questions are
1. Would the interest charged on LOC be tax deductible?
2. Will the property being in a different state affect this in any way?
3. The IP purchase would…[Read more]
Thanks Terry for the reply.
The company that we set up has two resident directors.
What differentiates between paying the loan and lending money from our personal joint account to the trust?
Do we need some sort of legal documents prior to transferring the money?
The depreciation I am referring is on the Residential IP which is under me and my…[Read more]
I’m a newbie investor trying to learn a few things from this forum. So far I’ve read through the topics but tax is still confusing for me. Would be great if anyone can help clear up a few things.Me and my wife have 3 properties. Our PPOR owned outright (in my wife’s name) which we recently got a loan for but have not withdrawn. 1…[Read more]