PropertyInvesting.com | InvestorMick | Activity https://www.propertyinvesting.com/members/investormick/activity/ Activity feed for InvestorMick. Tue, 14 Apr 2026 16:05:45 +0000 https://buddypress.org/?v=2.8.1 en-US 30 hourly 2 e34cd0f7ba5145de8ec03b19e3172d84 InvestorMick replied to the topic Ongoing Costs Average Percentage in the forum Help Needed! https://www.propertyinvesting.com/topic/5060335-ongoing-costs-average-percentage/#post-5060349 Tue, 26 Nov 2019 05:50:50 +0000 I think part of the key is what are you including as ongoing costs? The obvious big one is interest on loans but then add rates, water rates, insurances, agents commissions, accountants fees and the variables can be many. Maybe a better question may be what are the profits or losses each year on an investment. Just a thought.

]]> 2ad14ee43c90fb87b1d9229f87a36289 InvestorMick replied to the topic Poll: How do you think politicians or regulators should respond to the issue of housing affordability? in the forum Opinionated! https://www.propertyinvesting.com/topic/5033010-poll-how-do-you-think-regulators-should-respond-to-housing-affordability/#post-5033013 Thu, 16 Feb 2017 03:14:22 +0000 We live in the south-west of Sydney, in the growth corridor known as the Macarthur District. Land prices are now at around $1,000/m2 so as you could imagine, just buying land is a huge expense without the build. The area has an abundance of land at this stage, literally thousands of homes to be built over the next decade or two but the way land is…[Read more]

]]> 3758161e9eb0fb4c5fe5097cb76c4101 InvestorMick replied to the topic Newbie question - which US bank to open an account with? in the forum Overseas Deals https://www.propertyinvesting.com/topic/4406183-newbie-question-which-us-bank-to-open-an-account-with/page/4/#post-4666284 Tue, 03 Jul 2012 17:29:42 +0000 “After using the BoA secured card for 6 months I got offered an unsecured Capital One Platinum card in the mail. You need to make sure your secured card is reporting to your ITIN credit file.”

Just because you receive an offer for an unsecured credit card doesn’t mean you will get one! We have visa’s, SSN’s and are living in the US but have…[Read more]

]]> c47b5b1c2d03471c1b973c712c6f79ce InvestorMick replied to the topic Homeowners insurance for Australians in US in the forum Overseas Deals https://www.propertyinvesting.com/topic/4406667-homeowners-insurance-for-australians-in-us/#post-4670517 Wed, 30 May 2012 12:13:08 +0000 Hi Streamlineinvesting,

It’s a choice no-one can make but you! You need to feel comfortable with your decision but some things to weigh up in your decision would be, how comfortable are you with the thought of having no or part insurance? What if you were to wake one morning back home in Australia to hear hurricanes were battering the Fort Myers…[Read more]

]]> 961d3f34d71d236ada15792cc6988571 InvestorMick replied to the topic Positively Geared Investments in the forum Help Needed! https://www.propertyinvesting.com/topic/4406712-positively-geared-investments/#post-4670880 Tue, 29 May 2012 12:46:44 +0000 Hi Moonpie, firstly let me say positive cashflow property has taken us to full time investors in a little over 10 years. We could have transitioned earlier but chose not to. As to books and seminars you can’t go past Steve McKnight’s stuff in Australia and Robert Kyosaki’s Rich Dad, Poor Dad books. You will find plenty of discussions about this…[Read more]

]]> 0e07ac8696f89cfea11fd5cd30e7e922 InvestorMick replied to the topic Depreciation Quantity Surveyor - Sydney in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4406636-depreciation-quantity-surveyor-sydney/#post-4670154 Tue, 29 May 2012 12:31:32 +0000 Thanks for your input here Derek! Again, I would discuss this with your accountant because our experience is certainly as I have suggested. In the big picture it doesn’t make a huge difference if you have some good CG but if a deal is only marginal it can be money not well spent!
It’s always good to know what implications are in as much as you can…[Read more]

]]> 53caf39af6d405cbfc55effb610e0d36 InvestorMick replied to the topic Homeowners insurance for Australians in US in the forum Hi Emma, great advice and https://www.propertyinvesting.com/topic/4406667-homeowners-insurance-for-australians-in-us/#post-4670513 Tue, 29 May 2012 12:19:01 +0000 Hi Emma, great advice and some we will certainly put into use! As for aircon. you are correct in presuming Phoenix has them all on the roof.

]]> 552c69771e05cff6edcabf1f8dad1299 InvestorMick replied to the topic Depreciation Quantity Surveyor - Sydney in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4406636-depreciation-quantity-surveyor-sydney/#post-4670152 Mon, 28 May 2012 23:41:59 +0000 We’ve used Depreciators in the past and found them great and easy to work with. Be aware that if you do plan to sell properties in the future any depreciation you have claimed will be added to your profit so the ATO give with the one hand and take it back with the other!!! Talk to your accountant about this.

]]> 0637da27f1d49027aced7bfb45eed188 InvestorMick replied to the topic Homeowners insurance for Australians in US in the forum Overseas Deals https://www.propertyinvesting.com/topic/4406667-homeowners-insurance-for-australians-in-us/#post-4670510 Mon, 28 May 2012 23:32:51 +0000 Hi, theft is proving to be an issue. We’re Aussies who have moved here to Phoenix, Arizona and know of 2 break ins of rehabs that were on the market and most of the staging furniture stolen. To date we have been spared of this but it does highlight the need for insurance.

Mick

]]> 4e83737b28f08129bf529ed1015d9e0e InvestorMick replied to the topic Finance on a block of 6 units on one title with residentail rates in the forum Finance https://www.propertyinvesting.com/topic/4405823-finance-on-a-block-of-6-units-on-one-title-with-residentail-rates/page/2/#post-4663461 Thu, 29 Mar 2012 20:38:47 +0000 Hi Tito, I would prefer to PM any more to say about BW. PM if you are okay for that.

]]> d13519d7b35aca6ce53185d23766ff02 InvestorMick replied to the topic HOA suddenly pipes up with $1000 in fines in the forum Overseas Deals https://www.propertyinvesting.com/topic/4406097-hoa-suddenly-pipes-up-with-1000-in-fines/#post-4665580 Thu, 22 Mar 2012 05:41:50 +0000 It sounds like it’s time for a US visit. Get over there and talk face to face and sort out the mess before it gets even more out of hand. It is so vital you have good contacts on the ground working for you as you can see, it is not so simple and can cost you big bucks.
I do hope you are able to sort out the mess but don’t give up! Be persistent…[Read more]

]]> 6da6ed4bc691bc67d1d6126bc3f67144 InvestorMick replied to the topic Phoenix investors....Your advice please in the forum Overseas Deals https://www.propertyinvesting.com/topic/4406090-phoenix-investors-your-advice-please/#post-4665506 Thu, 22 Mar 2012 05:35:16 +0000 We’re doing fix and flips in Phoenix but would say it would be near impossible to get a good renter for round $70k in the Scottsdale area or much of Greater Phoenix. The bottom end of the market has risen due to investor and first home buyer demand and it is now extremely challenging to get purchases across the line round that price. Nett returns…[Read more]

]]> 2ad4df04b82c0f896c795c0bbefc4131 InvestorMick replied to the topic Property Managemet Company will not provide me with a copy of my owner statement. How can I attain it? in the forum Overseas Deals https://www.propertyinvesting.com/topic/4406096-property-managemet-company-will-not-provide-me-with-a-copy-of-my-owner-statement-how-can-i-attain-it/#post-4665565 Thu, 22 Mar 2012 05:30:52 +0000 Definitely go legal as this may be your only hope of recouping your lost monies! It’s vital you have good people on the ground when investing abroad.

]]> f0ca8b1797f7081543aab7bba24f4905 InvestorMick replied to the topic What is 'sales tax' paid by the tenant in the US? in the forum Help Needed! https://www.propertyinvesting.com/topic/4406115-what-is-sales-tax-paid-by-the-tenant-in-the-us/#post-4665763 Thu, 22 Mar 2012 05:27:12 +0000 Each US State has it’s own individual sales tax added to everything (similar to our GST but added on after the purchase) so I guess they add it to rent also!

]]> feedf60c30c3ceb8eac80cf06907d104 InvestorMick replied to the topic Building Duplex in Holroyd Council (out west in Sydney) in the forum Help Needed! https://www.propertyinvesting.com/topic/4406119-building-duplex-in-holroyd-council-out-west-in-sydney/#post-4665797 Thu, 22 Mar 2012 05:24:33 +0000 Go the big builder. We are just at the end of a project in the same Council area and it has been a bit of a nightmare to say the least. It has taken us 2 years and 2 months so far and we are maybe 1-2 months of finishing. PM me if you would like to discuss it further.

Mick

]]> a546484f99493a8b00d1984ba0ea6fde InvestorMick replied to the topic Finance on a block of 6 units on one title with residentail rates in the forum Finance https://www.propertyinvesting.com/topic/4405823-finance-on-a-block-of-6-units-on-one-title-with-residentail-rates/#post-4663454 Tue, 28 Feb 2012 07:23:26 +0000 Tracey,

They give us 70% on the block of units and 80% on all of our other properties. We deal with a Business Banker in Business Banking and she’s great. Threats to walk are always helpful I find!!!

]]> c4f94e503850b86fec7baa607d1b18f1 InvestorMick replied to the topic Cost of a tiler in the forum Value Adding https://www.propertyinvesting.com/topic/4405935-cost-of-a-tiler/#post-4664217 Tue, 28 Feb 2012 06:24:31 +0000 I believe about $33 per sq mt is average.

]]> 34f03d68f298cd9ef5d5395783133c5b InvestorMick replied to the topic Finance on a block of 6 units on one title with residentail rates in the forum Finance https://www.propertyinvesting.com/topic/4405823-finance-on-a-block-of-6-units-on-one-title-with-residentail-rates/#post-4663451 Tue, 28 Feb 2012 06:01:41 +0000 I’d be very careful with Bankwest as I know of a development that went bad after Bankwest called in the loan for no good reason and have sent the developers to the wall. Latest word is they are not alone and a class action has begun with a Senate Enquiry about to happen over what they have been doing!!! These people are well known to us and the…[Read more]

]]> 09f95e625cdcd5812fa0f42e2b7116b4 InvestorMick replied to the topic Finance on a block of 6 units on one title with residentail rates in the forum Finance https://www.propertyinvesting.com/topic/4405823-finance-on-a-block-of-6-units-on-one-title-with-residentail-rates/#post-4663450 Tue, 28 Feb 2012 05:57:19 +0000 We have a block of 7 units with ANZ on a residential rate (currently 6.36%). Got it by switching all our properties and loans from Westpac who wouldn’t budge but the normal rule is anything of 4 or more will be classed as commercial whether it’s residential or not. Try using the power of negotiation if you have other investments or home loans and…[Read more]

]]> d04b85dccaebfa67fe6c6373f8c3e7db InvestorMick replied to the topic CGT exempt rule - what happens if you move back in 2 months after the 6 years is up? in the forum First thing is first, you https://www.propertyinvesting.com/topic/4405956-cgt-exempt-rule-what-happens-if-you-move-back-in-2-months-after-the-6-years-is-up/#post-4664396 Mon, 27 Feb 2012 05:15:08 +0000 First thing is first, you will need to speak to your accountant for specifics but in reality I doubt you’ll be looking at paying $150k in tax. The way CGT works is that 50% of the CG will be exempt anyway as you’ve held it longer than 12months and the other 50% will simply be added to your income for the financial year it is sold and tax adjusted…[Read more]

]]> 081423fe16cf2f40be7a9916445d4786 InvestorMick replied to the topic Confused Australian property investor trying to sell a house in the USA in the forum Overseas Deals https://www.propertyinvesting.com/topic/4405943-confused-australian-property-investor-trying-to-sell-a-house-in-the-usa/#post-4664271 Sun, 26 Feb 2012 06:08:59 +0000 Hi, we’re moving to Phoenix in April but have numbers of contacts over there and could put you onto some realtor friends of ours. Private Post me if you’d like us to make contact on your behalf.

Mick
http://www.propertyinvestingusa.com

]]> c1c124e4230282b89e347a69d06eb0fa InvestorMick replied to the topic My Epiphany- Is it worth it? in the forum Help Needed! https://www.propertyinvesting.com/topic/4404980-my-epiphany-is-it-worth-it/#post-4657506 Thu, 27 Oct 2011 02:32:23 +0000 Jessica, as well as CGT there will be GST payable on the sale of the new properties. To offset that if you are registered for GST you can claim back all GST on payments made. You'll need to speak to your accountant about all this. Be prepared for lots of stretching on your investing journey!

]]> 5ba909a18aba104a43fe0b1198bf6924 InvestorMick replied to the topic US Property rip off. in the forum Overseas Deals https://www.propertyinvesting.com/topic/4404635-us-property-rip-off/#post-4655235 Tue, 13 Sep 2011 09:29:56 +0000 We’re Aussies and have just completed and sold our first “fix & flip” and let me say our rehab was not half hearted. A new roof, an addition (room) totally rebuilt, new doors and windows, new wiring and plumbing, new kitchen and bathrooms, new flooring throughout, new stucco (rendering) swimming pool restored, resurfaced, in short not much was not…[Read more]

]]> e0f41aa840746a0f167fb6e36230821f InvestorMick replied to the topic Should I set up a family trust in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4404597-should-i-set-up-a-family-trust/#post-4654934 Mon, 12 Sep 2011 11:20:46 +0000 Mark, we have a couple of different Trusts and they work really well for us. Before you get too far into it realise that in NSW and Victoria Trusts don’t have any Land Tax thresholds so IP’s owned by Trusts automatically incur land tax bills unless it is a Corporate Trust. Yhis is something we discovered after receiving our first $2.5k land tax…[Read more]

]]> cb38c8b5b2fd7d322dbe4ef495ed244a InvestorMick replied to the topic Foreign Income, Expense in Australian Tax ? in the forum Overseas Deals https://www.propertyinvesting.com/topic/4404621-foreign-income-expense-in-australian-tax/#post-4655167 Mon, 12 Sep 2011 10:33:00 +0000 Steve’s USA Power Pack contains some great information in regard to taxation but as always you need to discuss this with your accountant. Forget it being U.S. income, it’s just Foreign income and your accountant should be able to clarify this for you.

]]> b49d00270e5e4379868a776e52da2498 InvestorMick replied to the topic what is taxable income of family discretionary trust in the forum Again, check with your https://www.propertyinvesting.com/topic/4404437-what-is-taxable-income-of-family-discretionary-trust/#post-4653801 Fri, 12 Aug 2011 07:28:26 +0000 Again, check with your accountant as they are the tax experts! Trusts do not pay tax but all profits need to be distributed each year to the Trust’s beneficiaries and then they are liable for income tax on the amounts received. Put simply, any money given to the beneficiaries by the Trust is added to your income and then taxable at the applicable…[Read more]

]]> b3145b88c13881f59c2f1f238fdec1f3 InvestorMick replied to the topic How much worse can it get? in the forum General Property https://www.propertyinvesting.com/topic/4404407-how-much-worse-can-it-get/#post-4653535 Tue, 09 Aug 2011 01:07:47 +0000 I believe we will see an interest rate drop next month of at least .25% and another the month after. The RBA will finally see they have been living in lala land and maybe even Julia and Wayne will see our economy, the real economy (not resources) is in a very bad way. This being the case, over time people will feel freer to spend and things may…[Read more]

]]> ec3ec855deea911eadd20efafcd31dba InvestorMick replied to the topic Interest Rates In Limbo in the forum General Property https://www.propertyinvesting.com/topic/4404360-interest-rates-in-limbo/#post-4653278 Wed, 03 Aug 2011 08:55:14 +0000 I’m of the opinion the RBA raised rates too much too quickly. Remember pre GFC when the rest of the world were reducing rates our RB increased them again by .25%! I do agree it does leave us room to move if another crisis occurs but will our crisis, if one occurs, be because of all the uncertainty at home? Every month is the same, economists…[Read more]

]]> 432b75e55efdd30b2c0ea4b4b17cab72 InvestorMick replied to the topic Body Corporate want to charge me for their time... On going breach of rules... in the forum Help Needed! https://www.propertyinvesting.com/topic/4404182-body-corporate-want-to-charge-me-for-their-time-on-going-breach-of-rules/#post-4651514 Wed, 13 Jul 2011 07:43:11 +0000 Joe, how many units are in your block. If you have 3 and there are only 6 in the block you may be a quorum and you can threaten to change Strata managers. It’s unheard of to be charged for too many complaints, they get paid to manage the property already. Check Fair Trading in your State for Strata rules as you may be pleasantly surprised. Don’t…[Read more]

]]> 087894feba168b84f2d3aee974ce4027 InvestorMick replied to the topic Drainage on downwards sloping block in the forum Help Needed! https://www.propertyinvesting.com/topic/4404092-drainage-on-downwards-sloping-block/#post-4650924 Fri, 01 Jul 2011 07:36:06 +0000 We have just been doing a dual occupancy with this problem. The hydraulic engineer has designed a 17,600 lt tank system to deal with the water. It is costing around $15k to install. It was a bit of a process to get council approval but we did eventually get it.

Mick

]]> f9307b7edff0da83aaeff22e499d663a InvestorMick replied to the topic Useful Buffett Insight in the forum General Property https://www.propertyinvesting.com/topic/4402822-useful-buffett-insight/#post-4642154 Thu, 17 Feb 2011 06:39:17 +0000 Some interesting thoughts! Having just arrived back from 7 weeks in the USA and doing some property deals it is obvious that nothing is impossible. Most American home owners would not believe the bubble could burst up until the day it did. We asked people about this!
The major differences between us and the USA are the resources boom (I thank God…[Read more]

]]> f657ef9084ea9ba5d1842bd7b044f835 InvestorMick replied to the topic Bowen Basin QLD Mining Towns - Opinion on offer in the forum We've a couple of properties https://www.propertyinvesting.com/topic/4391824-bowen-basin-qld-mining-towns-opinion-on-offer/page/12/#post-4579858 Mon, 13 Apr 2009 01:52:19 +0000 We've a couple of properties in Dysart and one which has an inground pool is becoming vacant this week. BMA won't take leases on properties with pools so we've booked in to fill it in this weekend as it becomes vacant. Hopefully we can rent it out fairly quickly and possibly to BMA.Here's hoping!

]]> 927106e3fce61c34c930b85a2d9129e1 InvestorMick replied to the topic Capital Gains Tax & Positive Gearing.. in the forum Help Needed! https://www.propertyinvesting.com/topic/4395724-capital-gains-tax-positive-gearing/#post-4601079 Fri, 20 Mar 2009 09:33:13 +0000 Shel, your question re +geared compared to -geared and tax is simple. Do you invest to make money or lose it? If you lose you can save tax, if you make $ you will pay tax after deductions which can be many. To not want +geared property is craziness!

]]> a90fca755887914dd49e38a29698b1e4 InvestorMick replied to the topic Deposit or Deposit Guarantee in the forum Wow, $7,400 for a deposit https://www.propertyinvesting.com/topic/4395732-deposit-or-deposit-guarantee/#post-4601105 Fri, 20 Mar 2009 09:29:07 +0000 Wow, $7,400 for a deposit bond sounds incredibly expensive. We've used them numerous times in NSW and they were only hundreds of $ not 000's! Shop around and get some prices first and then make your decision, that's my advice!

]]> 9eb030b54496fd03eb76fe7e6fc24b6d InvestorMick replied to the topic Unprofessional bank in the forum Help Needed! https://www.propertyinvesting.com/topic/4395729-unprofessional-bank/#post-4601096 Fri, 20 Mar 2009 09:24:45 +0000 The late settlement is not that uncommon these days. Request to speak to whoever is the most senior person or at the top and refuse to speak to anyone else. Threaten to move banks and demand they pay the penalty. We've had this happen before and didn't have a problem getting them to pay it. It was another bank but I'm sure the Big 4 are all pretty…[Read more]

]]> b3298bb841af7931af0a121fc432c5c7 InvestorMick replied to the topic Buying Villa Unit with No Body Corporate in the forum Help Needed! https://www.propertyinvesting.com/topic/4395682-buying-villa-unit-with-no-body-corporate/#post-4600862 Sat, 14 Mar 2009 06:44:50 +0000 What do you mean by there is no Body Corporate in place, is there a Strata Manager and Strata fees to pay or not? Normally in Strata situations, a big part of the Strata fees are building insurance as the buildings are joined together, sinking fund covers things that were and/or get damaged in common areas, repainting of exterior doors, facias,…[Read more]

]]> 816fabfb63c7e1b9115cc6925be9e91e InvestorMick replied to the topic Property/ Investment "seminars" are for mugs in the forum Interesting Badger, last https://www.propertyinvesting.com/topic/4393369-property-investment-seminars-are-for-mugs/page/3/#post-4588325 Sun, 08 Mar 2009 03:39:43 +0000 Interesting Badger, last time I'll bother on this topic as it is meaningless. Keep knocking and we'll just keep on successfully investing and making the $'s.The saying is certainly true, "ignorance is bliss!"To any unsuspecting readers of the thread, do yourself a favour and get educated if you want to succeed purposefully rather than depend on…[Read more]

]]> f597ed8172a3239e69b115fbc97d84a1 InvestorMick replied to the topic Property/ Investment "seminars" are for mugs in the forum Badger, I wonder if you went https://www.propertyinvesting.com/topic/4393369-property-investment-seminars-are-for-mugs/page/3/#post-4588319 Sat, 07 Mar 2009 05:36:44 +0000 Badger,I wonder if you went to school and if you did, what for? If you have kids do you send them to school and if so, what for? To do a trade or become a professional, education is always part of the process. If all we need do is count on dumb luck we may as well take a loan of a couple of hundered thousand dollars and buy lotto tickets or go to…[Read more]

]]> 2976337a261efb917ca59742cff43047 InvestorMick replied to the topic Dymphna Boholt real estate investiment course in the forum Heads Up! https://www.propertyinvesting.com/topic/4394936-dymphna-boholt-real-estate-investiment-course/#post-4596687 Fri, 06 Mar 2009 08:07:36 +0000 Good advice Alistair. The RESULTS program is all about education so a person can go out and do their own deals anywhere and have someone you can bounce these deals off before committing. It's a great program that I'd recommend to anyone!

]]> 4886b0a4850b8e4be26584e86d8fa806 InvestorMick replied to the topic Property Options Seminars Mark Rolton and others. in the forum Did the course a few years https://www.propertyinvesting.com/topic/4395616-property-options-seminars-mark-rolton-and-others/#post-4600499 Fri, 06 Mar 2009 07:46:19 +0000 Did the course a few years ago but have done no options deals. At the time part of the process involved access to RPData which was too pricey and way beyond us. We have since gained access to it for NSW but use it for our property purchases, not options.

]]> 2f3c5b8791a062cbd1510ad67d07f0db InvestorMick replied to the topic Purchasing from a family member in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4395592-purchasing-from-a-family-member/#post-4600360 Thu, 05 Mar 2009 03:09:40 +0000 What Richard says above is correct, the only issue I could forsee in doing this though is if you came to some arrangement in this way you may save some Stamp Duty now but lose out down the track if you should sell it with Capital Gains Tax. Think through the whole process and plans and goals you have for this property before jumping into any decision.

]]> 202b683f2c8ab4c614ec479dcec2fb08 InvestorMick replied to the topic Both names on the mortgage and contract? in the forum Help Needed! https://www.propertyinvesting.com/topic/4395583-both-names-on-the-mortgage-and-contract/#post-4600312 Thu, 05 Mar 2009 03:04:53 +0000 Adam,If you're going to be living in this place for 5 years buy it in your names as GOM & Quickchick say above. Don't go Family Trust with it. Leave that for future IP you won't live in and ask you accountant to explain the Family Trust set up to you.Mick

]]> 3a57ce02b066deeda400907beea04faf InvestorMick replied to the topic Both names on the mortgage and contract? in the forum Help Needed! https://www.propertyinvesting.com/topic/4395583-both-names-on-the-mortgage-and-contract/#post-4600308 Wed, 04 Mar 2009 21:44:12 +0000 Adam, As you can see, opinions differ from person to person and that is why we suggest you find a good accountant. Be sure to interview them and find out thier specialty and certainly recommendations in this case are great. If you're going down the track of becoming an investor, start investing now by finding a good accountant. It will make life…[Read more]

]]> 547e46e5d5b829d30d57f6cffc300a25 InvestorMick replied to the topic Both names on the mortgage and contract? in the forum Help Needed! https://www.propertyinvesting.com/topic/4395583-both-names-on-the-mortgage-and-contract/#post-4600304 Wed, 04 Mar 2009 09:59:00 +0000 Adam,The property doesn't have to be in both names to get the laon in both names and you can also choose a % of ownership when in both names. Our first property was owned 95% in one name and 5% the other to help us with tax issues.My advice for you if you are going to be a successful PI is find a good accountant who is also an investor.Mick

]]> d4b14bc7d8ad3dd4b2e2d775bfbf9523 InvestorMick replied to the topic Land Tax in Victoria in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4395599-land-tax-in-victoria-3/#post-4600383 Wed, 04 Mar 2009 09:53:11 +0000 Re Land Tax, a lot depends on how you purchase, i.e. your own name, Family Trust, Company? I can tell you Land Tax is paid annually, billed to whoever owns the property on Dec. 31st each year. It is fully tax deductible as are any expenses relating to a rental property. Victoria has a Land Tax free threshold of $250,000 for personal owners. Go to…[Read more]

]]> 388bc976f856a4a78dd29137d70ae362 InvestorMick replied to the topic Both names on the mortgage and contract? in the forum Help Needed! https://www.propertyinvesting.com/topic/4395583-both-names-on-the-mortgage-and-contract/#post-4600302 Wed, 04 Mar 2009 09:35:08 +0000 Hi Adam,Some things to think about re family trusts. If you purchase in NSW or Victoria you will definitely incur Land Tax as Trusts do not attract the under $ exemption. This could cost you $000's per annum, not to mention what your accountant will charge to do your annual return. We pay approx. $2,500 per annum for ours and personal returns x2…[Read more]

]]> 14eefd803f57c71e8e87407be965e8fe InvestorMick replied to the topic Bowen Basin QLD Mining Towns - Opinion on offer in the forum As a property owner in https://www.propertyinvesting.com/topic/4391824-bowen-basin-qld-mining-towns-opinion-on-offer/page/12/#post-4579843 Wed, 04 Mar 2009 09:21:46 +0000 As a property owner in Dysart (of 3 rentals) I believe the housing price decrease has much more to do with the ex housing commission homes flooding onto the market at just the same time as the "Global Financial Crisis" began to affect mining stocks and bringing on a lot of fear. Our experience is that companies like BMA are snapping up rentals…[Read more]

]]> 67a0f603821ee07e172a4714fbdc4dbc InvestorMick replied to the topic Where to become educated? in the forum I would strongly suggest you https://www.propertyinvesting.com/topic/4393760-where-to-become-educated/#post-4590440 Sun, 20 Jul 2008 11:13:08 +0000 I would strongly suggest you commence by buying Steve McKnight's book, From 0-260 Properties in 7 Years. You'll learn stack from it and I'm sure get some good direction for around $30-40. As others have said, you do need to get out there and start buying but beware, lots of people have bought dud deals so education is important. Not everyone is…[Read more]

]]> 037f1f0af5140aa2b37f8b0224bdf5ed InvestorMick replied to the topic Freehold to strata. What costs re fireproofing, legal, council? Experiences in changing from units on 1 title to strata? in the forum Help Needed! https://www.propertyinvesting.com/topic/4393795-freehold-to-strata-what-costs-re-fireproofing-legal-council-experiences-in-changing-from-units-on-1-title-to-strata/#post-4590705 Sun, 20 Jul 2008 10:38:49 +0000 Jason, we're currently doing due dilligence on a possible deal of 8x 2br units. Fire will include hardwired smoke detectors to all units and interior brick walls need to go all the way up to roof. We've discovered section 94 fees will need to be paid on each unit, some $8k each, that's $64k on the deal we're looking at, plus the costs of surveyor,…[Read more]

]]> 907ce7dc8a53fb999b5187e949cbcbbe InvestorMick replied to the topic Good Depreciation Schedule in the forum Legal & Accounting https://www.propertyinvesting.com/topic/4393572-good-depreciation-schedule/#post-4589448 Mon, 07 Jul 2008 11:35:05 +0000 We use Depreciators everytime and find them to be great. Easy to work with, reasonable cost and increases our % return.Mick

]]>