sunnythakkar_2005 wrote:
hi JacM i live in Homebush, NSW. Please let me know if you know anyone

Thanks

Hi Sunny

I don't know of anyone specific, but there are loads of NSW investors on these forums, and I know there are catchups because I've seen them mentioned on the forums.  If nobody jumps onto this thread to let you know about an…[Read more]

Terryw wrote:

Hi  JacM

Can I ask what you pay for the SMSF tax return and auditing?
(I am just about to set up a tax agent business).

Thanks

Hi Terry,

Sure no worries.  My accountant had of course let me know that the cost would be dependant upon complexity of the tax return and how good my record keeping was, and given me a ballpark…[Read more]

Terryw wrote:
Yes, it may be a good idea to do in your SMSF. Seek professional advice as things are tricky.

e.g. The SMSF must pay for all expenses. If you pay yourself then it could be deemed a contribution to the fund and this could result in you contributing too much for the year and the fund attacting penalty tax – excess contributions can…[Read more]

Good to know Terry, cheers!  The whole SMSF buying property thing is still sufficiently new that trusted professionals in the know are not falling from the sky.  I love your post, a lot!  It makes me very very pleased and thinking about an imminent reno!

The finished product didn't need to be awesome… it just needed to be cupboard doors that were paintable.  Perhaps one day I shall have a go at it !

Awesome, best of luck!  No emotional decisions, now!  Keep your business hat on.  It's all about the numbers!

OK I'm going to say it out loud.  I contemplated making my own replacement kitchen cupboard doors.  By removing the existing doors and tracing around them with MDF or something for the new doors.  I didn't ponder it for too long as I soon realised the dwelling needed a full reno anyhow so I did a full gutting and reno.  I will be interested to see…[Read more]

Further you need to be careful not to appear as though the fund is trading in property (ie deliberately doing buy, reno, sell, and repeat).  Perhaps acquire something, hang onto it for 18mths or so, then reno and sell…

Crows wrote:
Thanks for all your replies really appreciate it…Ive managed to find a few neutral properties and a couple of positive ones the cash flow being a cuppla thousand dollars per year…arent I better sticking my money in the bank for a better return? seriously this is the part Im having trouble with…..or is the idea of paying the…[Read more]

Crows wrote:
Thanks JacM, when you say slightly negative gear is that by you throwing cash at it or 100% financed.
I like your thinking though?

I've got properties in both camps.  One I put up the 20% deposit and stamp duty and forked out for a reno to force it into positive cashflow terrain, and another that I didn't pay a cent to buy as I…[Read more]

The cost of entry to the tip (aka refuse facility) has gone up (apparently it has doubled) in my investment zone.  Perhaps this will result in people dumping their rubbish on the roadside instead.  Yay.

The council rates notices arrived with a statement printed on them blaming the increase in council rates on the garbage collection cost, and in…[Read more]

Ahhhhh roger that

Scott No Mates wrote:
At what price – peace of mind for knowing that your repayments aren't going to escalate or drop.

Exactly. Sometimes you need to take the "don't be greedy" approach and say "I'm happy with that, and need to know my forthcoming payment obligations.  Sure it might go down, but if it goes up it'll bury me, so lock it in…[Read more]

Oooooh very excellent post insanowayno.  Thanks for sharing!

Thought I'd point out that DWolfe actually runs a staging business (in VIC) that fits your requirement perfectly.  Why bother reinventing hte wheel when you can wheel someone in that knows exactly what they are doing for your market sector.  Why not get in touch with her 

Oops just saw that you are in Brisbane Ben.  For some reason I couldn't…[Read more]

Just out of interest, why are you guys referring to a figure of $100k+ ?  My understanding is the minimum investment is $10k, not $100k…

It is completely investing related.  It resembles what you like to do with your spare time, spending the money your tenants provided

Hi Ella, don't try to untangle the web yourself, get Richard to help you.  He's a gem

I don't see it as optional, I see it as essential.  A tenant can do $40k worth of damage without even breaking a sweat.  Do you have a spare $40k lying around to fix the place up if that occurs?  Probably not, so you need insurance.  AAMI is my first choice.  Make sure you get building insurance, some contents insurance to cover the floorcoverings…[Read more]

I found it easier to use an insurance broker to find the most appropriate insurance for my circumstance. I used XLife, and they sorted out a policy with Macquarie for me.  The cool thing about the policy was the ability to insure my OWN occupation in the event of total & permanent disablity.  I don't want a situation where for instance I am…[Read more]