Forum Replies Created
We’re just about to start a total reno on a bathroom in Melbourne – and wondering if anyone can suggest any good (but reasonably priced) tradies out there – tilers, plumbers, electricians, etc (any or all would be wonderful!). We’re actually going to be renovating the entire unit – so would love recommendations for anything (builders, cabinet makers, painters, etc) – but the bathroom by far will be the most difficult. The unit is in Ormond.
Thanks for the help!
Cheers,
JenI am certainly no expert whatsoever on trusts, but from my understanding, using a Hybrid Trust structure (often with a company as the trustee) to purchase your negatively geared investments will allow you to use that negative gearing against your personal income.
Cheers,
JenHi NSeller,
Definitly get a Depreciation Schedule done!!! Especially with it being a brand new property. We get just as much back in tax from the depreciation of our unit (for the first few years at least) as we do on the interest we pay on the loan!
“The Depreciator” (on this site) – Scott – is very helpful, very fairly priced, and they do a great job. I think their website is http://www.depreciator.com.au
Also, if it’s not already, you may want to change your loan to Interest Only (rather than Principle and Interest), you can free up a lot more cash that way to invest in more property!
Cheers,
JenHi Emily,
I don’t know much about Dubbo except that I’ve driven through there around 8 times in the past 4 years, on our bi-yearly Melbourne – Townsville Uni drives. I would do some hard research on Dubbo if you are considering investing there, there really isn’t much there at all – although we do often stop for petrol, but usually can’t even find a decent spot for lunch there.
Good luck, and cheers!
JenD
Hi Terryw,
Thanks for your help, just wondering if you were able to find one of these law sites?
Cheers,
JenD
Hi Fun,
I’m not sure what your situation is, but I was able to purchase a property (just recently) with my Defacto-spouse, even though I was only on a bridging Visa, as non-residents can purchase a property with their spouses (defacto or married).
Cheers,
JenPosted – 16/06/2005 : 17:03:14
I feel I have to say something from a parent’s point of view. Have you considered that your parents may not be exactly thrilled to have you and your partner living with you? They ,too are making sacrifices to help you achieve your ambitions. Young people so often think they are doing the oldies a favour by inflicting themselves on their parents whereas in fact we parents also value our own peace and freedom and privacy. If you value your independence and privacy so much– well get going and make it on your own as so many of we Oldies have done. A little bit of understanding for your parents’ feelings would not go amiss.Hi Magellan,
I only wish my partner’s parents felt the way you do, because the sole reason my partner and I are still living in his parent’s home is because of guilt. While it has given us a great opportunity to save up money to purchase our first property, I would give it up in a second to have the freedom to live by ourselves without the guilt trip that is placed on me everytime I suggest we move out (even if for only a month). My partner’s parents live on a farm and therefore need him there to help when he isn’t working (he works all the time, so hardly ever) and so now need me there to help and keep his mother company because his father is a truch driver who works 3-day straight shifts. I’m not judging them, as I can understand their reasons, but I wish parents would not ever guilt trip their grown children to remain at home (particularly when there’s spouses involved!), for everyone’s benefit.
Cheers,
JenHi Terry, Zenergy
Thank you! Do you know if the same thing also applies to a “foundation”? And if so, can you recommend someone to help us set this up (or for a charity?)?
I appreciate your help so much!
Cheers,
JenHi JO,
Thank you so much for the offer, but I don’t see an email through web link below, but I did PM you, hope to hear from you soon.
Cheers,
JenHi JO,
I can say that my partner and I are in almost EXACTLY the same situation as you (except we’re living with his parents, possible worse[blink]),
I’m also 26, and if possible, I would say that if you’re interested in property investing to stay with your parents for as long as you can in the short term.
By staying with my partner’s parents, we were able to save enough (taking each week’s rent we would have paid for renting and putting it aside) towards buying our first investment property – it settled on the 2nd of June (yay!!)- and has tenants in it until December 2005 – so we were still able to use the FHOG ($12,000 in Victoria) because we will move into it for at least 6 months in December.
My partner works full-time and I can’t work for VISA reasons, so I spend alot of my time with his parents – and we’re living in a rural area (I’m from Chicago!!) – so this has been extremely difficult for us (me!!), but I have a huge passion for property, so I’m willing to sacrifice now for our future.
All I can say, is that being in a similar situation as yours, stay with you parents and save that money you would have spent on rent to buy an investment property if that’s your passion. If it’s not your passion, get out as soon as you can or you will going nearly as crazy as I am lately!!
Cheers,
JenThanks Mortgage Advisor,
You back up what the agents have told me so far, but another clueless question – how do you do a title search from the Land Titles Office? i.e. how/who/where do you contact them?
Cheers,
JenHi all,
How can you contact the vendor directly when you are seeing the property though an agent – will the agent give you the vendor’s details directly- i always thought they couldn’t give the vendors details by law until a contract was signed?
Still Clueless!!
JenHi all,
My partner and I currently live in Mickleham (soon to change) but just bought our first investment property in South Melbourne, and would love to attend one of these property investment meetings, either in the Sth East Melb suburbs, or anywhere else in the Melbourne area (if they exist). Any information on these meetings would be much appreciated!!
Cheers,
JenThanks for all the help!!
Am I right in assuming then that: I can use the FHOG to purchase a property, (rent it out for the first 6 months, live in it the follow 6 months or longer) and initially be able to consider it an investment property – i.e. if settlement occurs before June 30th of this year, we can claim those deductions I previously talked about on this tax return?
Cheers, Jen
Thanks for all the answers!!
I have now fully read the http://www.consumer.vic.gov.au website (thanks Derick), so with that in mind, am I correct in saying:
1. The real estate agent must submit our offer in writing to the vendor, regardless of what (if any) initial deposit we decide to pay?
2. We can choose not to pay the “balance of the deposit (10%)” until settlement – and negotiate with the sellers on that if necessary?
Thanks so much for your help so far!
Cheers,
JenIs it possible that the 10% deposit is the real estate agents’ policy, or are they just trying to bluff us?
Also, they told me on our original offer, that in order to submit our offer in writing (rather than a verbal offer – i.e. BEFORE the offer was even submitted in writing) it was their policy that we must give them that 1% deposit check (which we agreed would be our original deposit)- generally do you have to give your intial deposit before the vendor accepts the offer – it seems like a waste of a check if the vendor rejects your offer – as happened with us.
By the way, this is all dealing with “MICM” in Melbourne if this helps.
Cheers,
JenThanks Derek,
Do you know if that also applies to depreciation of the property?
Cheers,
JenI’m curious, what is the 6 year CGT exemption – is that only for ppor?
Cheers,
JenDHi Rob,
Here are the answers to your questions:
I am looking at buying an investment property in a rural area of Victoria or South Australia or North Queensland (this is where I have found some positive cashflow areas that have met my criteria of +10% yield)
I am based right now in Mickleham, VIC – which is about 10km from Melbourne Airport, and I used to live in Townsville, QLD.
I am currently studying for my MBA -Master of Business Administration – specialising in Change Management and Organisation Development; and Human Resourses and Employee Development – if anyone is looking for a Graduate in any areas similar to these (or Property Investment) I am a prime candidate.
Thank you for your help,
Cheers,
JenThank you Dan,
Maybe you (or someone else) can help me with some more questions – I am considered a “Resident for Tax Purposes” in Australia because I have been living here since 1999. (I also obviously pay taxes in the USA as I am a citizen)
Also, I am considered to be in a “defacto relationship” since I have been with my boyfriend since 2000 (he’s an Aussie citizen who doesn’t have much money, but a very steady income – he’s a pharmacist) – and luckily loves me enough to trust my judgement (many people think I’m nuts wanting to invest in propery for a positive cashflow, not for appreciation) – could I make him a part of a company that I could own to invest in property with?
Thanks for any advice!
Cheers,
Jen
