Patrick,

Melbear is our resident expert on buying OTP’s- she has a heap of them. I am sure you could ask her anything you’d like to know and she’d help out. she’s on holidays in the wilderness now though

kay henry

Actually, kp, I get more back in the lower tax brackets, not less.

kay henry

Naaa Simon, not good news for me personally, but it might be good news for newer investors. Thanks for the info

kay henry

john howard,

From this thread, I can’t remember that the woman laid any story on Russ. She was just a woman who was selling her house. I don’t think she was asking for a favour from any stranger. Everyone lives differently.

kay henry

Positivecashflow,

No. If you can reduce your taxable income by a great number of tax deductions, then you move down to pay less tax percentage. Depending on your income, you only need to reduce your income by a few tens of thousands, to change brackets. Depending on how you structure your finances, you can pay very little tax at all.

kay henry

Chan,

The thing about a democracy is we’re entitled to vote. You came from a country where you weren’t able to vote. At least in Australia, we’re able to vote out one group of dictators- even if another lot of dictators take their place. It’s a pity people feel so disenfranchised about voting. It’s one of the best things about a democracy. Why do…[Read more]

Gats,

I’ll be watching it this week. Did you see Bowling for Columbine? It had a big impact too, but I think Farenheit 9/11 will have more of an impact because of the election and the war on Iraq. Bush’s spin doctors have been out though, hacking the doco to pieces already. Guess that’s a good sign- means they’re scared.

kay henry

So Simon, an investor could have purchased 2, or 5 or 10 IP’s and still get the FHOG?

kay henry

Simon, Ihad no clue that you could buy an IP and claim the FHOG- at any time. Have the rules changed? Doesn;t that change the intention of the FHOG? To give a grant to people who have not had an IP or PPOR at all?

kay henry

weswomack,

When Steve and Dave bought some of their places- the wrap ones, it is the buyer who came up with the deposit- and that might have come from their first home owner’s grant. So it meant that the wrapper didn’t have to really have their own money- the wrappee puts it up. With this method, you won’t own the house- the wrappee does. They…[Read more]

I only wish that was the case, matthew. When my partner and I bought our first IP’s, that knocked out our opportunity to get the FHOG. Had we known that then, we might have made different choices. But IP’s have their own benefits anyway, which probably make up for the FHOG, so no point crying over spilt milk

Here’s the info from the fhog…[Read more]

Matthew,

I’m not a mortgage broker, but I can answer you pretty simply anyway. Seeing that you already have a place- even if it’s an IP, then you are not entitled to the FHG. So your friend can purchase in her own name, but if yours is on the loan, forget it.

kay henry

yes positivecashflow, some people do offer assistance without any ulterior motive- of course they do And some people have an ulterior motive.

kay henry

Heya hector I am not Steve, but I’ll add some of my own opinions

Remember that Steve bought in a much flatter market and prices have risen since then. We could have all focussed on one market then and made heaps of cash, because the market was flat. You could still focus on one market now- for example, I was just looking at Mt Isa on…[Read more]

John,

I’m wondering what your situation is. Have you been involved in RE and have decided to cash in and put your money elsewhere (ie shares)? Have you not been involved in property? Knowing where you’re coming from makes it easier to understand your perspectives.

I agree with westan’s ideas on how to keep abreast when property might be facing a…[Read more]

Melissah,

For 4k, you could put down a 10% deposit on a 28k house- so that’s 2800 gone, and then you have 1200 for legals etc. It would be a tight call, and you’d have to think about insurance costs etc etc etc.

Not sure that 4k is really enough to get into property investing, but others might have different ideas.

kay henry

No holidays for me- boohoo! So we gain a forum members back (welcome back Simon!) and lose one (awww, melbear!)

Melbear- where are you going down south? God, I love that area. Was going to buy a place in Kings Point a number of years ago, Mel- check it out if you’re around there- it’s a lovely area on a lake. $125k for a new house back then- I…[Read more]

Just a thought about Mt. Isa… if all the investors from here and somersoft have long been buying up or checking out Mt Isa, then wouldn’t it all be sold up, or the only places remaining be dogs? I ask this because Mt Isa is so often mentioned, but it can’t be a bottomless well of properties. It’s tiny (a population between 20,000 and 26,000-…[Read more]

chrisrenee,

Make manila folders your friend. I have a few folders- one for the property (where i keep all statements from the property management- you SURE you don’t want to get a property manager?) and any receipts related to the property, including building and pest reports, QS reports etc. I have a manila folder called “Tax 2003-2004” where I…[Read more]

chrisrenee,

Take along any receipts or bills you have related to the property. Teeeeeell me you have a property manager and a RE agent looking after the place for you. They will or should have provided you with a balance sheet, showing all expenses occurred and income received for your IP- a profit and loss statement basically. Also, take along…[Read more]