Hi Mikki, We rented a little cottage near the beach at Moffat Beach in Qld ‘fully furnished’ – we bought it that way – the old owners ‘walked out’ and left it ‘as is’ and that’s the way we ‘holiday rented’ it initially, then rented it ‘permanently’ ‘as is’ too.
We haven’t had any problems so far…but our first 6 month rental is just about to…[Read more]
chandara, as far as I know, if you only have ONE ‘PPOR’, you can rent it out for up to 6 years, and if you sell, it is CGT free.
check with the tax office about how you maintain the rented property as your ‘ppor’ – do you still have to be enrolled for voting there? divert your mail from there? dunno. maybe someone else in here will know?
[Terry W and Chandara, thanks for the advice. K.
Just one month ago we have moved from our PPOR and rented a couple suburb away. Therefore, we turn our PPOR into an IP. The tax dept also asked us to get a professional valuation to value the property for base value due to cap gained in the past. I am very happy with the price…[Read more]
Hi Comdom, this is our ‘old’ ppor, we have a new one, the six year rule won’t apply to us – we can rent out our ppor for up to 6 years and still sell capital gains tax free – AS LONG AS WE ARE NOT MAINTAINING ANOTHER PPOR – and in our case, we are.
SO, the cheapest and easiest way to ‘lock in’ the capital gain that occurred while it was our…[Read more]
Thanks David U. I did give him the prices of a few houses near us, but not in writing with all the details, as you’ve suggested.
I forgot to mention the vacant block across the road – just forgot – HELLO!!! I hear you say!
I will do as you suggested and I guess I must just pay full price for a second opinion.
(It takes me TWO DAYS to earn…[Read more]
HI BC, I’d be delighted with this valuation! It would be in my favour by a mile. I don’t think my partner would accept it though and I’m afraid I wouldn’t blame him!
I know if we sold the property, we would get $500,000 today and probably $600,000 if we wanted to hold out – but we wouldn’t sell it for that anyway, it will continue to appreciate…[Read more]
Hi Tas INvestor, good luck with the property. I don’t know the ‘custom’ in Tas, but in north side brisbane, it’s quite ‘normal’ NOT to have to pay for ANY advertising up front. The agent takes it out of their standard REIQ commission. (I personally have never ‘negotiated’ less commission than this but I definitely would refuse to pay any…[Read more]
HI, I read something about how it was then in the paper, I think on the weekend, sat’s courier mail (brisbane)..but…you could ring the tax office and ask, or your local MP and see if they have any research on how it was then…
you could also try a library?
but from what I remember reading, what you say is correct, you could still offset…[Read more]
Hi Scott, you sound like you have it sorted and I am really happy for you. We have another friend who buys with his parents and it works for them (but they are not ‘cheap’ and he isn’t either…)
And you’re right, I should have INSISTED in talking about things with dad FIRST – he just thought I would do what HE wanted, which is the way it had…[Read more]
HATE to be negative, mate, but DON’T DO IT!
Find a house you can buy YOURSELF! I KNOW it is really really scary, and what if you lost your job and what if…etc etc…BUT, there is NO way not to end up in arguments, him with ‘control’ over you, and unless you are a super docile daughter, DON’T DO It!
Take it from one who was BURNT!
Go out on a…[Read more]
HI Banner, we wanted to sell a house in Carina in Brisbane, the agents said we couldn’t expect $150,000 for it…it was a solid 3 brm home, but very daggy…we wanted $180,000…we decided to ‘do it up a bit’ and go for the $180,000, our gut feel as to what it was worth…we spent $13,000 and lots of hours (around our current jobs)…over 8…[Read more]
(PS don’t know the Cronulla market at all, but I know Cairns a little, high turnover of population, property managing agents generally slack, mildew a problem, shonky workmanship on houses a problem, a long long long way away from cronulla…but a good excuse to visit Cairns?
if it was me, if i could afford it, i would go…[Read more]
hi Maximus, I’m no expert, but I’d hang on to it too. Sounds a nice little spot and a nice little earner, nice place to visit when you’re old and it’s all paid off, hang on to it! Kooringal
HI Rocky 2002 where did you buy? I have the same dream (my husband doesn’t, but he’s being talked around, I hope…), and we recently bought in caloundra. from what i saw of units, and prices, ALL is seriously negatively geared.
I think what you have done is fine, not from an investment point of view, but from a lifestyle point of view.
caz, hang on to it, luv. enjoy your baby and hang on to that property. it is security for the future. a passive income in the future. a roof over your head in the future should ever you need one. make the repayments by hell or high water. don’t jeopardise YOUR financial future by being altruistic, ie thinking of your partner and your…[Read more]
Hi PG WA, as usual, this site blows me away with the wisdom and generosity of spirit of the contributors. They are giving really good advice I think.
I think you have to give 2 months notice anyway for the rent increase to take effect…we do here in QLd I’ve just found out…?
I think the best advice is to go and see her, have a chat, tell her…[Read more]
Katsu, as Margaret Lomas would say, don’t just think of today, think of tomorrow. If the investment property will be paid off or positively geared within a short time, maybe it should go in your name, so you will effectively be ‘income splitting’, ie not all income will be earned in name of high income earner. We should have done this with one…[Read more]
brendan, do whatever it takes, but my tip is NOT to sell the unit, do whatever it takes to hang on to it. I don’t know where you could buy anywhere else so nice so cheaply, and it will be passive income in years to come and the area will appreciate. Put that unit in your back pocket and don’t touch it.
Re mum, see how it all goes. Can you put…[Read more]
Hey bruce, you sound like a bit of a cranky buggar! sometimes we THINK we know what we are doing, but it’s nice to run it by others and there are lots out there with some really good ideas/tips. we’re not all greedy. we like to provide for our future and we like other people to be providing for theirs too – then we’ll all have less tax to pay…[Read more]
Hi there, I love Wellie Pt but I don’t like the sound of that house at all. Did you buy or let it go or are you still negotiating? GO LOW!
It is true termites are ‘everywhere’ in Qld, but NOT in the structure of brick houses you pay $270,000 for and rent at a loss.
NO NO NO
Don’t listen to the pest inspector. He wants you to spend $2500 on…[Read more]
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