Thanks Simon[]

Also, if you are going to do a reno yourself, get a QS in before, as well as after!!

Why? Because they will put a value on the carpets, curtains etc. etc. that you are ripping out. Then you can claim that entire balance in this year, because they are now ‘dead’.

Cheers
Mel

In the property I bought between Brisbane and Gold Coast in 1994 (two tier marketed big time!!), we paid $112K, and the ‘agent’ or company that signed us up was paid $10K.

That’s the sort of commission that I recently paid on a $390K selling price.

Cheers
Mel

Kiyosaki’s assertion that the stock market will crash is based on the fact that in America, when they hit retirement age (I think 65) they MUST start withdrawing their super/IRA/401k. They cannot leave the money invested and live off the earnings.

So, if x million people start selling the shares, and keep doing it over a long period, there’s…[Read more]

I wanna thank Muppet, cos he makes me laugh as much as Guru and Arty and Pinky.

Plus, he’s got awesome info on New Zealand, and he said that he and Westan look like Santa![]

Cheers
Mel

If you have no cash I don’t know what the rock would look like!!!

Don’t you earn some massive salary (anything over $60K to me is massive[]). You could always spend less than you earn!!!!![]

If you’re talking spending cash, then I wouldn’t refinance at all, but if you’re talking investing cash, then I would be looking at getting an LOC against…[Read more]

Get a Quantity Surveyor who will value all for you. Best way to do it. It’s very kind of the vendor to create all those extra tax benefits for you – just don’t tell him/her or they might up the price!!![]

Cheers
Mel

If your trust deed is written well, any company that any of the primary beneficiaries are directors of are also beneficiaries of the trust. It doesn’t have to be the trustee company.

Check out Dale GG’s manuals on Trusts. A must read.

Cheers
Mel

Bear, I think it’s worth it to either travel, or correspond via email/fax/phone.

There are quite a few people that travel long distances to see Dale.

Cheers
Mel

Tell the agents to put it to the vendor, and let the solicitors decide the insurance issue.

Lozza, are you talking about you being able to build the carport pre settlement, or subject to the council allowing you to build it?

See if your solicitor can word it such that you’re able to build it, but that the vendor’s aren’t 100% on what you want to…[Read more]

Guys, you’re focussing too much on this land tax issue.

What I’m focussing on is being able to distribute the income to where it can have the most benefit in my family, and be taxed the least!! You cannot do this when owning in your own name. If you save $5K in land tax, but have to pay $10K in income tax cos they are earning so much money,…[Read more]

1) Will exchange contracts in next couple of weeks.
2) $175,000 (commercial office)
3) Buy and hold, will possibly use some area myself at a later date.
4) $377
5) Not 100% yet.

Cheers
Mel

Hi rolonation

I would dispute that the main process in the books is wraps. It is a big part, but there are still examples of renos, buy and holds, etc. etc.

In WA, to do a ‘wrap’ you need to get a credit provider’s licence – cost couple of hundred, time frame, couple (or more) of weeks. I don’t think it’s too hard, but it’s ‘one more hoop’ to…[Read more]

Shaun, sounds like a reasonable plan, as long as you do not spend any of the money on non investment things. Put all money pulled in from refinance in LOC on PPOR.

If your accountant calls you a tosser, move on, there are plenty of them around.

Cheers
Mel

Shaun, don’t focus so much on individual properties. Look at the overall portfolio!

If you refinance your PPOR, then use all of that money to buy +ve properties. Then you may have some -ve properties, and some +ve properties, but when you add them all together, you should come out +ve.

I’ve got some of each, and don’t worry particularly about…[Read more]

Kat, when getting second mortgages on my properties, I have not been charged a higher interest rate, so it’s not been a problem in getting that second loan.

Getting the bank to release that security costs money anyway, so there may not be that much of a saving by cross collateralising. It also ties you to that one bank, whereas if you got the…[Read more]

jm, there have been heaps of discussions on rental managers, and fees etc. If you have a look using the search function you’ll get some excellent advice, including some questions to ask your proposed property manager.

As for the renos prior to settlement, if you have a contract, you can enforce settlement. Make sure that part of the contract…[Read more]

Julian, that’s good news about the growth. Well done.

I own 8 properties at the moment (only 1 in my name, all others are joint ownership), and our family trust has 2 under contract – completion 2006, value increased by $60K each since purchased []. Also purchasing an office, and a place in regional NSW in the trust – settlement probably in…[Read more]

It’s just a recommendation from the RBA, and they don’t make the laws.

I can’t see the rules being changed.

Shaun, remember that you cannot refinance the IP to pay our your PPOR loan unless that loan was for investment purposes!!! I can’t remember if it was or not.

Nowhere in my post was I suggesting negative gearing. My post was discussing…[Read more]

Hi Julian

Well done on your two properties. [] I bought one and a half when I was 19 (two tier marketed, but offset by buying Grandad’s half of his house with Grandma) and I thought I’d done really well. You’ve exceeded that though.

I’m guessing that you have a full time job and can afford and qualify for loans etc. My advice is to not get so…[Read more]

Alexander, easiest way is to click on the Search button and type in your query.

But, as it’s easy

Take the rent, say $120 pw. Divide b 2 = $60. Multiply by 1000 = $60,000.

$60K is the price you’d want to purchase the property renting at $120pw for. Alternatively, if you bought a $60K property, you’d want it to rent for $120pw.

This is a…[Read more]