To turn it into a rental property is easy. Just start renting it out and keeping records.

If you renovate whilst you are living there you will not get any tax relief. When you sell the renovations costs may be used to offset CGT – if any. This is your home so will be CGT exempt for up to 6 years tenancy period.

Cheers,

Simon…[Read more]

Originally posted by raliruss:
I TOTALLY agree with you were do these people get off. It is a fact of life that money makes the world go around . I have an Omegatrend business and I get paid for paying my bills,I also get paid to have a mortgage on my investment property(nice). I refer the savings to you and then you get paid for paying your bills…[Read more]

Originally posted by philj:
My company recently held the cleaning contract for defence homes and during this process I found out: management fees are 8%, homes are kept for 10 years then handed back after a full refurishment at no cost to the owner. Rentals are above the market average. I think this is potentially a good 10 year investment for…[Read more]

Point taken – sorry to jump to that conclusion [blush2]

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Originally posted by Wylie:
We have a separate loan which we use if we need to top up our repayments on our negatively geared last purchase. Our broker said many clients do claim the interest. Our accountant said not to take the risk.

Wylie.

Your broker should not have given any advice let alone advise you to commit tax fraud.

Just because…[Read more]

Originally posted by crusher:

By the way, how do you get the ‘originally posted by box to appear’ when replying to a specific post.

Todd,

Go to the bottom right corner of the post you wish to quote in your post – as I have done with yours above.

Select the quotation marks ” button.

Go from there.

What is best if if you delete out everything…[Read more]

Originally posted by brahms:
isn’t michael76 one of jarrah’s alter ego’s? and therefore should be ignored.

cheers

brahms
Purveyor of Fine Finances
aka Mortgage Broker Brisbane

Lighten up Brahms – these posts don’t do you any credit. You have a lot to give the forum so why not do so?

I checked IP addresses and they are certainly not coming…[Read more]

http://www.strategicwealthmanagement.com.au

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Adrian,

I have some honest labouring I need doing in Newcastle – probably a weekends work and I can put you up here too.

Be great if you had your own jackhammer too….

Cheers,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.au
0425 228 985

Comments may not be relevant to…[Read more]

Just renovate the empty ones and then get the higher rent. Renovate the others as they come empty then get higher rent.

Offer the tenants on low rent the opportunity to move into a renovated unit at market rent or stay where they are. If they take it good – if not renovate after they leave.

In NSW you must honour the existing lease as far as I…[Read more]

There is not much you can do and I question the value of chasing him through the legal system for the money.

Sometimes it is worth cutting your losses and moving on.

Lets look at how this happened.

Seems to me regular inspections would have made a big difference. If this had been picked up earlier and at a time when he wasn’t planning on…[Read more]

As a result, the Sydney house is not exempt for the period it was used to produce income that exceeds the six-year period; that is, one year.

That is an excerpt from a long explanation found at:

http://ato.gov.au/individuals/content.asp?doc=/content/36887.htm

I am convinced you are only liable for the period exceeding the 6 years.

My…[Read more]

As soon as you have 5% in savings or equity growth you can go again (plus closing costs).

One idea might be to approach a lender with a history of strong vals – get it revalued and if the equity has “appeared” move the loan immediately and take a new one as well.

The more property you own before the next boom the bigger the effect! That how I…[Read more]

Originally posted by adl_cat:
Note – I am seeking other expert advice (expat specialists this time), as the ATO web-site contradicts the accountants advice. In addition, I have received other advice which suggests I should keep renting the property. It certainly is not clear to me…[Read more]

Yes.

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Originally posted by servant: most managed funds have an entry fee of 4%. so if you put $10,000 in a fund they’d take 4% of that ($400) straight off the bat.

That is true, however a discount broker will allow you entry with a 0% upfront fee. No catches.

Mine has been doing it for years.

Cheers,

Simon Macks
Residential and Commercial…[Read more]

Originally posted by pipelinebuilder:
simon a mix of income streams

That is facinating – thanks mate.

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation…[Read more]

Originally posted by Glennw:
You may not have to pay CGT as you could elect to have the Australia Property as your Principal Place of Residence. This depends on your circumstances whilst overseas.

Glenn,

This is what we have been discussing. Can you add anything else to the posts above?

Cheers,

Simon Macks
Residential and Commercial Finance…[Read more]

Can you give us an idea of how he sources his passive income?

I am sure it will be a great example for us all.

Thanks

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
simon@mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment,…[Read more]

Whatever you like.

I would certainly have your name prominent – they are calling you not the trust, perhaps the company name in a corner if you feel it should be included?

Not forget to use the back of the card? Maybe specify what you are after or what you can offer? Is valuable space and should be used!

Cheers,

Simon Macks
Residential and…[Read more]