The property is in NSW near a uni and I manage it myself. I have a months rent as bond and have 5 seperate agreements with tenants.

Noone defaults as I have a great system of selecting my students.

Give me a call if you want to ask more questions

Cheers,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70%…[Read more]

Follow the links on my website to your state’s authority on the FHOG.

As far as the CGT exemption goes you can search on the ATO site and find something like this (sorry can’t paste the URL):

Treating a dwelling as your main residence after you move out

Printable version

As a general rule, a dwelling is no longer your main residence once you…[Read more]

If you own a home that you have established as a home before you then rent it out you have 6 years after you move out in which you can sell it and no be up for CGT at all. As long as you don’t own another “home” during that period.

At anytime you can move back in and should you move out again the 6 years starts anew.

This exemption can be worth…[Read more]

Ruth,

This is the high risk end of town. I personally have seen people lose big money here.

I can think of much safer ways to invest.

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 individual circumstances. If you intend…[Read more]

NO NO NO NO NO NO NO

Another misconception!!!!!

The period of occupancy is only 6 months. Commencing within the first year.

Why doesn’t anyone check the act before giving advice aaaaaaaahhhhhhhhhhh

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

Comments may not…[Read more]

Two of the rooms have phone lines. One was there and the other has been installed by the tenant.

There is a wireless modem that I bought and the five people share an ADSL account together.

I paid line rental last year but was never reimbursed enough for calls so this year I gave it to them to run.

And no, I have no trouble flling it – could…[Read more]

Cindy,

It is just like it says.

No property owned before July 2000.

Able to own an IP after that but not lived in it.

Easy as that! Too many “experts” including accountants, lawyers and brokers are not up with this so no surprise that many people are mistaken about it.

All the best,

Simon Macks
Residential and Commercial Finance…[Read more]

From family?

I think you will find it a little tricky finding a pos cashflow property in Perth.

Best of luck,

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…[Read more]

Depending on other debt, rental from the new property etc I expect you will be able to get more.

You really need to chat to a broker.

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 individual circumstances. If you intend…[Read more]

I suggest you talk to a broker for some free financial guidance.

What does Destiny offer in this report?

Cash flow property with prospects for CG are getting harder and harder to find at that price. Depending on your income you may be able to borrow more.

Cheers,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70%…[Read more]

Do either.

You wont lose your FHOG unless you move into an IP.

Whomever has advised you doesn’t understand it.

You can buy an IP post Jul 2000 and retain the FHOG. As long as you never make it your home by moving in you can still have the FHOG when you do buy a home.

Cheers,

Cheers,

Simon Macks
Residential and Commercial Finance…[Read more]

Much the same.

If you follow the links under FHOG on my website you will see all of the States Websites dealing with the FHOG which you can check.

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 individual circumstances. If…[Read more]

It seems to me that there is a $40K return of equity plus a $260K return of profit.

If the agreement was to share it equally then it seems that $150K each is the way to go.

Yet you have paid in another $70K. Some of the time you lived there so enjoyed rent free accom.

Perhaps if you calculate what it would have been had you also received rent…[Read more]

Do both partners agree that the split should be calculated on both initial investment and the additional money A spent?

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]

I always that they were a needless luxury. Til I had one.

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 individual circumstances. If you intend making any investment, financial or taxation decision you should consult a…[Read more]

Your offset account can be any other account that you nominate – usually your saving account. Some businesspeople with good cashflow even combine the offset with their business account to save considerable interest on the home loan and reduce the taxable income of the business by not earning any interest on the bank account.

Does this…[Read more]

Can depreciate it too.

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% 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.

Do you mean that you are considering a motel or buying a unit in a serviced apartment setup?

Cheers,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% 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]

You would have to check around your area.

You may get more.

I say this as I have a house I rent by the room. I get $100 per room for a house prob worth $280 pw rent. There are 5 rooms.

Cheers,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
simon@mortgagehunter.com.au
0425 228 985

Comments may not be…[Read more]

I cannot see any problems with your plan.

Of course your room mates are just contributing to the expenses of the place – not actually paying you rent which you will need to declare etc

Cheers,

Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 75% LVR***
simon@mortgagehunter.com.au
0425 228 985

Comments may not be…[Read more]