Total Members: 148,755

scott

  • Hi guys,
    The advice that I got (I’m not willing to disclose where, but he may have spoken at Steves seminar), was to quit work! My current paysilps aned letter should be good for 6 MONTHS, BY THAT TIME i SHOULD HAVE DONE ENOUGH TO SUPPORT ANY FURTHER LOAN APPS!(sorry hit caps lock somewhere there) If you can guess who you will understand where he…[Read more]

  • Gday Slippy,
    sounds awfully expensive, I’ve just been out pricing spec homes and an upmarket one works out at around 100k for 18-20 squares. Thats brick veneer and good inclusions so, 10-12k per square sounds really pricey!!!(my price is around $5,300 per square)
    For weather boards on stumps you should be able to do it cheaper again! Don’t be…[Read more]

  • Thanx Stu, answers my question!

    Take care
    Scott

    “Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
    -anon

  • Hi Tas Investor,
    We’re out here and we’re waiting too![;)]
    I’d Like to hear about this too, as we’re just forming a trust now and this sort of info would help us too.
    We would like to keep profits in the trust and use them to reduce the trustee’s debts.
    Cheers,

    Scott

    “Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the…[Read more]

  • Hi Bris scouting,
    My team starts as far south as Melbourne and goes as far north as Mt Isa, so don’t let proximity limit your choices![;)]
    The net and phone/fax, express post, make it like your next door anyway![8D]

    Cheers,
    Scott S

    “Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll…[Read more]

  • Hi J P and hwd,
    I agree 110% about the high rise thing. But for slightly different reasons!
    While land is not nessesarily an apprecitating asset, when it is in demand (and generally it is) it will appreciate, but if no one wants to live in the area (Boggabilla for example), it will deprecitate. (55% over 5 years infact). Accomodation is also an…[Read more]

  • Hi Dram,
    Your 100% right, depreciation (as far as I’ve been advised), starts from the day of purchase. So if you bought on the 30th, you would only get 1 days depreciation for last year! If you had a maintainance expense on the 30th, it would be fully claimable. Don’t try to claim the A/C as maint exp, cause thats exactly the sort of thing the ATO…[Read more]

  • Here! Here! Drewboy,
    I couldn’t agree more but it’s all around Brisbane. Ipswich is seeing the same thing(although the climate is not as nice), and down south between Bris and the Gold Coast, too!
    Personally my choice (to live anyway) would be the Sunshine Coast.
    Capital gains are all about supply and demand, as Drewboy has said there is a scant…[Read more]

  • Hi jacy_m,
    Your in the right place, what you want is positive cashflow properties. While these may not see the capital gains that some inner city properties have seen, they will pay for themselves and leave money in your pocket![8D]
    Any property with returns higher than about 8% will actually add to your income thus increasing your borrowing…[Read more]

  • G’day hwd,
    Ive noticed you mention a negatively geared property turning positive after a few years a couple of times now, I don’t understand how this could happen, unless maybe you’ve paid a heap more than normal off and maybe refinance to a lower ammount over a greater period of time.
    I’m pretty green too, and this is an area that I really…[Read more]

  • scott replied to the topic IP-Brisbane mkt in the forum No Subject 16 years, 3 months ago

    Thanks Spider,
    That’s a very good piece of advice, definately worth remembering [:D]

    Scott

    “Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
    -anon

  • Hi Brad,
    You can buy the property and rent it out straight away as along as you intend to use it as your PPOR within a specified period of time (1 year I think). The lenght of time that you must live in it is a grey area, it isn’t specified. I’ve heard of people staying in a place while the fix it up, over a couple of weeks, claiming this as their…[Read more]

  • Gday Brad,
    A letter from your father, and some supporting documentaion if possible would help to show your ability to service a loan, although it looks by the numbers as though it would pertty well take care of itself!
    I’m unsure of the laws surrounding trusts, but you might want to look into forming a discretionary trust, where both you and your…[Read more]

  • G’day APIM,
    My turn now!
    I couldn’t agree more! People want to be told how to get rich, and they will pay extortionate amounts to find this info out, yet they are unwilling to do the little things (mostly free) to make them rich!
    The reason that I’m a little quiet about where I source my deals, is that I feel I’m doing a person no favours by…[Read more]

  • scott replied to the topic PI.com Roll Call in the forum No Subject 16 years, 3 months ago

    Hi Gav,
    It’s good to see you’ve started on the journey. I was in a similar situation to you until I found this site in January this year,broke and in my comfort zone(although not too comfortable!).
    Then after 3 months of research and procrastination I bought my first IP (actually I bought 2).
    There are plenty of people here to hold your hand, and…[Read more]

  • Stu,
    You know my situation better than most. Can expenses related to the purchase of IPs that will settle in the new financial year(with a bit of luck) still be tax deductable, this year?
    Or should they just be added to the cost base of the properties. The other thing is the name on the invoice important (the IP’s are in mums name, some invoices…[Read more]

  • Hi,
    The will be cracking down on claiming this as a deduction, as well as other aspects of IP related claims.
    This borrowed money is tax free, because it is borrowings not income, but interest payable on that portion of your loan is
    NOT TAX DEDUCTABLE.
    This method is usfull use when things are tight and an IP is seeing high capital growth. It…[Read more]

  • If it was properly contained it shouldn’t pose too much of a problem(Sounds like a negotiation tool to me!). But if not properly contained, it could be a serious litigation risk.
    Regardless I wouldn’t go building a 3br house with nice yard on it![;)] Units should be ok.

    Cheers,
    Scott S

    “Aim for the stars and you’ll shoot the top of the telegraph…[Read more]

  • Brad,
    It really depends what you want out of your investment. Yes the market in Bris is definately cooling down a little, outlying suburbs are still pretty strong, the rental returns are fairly low, compared to purchase prices, but cap gains are still good. Stay away from CBD units and be cautious about other units townhouses. houses are pretty…[Read more]

  • Hi all
    Those who have bought in docklands and similar CBD appartment developments in Brisbane and Sydney to a lesser extent, will be in for a rough ride in the near future, in my opinion.
    While this may lower median house prices, I don’t feel that it will affect other sectors of the market too much especially on the cheaper end of the house…[Read more]

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