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Hi
Have you ever thought of interviewing potential accountants? Make a list of questions and then make appointments with a few accountants. Tell them that you are looking for a new accountant to whom you will take all your business. We spent an hour interviewing one this afternoon. Don’t forget that you are the client and you ultimately pay the bill!
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]hi amitash
thoroughly recommend Wealth Guardian as a good starting point. it helped me immensely. then i went and talked to a good accountant and he helped to clarify things a bit more.
good luck
[]hi
treat each IP as an individual/new case.
do your homework and if everything works out as it should, then why should the same location be a problem? if you have already bought here, then obviously you believed it was a good opportunity before. don’t discount another IP just because it is in the same location. I actually go looking for them!
[]hi
expense is relative.
i wouldn’t be putting all my eggs in one basket – my opinion.
look at it this way:
5 houses @ $60K each returning $100/week = $500/wk
(if one is vacant, then income is still $400/wk)
1 house @ $300K returning ?/week
(if it is vacant, no income)
i tend to be conservative.
[]hi daretotry
with respect to your third question – our closest IP is nearly 1600kms away and the others up to 3500kms away. We interviewed the rental property managers at several RE firms. We went with a list of questions such as:
how many properties do you manage?
do you have your own IPs?
what will you do for us that a property manager elsewhere won’t do? – why should we give you our business?
Some property managers were on the ball and quite prepared to discuss our needs.
It ended up being a gut-feeling and putting one on “probation” for a period of time. We had had a terrible time with one WA real estate company and let the new one know that we did not wish to repeat that scenario. It wasn’t given as a threat, but as an sincere indication of our expectations.
good luck!
[]Hi,
For information on the location of regular Cashflow games around Australia, log on to http://www.apprenticemillionaire.com.au
and follow the prompts.
Hope you have fun, we played last night in Alice Springs!
[][
] I understand what you mean.
Our computer broke down last week and we were without it for five days! Severe withdrawal symptoms for not accessing the forum!!![][
]Hi Dave,
Don’t forget Alice Springs is still part of the Territory – we haven’t ceceeded yet!
There is someone doing wraps here – see them in the local paper, but have been there for a while. Drove past one and it was extremely basic (uninviting) and $285/week. Rental market is oversupplied at present in units and houses taking longer than usual.
cheers
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Land scarcity is indeed a problem and one which will not improve.
Imagine living in an area where two or three houses are being built on a 1000sqm block because there simply is no more land available at the present time.
Being surrounded by pastoral leases and land under claim, land unavailability has sent prices up. The lowest priced house is $180K (very basic 3×1) and rental on this would be $220ish. Units vary. High rise is limited to three storeys.
Recently 8 blocks came on to the market, but only if you were eligible for FHOG. Two of these blocks had registered sacred sites on them, restricting where buildings could go.
Probably the only option left is underground!! It would suit the climate.
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My dad worked two jobs to be able to buy a house for his family way back in the 1950s and it was way out on the outskirts of the major city. What has changed?The number of young adults not leaving the family nest (for many years) has increased, possibly something to do with property prices! This is an excellent opportunity to start buying a property.
We also have developed a generation of “I want it therefore I need/must have it now’s!” Layby and saving for something is a thing often only found in history books or chats with grandparents.
I suppose it depends on your perception, attitude and way of thinking.
After all of that, I don’t think I would like to be entering the property market for the first time, all alone. It’s great to know that there are families who care for each other.
Good hunting
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don’t forget sharing your profit with CGT!
good luck with renovating
[8D][
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I’m pretty sure that it has to have been rented/ earning income for you before you do any major repairs. We try to have a property earning income for 12 months before doing any major work. Check the ato site – it is good, and the free books available are great references![
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Checkout the comments at topic “Cronulla or Cairns” – this page[
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You could put it in both names but specify 90% ownership to higher income earner and 10% for lower ( you can vary these percentages as you wish, it doesn’t have to be 50/50). This would help taxation deduction for higher income earner but still have both names on the title. At tax time the income/expenditure for the property is also split this way. It needs to be done at time of purchase and recorded – check with your solicitor/accountant.
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Persistence is the key to success!
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