Forum Replies Created
You can’t get a refund if you didn’t pay the tax in the first place.
Cheers
AndrewsuperAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auIf you really want to move then you only have two options:
1. Rent.
2. Buy further away from Sydney CBD since a 1 bed would not be practical for your family.Personally I would rent until I found a job to afford buying a property in Sydney rather than move in a regional area since with renting you have more options.
Cheers
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auWhat are the advantages of renting while buying investment properties?
The interest and the expenses on your investment property are tax deductible. It will also generate you income since the rent you get from it should be higher than the interest payment.
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auHi Ross
Investment wise it is usually always better to rent and invest instead of buying your own home.
If properties in Ireland have high yields and are starting to rise in value and you think they will continue to rise then you should consider buying there. However you would expose yourself to currency fluctuations but there are ways to reduce this risk.
How to find successful mentors?
This is a tough one. Are you looking for successful investors to mentor you or successful mentors. Mentors aren’t necessarily successful investors. This forum and somersoft are the best place where you can find successful investors and get their advice and it won’t cost you anything.
Buy first property In own name or set up a trust?
Personally I think the first property should be in your own name if you are not sure whether you want to continue to buy more properties in the future. It would be better to consult an accountant about this.
Cheers
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auhttp://positivecashflowproperty.net.au/property-analyser/
Cheers
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auThere area lot of books and courses you can do. I would read at least 3 different books. Then Google and forums will be your best friend to answer your questions and learn more. You don’t have to spend 100s of $$.
Here is a good book:
http://www.booktopia.com.au/profit-from-property-philip-thomas/prod9781742469461.htmlAndrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auForming a strong relationship with someone who does have the expertise and is due diligent would be beneficial in the long run. I can only read so much information, so bouncing ideas off someone else who I can trust and listen to their advice would come in handy.
You can get some good advice from different members on this forum and the somersoft forum and it won’t cost you anything.
All the best
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auAre you an agent or an investor?
What ways have you tried already?
All the best
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auDid they provide you with a CMA?
They need to justify their price range and show you recent comparable sales.
Ask them if they have sold similar properties and what prices they got for them.
Personally I have never paid for advertising. Maybe it is common in different states but I would try to negotiate.
The written guarantee is useless in my opinion since it won’t guarantee you a buyer at the price you want. At the end of the day you are the one who will accept or reject the offers. The agent will try to get you the best price possible but if the buyers at that price aren’t there then the guarantee won’t do anything to change that.
All the best
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auThere are many many other traps that are out there for a first time property developer.
Read a few property investment and development books that are out there if you haven’t done so already.
It is also very important to start small if you don’t have any experience in property development. 2 – 3 townhouses would be a good start.
All the best
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auI was thinking about developing a iphone/android application where you enter your expenses (+ photo of receipt) and rental income for my own use but haven’t had time.
When tax time comes, you can automatically print out all your expenses and receipts from one document. I think the ATO accepts copies of receipts so you wouldn’t need to keep the original ones.
You could have a different account for each property and/or business to record your expenses and income and have one file for each ready to print for tax time. It would also make it easier to store the records for the required 5 years.
Maybe someone else has already done it.
All the best
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auHi Leeann
Have you spoken to any agents yet and have shown them your house?
Not all will charge for advertising.
I don’t see the point of the Home Sellers Protection Guarantee. You decide what minimum price you want to sell your property for. Like you said agents might not agree to sign it or if they do they might use bait pricing.
All the best
AndrewsuperAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auMedian rents for 2 bed are $370 pw in Nundah so it will be negatively geared without and with NRAS @ $370 pw. I think it would need to rent for at least $500 per week with NRAS to be neutral/positive geared.
I think they also charge 14% management fee.
Last 5 year capital growth for units has been only 15%.
What rent did you use for your calculations?
Cheers
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auProperty Investment Calculator has a what-if function but I don’t think PIA does.
If you have analytical/excel skills then definitely create your own spreadsheet. It’s quite easy and you can implement whatever features you need.
But if you’re not so good with numbers and excel then either Property Investment Calculator or PIA will do the job.
All the best
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auHi Tara
It is “generally” always better to rent and to invest.
Assuming you can rent for $900 pw and can rent out for $800 pw.
If you rent, your overall cost will be $900 – $800 = $100. If you live in your property your overall cost will be $800 pw. So just based on this it would be better to rent.
However you should also consider CGT. If you live in the property and nominate it as your PPOR then it will be CGT exempt.
Cheers
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auGood on you.
You will learn a lot on this forum.
Cheers
AndrewsuperAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auHi Quachiez
In regards to the Investment Property, will I benefit from an Interest only loan, or Interest & Principle loan? What is the differences with these 2 features?
You always want to take an IO loan + offset account. This way you can reduce the interest and also have access to the money.
Cheers
AndrewsuperAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auHi Mizean
Welcome to the forum.
Are you only interested in investing in NZ property or do you also consider Australian property?
Cheers
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auIs this considered standard? high? Am I obligated to lease out through them ? can I lease through someone else? If I let it through someone else, are there be any drawbacks I should consider?
1. Yes, it is standard rate. Some will do it for 7%, some will want 9%.
2. No you are not.
3. Yes.
4. Generally the local property manager will be better than an external company. They know the units, what could go wrong, how to respond, etc.Catalyst is right by saying that if they have many units for rent, why would they push yours first? But if you think about it, the same applies to an external company. They will probably have more units for rent compared to the local property manager.
All the best
AndrewsuperAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auHi Hot Stuff
If I was in your situation, I would focus on a neutral/positive geared property.
Your current IP is negatively geared and is costing you to hold.
Personally I always focus on neutral/positive geared properties. I don’t want the property to cost me to own it.
Negative geared properties are appropriate sometimes though.All the best
AndrewsuperAndrew | Property Analyser and Finder Tool
https://property-analyser.com.au
