Forum Replies Created
there is a difference between country residency and tax residency, and you can in fact be tax resident in both Australia and NZ at the same time, yet only physically reside in one country. Have a look under the NZ IRD website http://www.ird.co.nz and you should be able to find guidelines to who is a tax resident in NZ. Its all about being there around half a year or more. Hope this helps.
Tas [
]Hi Ernest,
(sorry for the delay finding this post!)
AD is right – I moved to Sydney two years ago with work. Used to be in Hobart, now I get back there about 1-2 times a year.
Feel free to ask any questions about investing in Tassie. I have 3 properties in Hobart. Just sold one other to lock in some of the gains.
Tas [
]there is an existing group (not just property, but like minded investors) at http://www.northernbears.com
they play cashflow games, and often arrange group pricing for seminars like Dolf De Roos, Robert K etc… and even group discounts for the 3 day courses (saving around $2,000).
take a look anyway, must admit I have not been for a while.
Tas [
]For your first IP I would suggest an area you are familiar with (its one less things you need to analyse first) – so this may be NZ or it may be Sydney.
I would also suggest that you consider somewhere local FOR THE FIRST ONE, as that way it will be less stressful for you to keep an eye on.
Maybe you travel back to NZ regulalry? If so – not a big deal eaither way.
But mostly – make your first IP by looking for opportunities. Wherever you see an opportunity = there is your first IP…
Tas [
]By the way, even if you had signed the contract you could probably have used the finance clause to get out of it (i.e. make yourselves look bad to a lender and get declined).
All up, as your first IP congrats on giving it a go and don’t let this little upset stop you from trying again. The first one is hard as you’re not sure what you dont know, after that it gets much less confusing.
Tas [
]You havent signed a contract so relax… No contract = no deal. All you do is tell the agent you have reconsidered and decided not to proceed.
Alternatively, redo your numbers and work out if you can offer a lower amount that will be + CF for you, and reduce your offer. They may not accept but that’s what you could do.
You could even do what someone did to me recently (I am in the process of selling an IP) and go in to sign the contract then scream at the real estate agent “NO! we are paying TOO MUCH!” and then tear up the contract in front of them and storm out!
Bit melodramatic I know, but it happened!
Tas [
]Marc, I was just going to recommend the article I read on ‘introduction to taxes in NZ’ that I saw on your website. But you beat me to it.
Great stuff, I am getting in contact with NSA in Auckland to discuss further.
Tas [
]Hey do you get anything from the ABC? Like Doctor Who? or the UK shows like Red Dwarf, Fawlty towers (that type of thing).
Its back on here every night going through all the episodes in order (will take years!??)
Tas [
](sings) Dont cry for me, Argentina!
Tas [
]If you can find a money partner for each property deal (and split the profits 50/50) then you can spend 100% of your time looking for deals because you dont need to qualify for finance yourself. There are lots of options in setting up the JV agreement between the time partner and the money partner, such as whos name goes on the title (eg yours, theirs, a company in which you are both shareholders…).
All Insider needs to do is find 10 money partners that can do 5-10 deals each with him. i.e. each person has to be prepared to invest say $100,000 – $200,000 and borrow up to $800,000. Not a simple task, but not all that hard once you find the investors…
Something I am considering myself.
Tas [
]I also recommend Stu’s membership
See you on the next bus in Sydney Stu
Tas [
]I’m going to Sydney one (yet to book)
Tas [
]Hi Louise,
I am also in Sydney and work for a financial planning group. I could refer you to a number of financial planners in and around Sydney if thats what you really want, but to be honest I think you will get more answers related to your property investments on this forum as there are many here who are experienced in what Steve talks about and + CF property concepts. Many financial planners would recommend -ve gearing and not really understand +CF property concepts, especially not wraps etc. Otherwise they would probably recommend you sell your properties in order to invest in managed investments. Not all are like that, but you need to be careful. In Sydney you will also pay probaly $500+ for a financial plan. Depending on your own knowledge, I would suggest you read a couple more books first or ask specific questions on the forum.
Let me know if you still want to speak to a FP though – I can give you the details of one or two who are also a property investor.
See you at the seminar.
Tas [
]Fireworks and snow? That would look spectacular! Hope the avalanche risk is low though.
NZ sounds just like Tassie a couple of years ago when all the ‘mainlanders’ started crossing the water to buy up all the + CF properties.
Hope there is a huge boom like Tas in NZ over the next couple of years!
Tas [
]Interesting… I don’t think we will look back and see this has happened (there are some aggresive 50 basis point rises there, and the RBA raises EVERY time they meet from now on???)
So to me it feels like the boom has another 18-24 months potential, unless something happens in the US and they raise rates significantly.
That’s on the basis that 8.5% is the magic ‘turning point’ anyway. COuld be 9%…
Tas [
]Cool…
It’s 3.45pm, wonder if he is still there? I am in the CBD right now.
Bye!
Tas [
]Surely it is my old home town of Hobart on the cover?
What do you mean ‘tell im he’s dreamin?’
Tas [
]Practice Development for a financial planning company. I make sure everyone runs an efficient and profitable business (and compliant!).
Tas [
]Polar Bear is right, it is getting hard to find +CF deals in Hobart… but if that is what you are looking for I suggest you start in Northern Suburbs of Hobart (Glenorchy, Moonah, Austins Ferry, Claremont) to get a feel for the market. Likely you will need to go fruther out though to get the deals talked about on this site.
My tip is to look for low price properties (under $100K if you can find them – there were many a year ago!) as they are still the ones that are attractive to mainland investors coming to tassie for IPs. Hence they have potential for best gain, and greatest yield.
Good luck
Tas [
]
]
]
