Total Members: 158,532

TheNewGuy

  • TheNewGuy replied to the topic Absolute Doozy in the forum Help Needed! 7 years, 12 months ago

    Definitely still depreciation. I bought a place that was 20 years old and still claim thousands per year.

  • TheNewGuy replied to the topic Absolute Doozy in the forum Help Needed! 7 years, 12 months ago

    Not sure about Adelaide but I have found that allowing pets does provide a small increase in rent, but it comes with additional risk.

    When does the 2 year fixed period end?

    If your mother is still working then there is capital depreciation – you’ll need to get a report done.

    In general I agree with you and selling sounds a bit risky. It…[Read more]

  • TheNewGuy replied to the topic Setting a goal for a beginner in the forum Help Needed! 7 years, 12 months ago

    $100k equity should be enough to get a deposit ($80k accessible, maybe some LMI) then it’s a matter of serviceability. So depending on your incomes you could be in a position to buy an ip now.

  • TheNewGuy replied to the topic Setting a goal for a beginner in the forum Help Needed! 7 years, 12 months ago

    If you have a ppor then you should not use any cash to buy an ip. So if I have a ppor with $300k owing and I win $100k, then I pay down my PPOR by the $100k and redraw a separate (key word) loan for business purposes which I use to cover all purchase costs (20% deposit, stamp duty etc). This loan is against your ppor. Then you get another loan at…[Read more]

  • TheNewGuy replied to the topic Setting a goal for a beginner in the forum Help Needed! 7 years, 12 months ago

    Interesting question. The main issue I find is that the goal moves faster than you can save. For example, if it’s $100k and it takes 2 years for you to save that much in two years time it’s $150k, or worse it moves faster than you can save at all and you never reach it. The other factor is it depends on your goals and where you’re investing -…[Read more]

  • What would you do otherwise? It sounds like a good deal considering what you’ve mentioned. If it’s only 12 months that you might have to get a second job then it doesn’t sound too hard… I’ve always had 2 jobs (FT + PT).

  • TheNewGuy replied to the topic Sell and go? in the forum Help Needed! 8 years ago

    CGT is only paid on the increase of value from when you start renting until you sell unless you can fall under the CGT exempt rules -https://www.ato.gov.au/General/Capital-gains-tax/In-detail/Real-estate/Treating-a-dwelling-as-your-main-residence-after-you-move-out/

    Have a read of the page above aas i don’t know a great deal about it. However…[Read more]

  • TheNewGuy replied to the topic Sell and go? in the forum Help Needed! 8 years ago

    CGT is only paid on the increase of value from when you start renting until you sell unless you can fall under the CGT exempt rules -https://www.ato.gov.au/General/Capital-gains-tax/In-detail/Real-estate/Treating-a-dwelling-as-your-main-residence-after-you-move-out/

    Have a read of the page above aas i don’t know a great deal about it. However…[Read more]

  • TheNewGuy replied to the topic Advice in the forum Help Needed! 8 years ago

    Is it really worth $380k if the bank valued it at $340k. My experience is that bank values aren’t that far off. After CGT and sales costs how much are you actually expecting to walk away with? Assuming you have an 80% LVR you’d probably get enough to buy elsewhere I’d just confirm that before committing. Plus the purchase cost as well.

    My other…[Read more]

  • TheNewGuy replied to the topic Clear Mortgage or Invest in New Properties in the forum Help Needed! 8 years ago

    As above. The only risk is that your property doesn’t get as valued as high as you paid so you can’t redraw as much as you think.

  • TheNewGuy replied to the topic Is it good time to invest in the forum Help Needed! 8 years ago

    I’ve never heard of that company. It might be worthwhile starting a new thread with the name in the title so others can respond rather than hiding in this post. There are quite few buyers agents on this forum who have a good reputation too. Also consider where you want to buy, I use s buyers agent specifically because I want to buy outside where I…[Read more]

  • TheNewGuy replied to the topic Is it good time to invest in the forum Help Needed! 8 years ago

    I’ve never heard of that company. It might be worthwhile starting a new thread with the name in the title so others can respond rather than hiding in this post. There are quite few buyers agents on this forum who have a good reputation too. Also consider where you want to buy, I use s buyers agent specifically because I want to buy outside where I…[Read more]

  • TheNewGuy replied to the topic Is it good time to invest in the forum Help Needed! 8 years, 1 month ago

    You can find a good investment during any period of the property cycle if you’re willing to look wide enough or be creative enough. The days of buy anything and watch the cash roll in don’t exist today so you’ve got to be a bit more careful with your purchase.

  • TheNewGuy replied to the topic New Investor with a few questions in the forum Help Needed! 8 years, 1 month ago

    My motto is fairly simple, ‘buy a problem, sell a solution’. If you’re buying new you’re buying someone’s else solution and trying to profit from it. It’s not impossible but probably not the best use of money.

    Examples of buying a problem and selling the solution are like David said – by a problem house, renovate it then sell / rent the…[Read more]

  • TheNewGuy replied to the topic Saving up for deposit in the forum Help Needed! 8 years, 1 month ago

    If you can service both then there is a benefit in keeping the car loan. Do you have any property with capital to help the deposit?

  • TheNewGuy replied to the topic CF+ Rental, what to do? in the forum Help Needed! 8 years, 1 month ago

    Accountant != investment advice.

    The accountant is wrong. If you have spare cash flow there is probably better ideas!

  • TheNewGuy replied to the topic Need help!! before i lose my money in the forum Help Needed! 8 years, 1 month ago

    If the question is what is the minimum squares per townhouse you won’t get an answer. It’s different everywhere and for every council. Plus you’ve already spoken to the council – that’s your best bet.

    Plus just because a place can be subdivided doesn’t mean it’s a good investment – if that were true you’d have other people bidding (upping the…[Read more]

  • TheNewGuy replied to the topic What do you look for in an investment property? in the forum Help Needed! 8 years, 1 month ago

    Hi Jon

    Realistically I’m a couple of decades off retiring so I’m always playing with some legislative risk. My bank currently takes 80% rental income into account, so as long as my LVR remains low (below 50%) the rental income easily covers the interest on the loan. Obviously you need rental increases each year as well.

    On top of that it’s only…[Read more]

  • TheNewGuy replied to the topic What do you look for in an investment property? in the forum Help Needed! 8 years, 1 month ago

    It’s seriously situation dependent, however, to give you a feel for my situation. I’m in my 30s, married with kids with a fairly high income. I’m in the accumulation phase and still have some serviceability from my own income. I’m looking for buy and holds that are generally neutral geared with the expectation of above average growth over the next…[Read more]

  • TheNewGuy replied to the topic What do you look for in an investment property? in the forum Help Needed! 8 years, 1 month ago

    It’s seriously situation dependent, however, to give you a feel for my situation. I’m in my 30s, married with kids with a fairly high income. I’m in the accumulation phase and still have some serviceability from my own income. I’m looking for buy and holds that are generally neutral geared with the expectation of above average growth over the next…[Read more]

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TheNewGuy

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