We bought them as three Siblings trying to give each other a leg up. No company etc, just in three names.
The power of three is greater than the power of one
(at least when it comes to buying power)
I had the same thing happen to me last year.
My accountant did some research and said I definitely COULDN’T claim ANY of the costs. As Mel just said, the costs are capital in nature not expense related
I could be worse though. I’m grateful that the soliciters Body Corporate searches showed up the problem. Small cost compared to…[Read more]
I bought out there last October
4 flats for $110k= rent 4 x $80pw
duplex for $120- rent 2 x $120pw
house for $80- rent $160pw
All make the 10sec rule
The area has sound employement levels, good education facilities (TAFE), major banks (the NAB even has a business branch there) KFC, McDonalds etc. When I visited, there was not one empty…[Read more]
I live in inner brisbane, and on my way to work I pass 3 large unit blocks being constructed, and many just completed, with lots of for rent signs hanging off of them. There are also heaps of unit blocks nearing completion in New Farm which is comparable to Woolloongabba in distance to the City but without the “latte set”, atmosphere and…[Read more]
I asked for a copy of property manager pro on Monday (via this topic)
It hasn’t arrived, and I was wondering if you are “snowed” under, or should people stop asking for a copy?
(This post is done more in the line of a “Community Service” than as a “where’s mine” post)
Have a look at Roma in Central Qld (west of Brisbane)
I just bought a house for $80k rented at $160pw ,a duplex for $120k rented for $240 pw, and 4 small flats for $110k rented for $360pw (the bargain of the month in my mind) 
Rents in the area are higher than you would expect for a country town. Some time in the past the American mining…[Read more]
$25 pw sounds more than possible.
I just bought an IP in Central QLD for $80k (rent $160 pw).
The rates are $1445 PA which is $27.78 per week
The rates in country towns (in QLD at least) seem to be proportionately higher than in the City (based on land valuation).
I haven’t seen a rates notice yet (settlement is on 25th Nov) so I don’t know how…[Read more]
Another VERY important source of information is THIS forum.
I have just come back from a buying trip inspired by one of the contributers to this column.
He let it be known that he knew of a town that had heaps of potential and was willing to share his knowledge. He showed me video of possible buys, told me about the best/worst areas of…[Read more]
Using a PM depends on how much time you have to look after your tennants yourself.
I use a PM look after my 10 IPs even though I live within a five minute drive of all of them.
Let the PM have the hassle of dealing with leaking taps, finding tennants, lodging bonds, chasing rent etc. This frees up more time to do the things you enjoy. I…[Read more]
I’m in QLD if that that helps
I’m going to offer the buyer (a builder whose keen) permission to get development approval to put units on the back of the block before settlement. This will save him six or so months and he won’t have to tie up a lot of his capital. I might try and use this as leverage to get hold of a big chunk of the…[Read more]
6 x 1 bedroom Flats. Solid cavity brick & Wooden internal construction. Rented at present for $75.00 unfurnished $85.00 furnished per week. Could be redeveloped into motel depending on local council approval
This ones a little bigger than i want at this stage. Contact me and i will advise…
I own two blocks of 3 flats (under one title- as opposed to units which are held under separate titles). The bank treated both of these as residental properties for purposes of a loan. The tax office has ruled that an individual owning residential property is not considered carrying on a business (and as such the banks treat it in the same way).…[Read more]