Forum Replies Created
If I set up a company, Can I pay to company?
and wife can work for company.
I know there are tax implications but is this only the option?
Thanks
Can anyone explain proposed R20/30 please?
There is an RE ad, says block size 769m2 and proposed R20/30. Surburb Langford WA 6147.
ThanksHi Mudatsar,
I had also the same question before 2 years. I got advice from an another forum called somersoft property investment forum. First of all, A biginer should start with a small investment in property if he does not have much deposit. You can buy a cheap property say $200K to $250K a unit in a suberban area. You need a 10% deposit plus other expences like stamp duty, lawyer fees etc about 5%. If you buy a $200K property, you need $30K total deposit.
If the property is your PPOR you won't pay stamp duty and Govt wil give you a FHOG of $11K. So you will need only 10K to 15K deposit.I don't think you need a licence to advice someone on buying /selling an investment property.
ThanksI made my calculations simple. I bought a prop for $445K rent $445 per week, 2nd prop $390K rent $390 and third $290K rent $290 and the gross yield is 5.2% When I buy a property, one criteria to findout property price is rent X 1000. I ask the rent of the property and offer $rent,000 or less. It works for me. Thanks
Hi,
I have bought a prop in Perth (SOR) and there are many visible cracks in the ceiling of one room. Room size about 3X4m. Can anybody give a rough idea how much will it cost to remove old one and replace a new ceiling? We can do painting on it because we need to paint house.
ThanksLMI- Lender’s mortgage insurance
CGT- Capital growth tax
FHOG- First home owner grant
DHA- Defence Housing Australia
DSR- Debt service ratio
Wrap- Vendor finance arrangement
R&M- Repairs and maintenance
Thanks a lot.
I need to ask bank whether I have off set account. When I borrowed for my last property, bank asked me to cancel withdrawal facility. It was last year, I have to ask. Thanks for help.Hi,
LS007 and hydramax.
Thanks a lot for saving me over $10K. I can not understand how could my mortgage broker missed the idea of have more than one lenders. First broker was from ANZ so he did not tell me about other options, I understand it. But second one from mortgage solutions also missed that option. Then I asked another one to do what you suggested. Now I have 3 lenders and 4 properties. LMI only 5K on 2 properties. Thanks a lot. This forum is very useful to new investors.Thanks you very much Duckster for detailed answer with good examples. I bought 2 properties, one is totally renovated for $390K and another for $266500, needs some work. Both are old properties.
Thanks SNM, I am not considering tax only. I consider growth potential area, value addition and land size (sub dividable)
Thanks again.What about LMI? When I asked the same question to my mortgage broker he told me that I will have to pay LMI for all of the properties if I borrow more than 85%.
Just curious to know bit more about IP.Thanks a lot for help. When I first posted this topic, we were interested in a 4BDR property. But we found a newly renovated 3bdr property and bought for $390K in Parkwood (WA). Settlemet is on 19th Nov 09. We were actively searching a good deal and last week we found a 3bdr, 821m2 subdividable section but old house. Offered $266500 last night. It needs new paint, some work in kitchen and bathroom and landscaping. We both are working so we choose 19th Dec 09 for settlement. We will be taking 4 weeks leave and we will start minor reno on the property. Rent range would be $270 -$310 depends on conditions like pet or no pet.
Thanks again.Hi Everyone,
My story: I bought my first 2bdr in NZ for 160K, we worked hard for @ 2 years inside – ouside (gardening) plus added 3rd bedroom (75K). Bought 2nd property for $259K. Sold properies in sept 2007 and moved in WA . We sold first property in $420K and 2nd one in $296K. Good profit, no capital gain tax in NZ.
We bought a property in Feb 2008 in Perth SOR for $415K and bought an IP in Feb 2009 for $445K . We like old properties (which requir TLC).
Where do we want to go: We are looking for an IP property 4X2 in SOR Ferndale-Lynwood suberb @ $400K. We want to move in that property and renovate it in 6 months.
Lesson learnt: For our first home, we did not do proper home work so we made these mistakes. We bought near Government houses. We had a long drive way. Now we learnt that we will make sure we have a check list with us when we go for inspection. My check list says….
Never buy a property on roundabout or main road. Never buy the property that has a long shared driveway. Always check, who will be your neighbours. Never fix mortgage for long term. Buy the worst property in good location. If there is an offer, do not put your offer, just wait or forget it and search for new property.
Thanks.
