Hi Everyone,
My wife & I are just starting out in this world of property (no purchases as yet though) & have been looking around for some tools to help us with calculating depreciation, negative gearing, tax rebates, cashflow, etc… For the first couple of potential properties I went to my accountant & he calculated it all for me with quite a nice report but the bugger charges $195 per consultation so that's really not an ongoing option every time I want to evaluate the viability of a place!
We've looked on the usual websites & there's some decent calculators on MSN money, RealEstate.com.au, myhome & even the bank websites but they're mainly loan calculators & some budget planners but none do all the tax & cashflow calculation. I Googled & came across Ezybudget (http://www.ezybudget.com.au) which has an Investment Property section & from the demo it looks spot on to do the job. I've joined the free section which has a comprehensive budget planner & assets/liabilities modules but the Investment Property stuff is in the paid section ($50) so before I part with 50 hard earned I was wondering if anyone has used Ezybudget & what your feedback is or do you have other suggestion?
Thanks in advance for your comments,
Andrew.I had a quick look at that site Andrew, and of course; you can't use it unless you subscribe, but It seems to have all the info you will need. Certainly better than nothing at all, and way cheaper than your account by the looks of it.
You will still need him (or another one) to do your tax returns though.
Another thing to do is read all of Margaret Lomas' books; there are 5 now and they are all fantastic.
The best thing though is there is tons of nuts and bolts stuff in her books, as well as (in the last book from memory) there is a quick-calculator for some of the different property types such as 2 bed inuts or houses, 3 bedders etc.
Her website is;
http://www.edestiny.com.au/I use the PIA software, it has been around for many years and was developed by Jan Somers hubby (Somersoft). Most property advisors use it. If you are in Sydney, I would not mind showing you guys how it works, I have the professional version and in two minutes it will spit out costs, income, tax, IRR, Cash on Cash, charts, etc, etc. Great tool. Alternatively they have a free download trail version, it will give you an idea on how it works. Happy Investing
Hi,
Just to let you know the destiny website is http://www.destiny.net.au
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