i am activley looking for positive cash flow properties in NT but have found none much to my disappiontment.
i understand that i will have to buy a negative geared 2 bedroom unit and make it positive.
i've read a few random posts in the forum but would like a more clearer definition of how exactly am i to do this??
i understand that i can achieve this by buying a low purchase price as close to neutral as the vendour or myself will allow
and that i can make improvments 'cosmetic
im a little uneasy about massive renovations though as im new at this and dont want to stuff it to badly.
are there any other ways any one can let me in on???
i'd be very greatful for any suggestions.
cheersTerrywParticipant@terrywJoin Date: 2001Post Count: 16,213
It just comes down to minimising the expenses and increasing the rents as much as possible – and taking advantage of tax deductions.
I have bought a place that just needed a paint inside and some tatty carpet replaced. I had the whole 2 bedroom unit painted slightly off white, ceilings, doors walls – the lot. Replaced the carpet in the lounge with vinyl (sounds horrible, but tropical climate in cairns, worked well) this only cost me $1680 to do! Trades have obviously increased in price in the last couple of years, but it still is a cheap option to increase your rent.
On a different property one of my property managers said if I replaced carpet, I could get an extra $25 a week rent.
Obviously try to buy something under value, where the rent is slightly under market value for the area, then increase with new tenants.
Are you working out the cash flow including your tax deductions?
thanks for that
not with tax deductions as i'd prefer a return at the end of year to reinvest. (so i dont spend it on stuff)
do i still need to include the tax deductions?
whats the usal tax % i can use to work this out?
You will need a cashflow spreadsheet to work out what the + or – cash will be after tax, there are a number of spreadsheets out there, but I think I have a really simple one that I use when looking for property. I also use it when any changes happen to my properties eg: rent goes up or interest rates rise. IF you can send me a private email, I will send you the link and details then you can download it.
Tracymrdenn1sMember@mrdenn1sJoin Date: 2007Post Count: 18
Can you post the link for all? I would also like to see it
Hello everyone, I have just investigated this link and realised that you need the code off the book!!! Sorry people, I am not an indian giver at all, just was trying to help out. If you are interested you can purchase one of Margaret Lomas's books for about $25 or $30 and get the free software, I think it is well worth it… http://www.edestiny.com.au
If anyone knows any other free software, please let us know!
Once again, sorry for the false hope
do all her books come with the software or just the one you got . 'which one did you get out of curiosity and are her books good?
theres 3 good ones there i like but not sure which to start with.
lol i can only read one a t a time (buggar)TerrywParticipant@terrywJoin Date: 2001Post Count: 16,213
I think there is a gremlin in the system with all of those posts!
Anyway, If you are new to investing, How to maximise your property portfolio would be the best book to go with. If you have a little bit more experience then the pocket guide to investing is excellent because it has step by step what you need to know and ask when buying property. The software comes with any of her property books. Considering I use it about 10 times a week when scouting for property, I think it is well worth the $30! I have been using it for years. You will need to know all expenses eg: council rates, body corp fees and depreciation (which is all discussed in the book) to do the calculations.
Let me know how you go with it!
wow dont know what happened there with all those posts????????
maybe i have a yowie in my comp LOL.
thanks heaps tracy i read more itto it and i think i'll start with that one too. thanks for the recomendation.
sorry terry i was just asking tracy which book to start with as my hubby goes nut when i buy more than 2 books at a time . my libery is quite large. and what a shame it is that i can only read one book ata time.MillyMember@millyJoin Date: 2004Post Count: 288
I thought you had a terrible posting stutter Aimee!
yeah i was scratching my head there for a while too lol
can you please confirm for me if her books are ebooks or if they are sent out through the post?
i bought one off the link you provided but i can find anywhere on the site that tells me this.
It will come in the post I would say. I bought my books at the seminars so havent bought through the website before.
Happy reading!DaFizMember@dafizJoin Date: 2008Post Count: 8