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Quite a lot of redevelopment on the Burnie seafront at the moment – if you go to the Councils website they should have further info. I dont think you can go far wrong if you have a cashflow focus for the future, irrelevant of CG. Although my opinion is Tassie will definately see further growth. Love Tassie!
We are in Kalgoorlie, my husband is a underground truck driver – salary around $68k but closer to $90k with bonuses. He works a four days on, four days off, four nights on, etc. Certainly the qualified tradespeople etc can earn much bigger $.
It is very hard work, but their are women here doing it. The days are very long – 14 hours by the time they transport you to the mine and back. And it is 365 days a year operation, so if you are working xmas too bad. It can be very boring and repetitive work, and very hot underground – up to 42 degrees underground. My husband is extremely fit, but when he returns from work he is exhausted, I certainly couldnt do it.
I cant see how you could do it if you had children either. We have 5 kids and I have contemplated returning to work during school hours, but childcare is very tight here too, so there may be a waiting list to get in.
Not all mines do FIFO, the one we work for doesnt, and it is definately easier to get a job if you live nearby. You do need to account for higher rents and cost of living in these places also.
It is true the big money is overseas – we know one guy who works in South Africa earning $165k american dollars – for the same job he was getting $85k australian here. They have good perks ie trips to disney land for the whole family etc, but the downside is the work is 6 months on and 3 months off.Thanks Richard, still trying to understand all this trust info – If serviceability is still an issue, then how does buying in a trust allow you to purchase more properties, than buying in your own names?
I understand it provides you with more asset protection.
Would a trust still be beneficial if we sold the business and returned working for wages?We have two properties in Waverley a suburb of Launceston they return as follows:
1. Purchase price $124k (purchased late in Tassie boom 2005) currently rented for $220 per week.
2. Purchase price $150k (bought mid 2006) also rented for $220k.Overall position positive on paper (once depreciation etc). You can still purchase property in this area from $125k upwards, rental market is very tight in Launceston at the moment, most people we know of paying over $220 per week rent. Last property we advertised we had 11 applications!
Launceston is a larger regional area with good demand for tidy rentals but avoid areas of Rocherlea, Mayfield and parts of Ravenswood, everywhere else is fairly acceptable.Thanks Qlds007, to answer your questions;
1. We are renting in WA, are delaying owning PPOR at the moment in favour of further investing, but also interested in knowing how others are able to “rent their own investment property?”
2. We lived in the TAS property 12 months before leaving there
3. We run our business as a partnership, our accountant didn’t think it was necessary to start a company at the time. Have since changed accountants and new one suggested a family trust to deal with the income side of things (5 kids), but my own investigations so far suggest that this is a less effective trust structure to deal with property investing, so I am just starting to read up on any info I can find on Hybrid trusts – hard to find info thats in basic english, if you know what I mean.
Would like more info on how a trust structure is viewed by the banks when purchasing property – in Steves book 3 he touches on borrowing in a trust with him signing on as a guarantor to secure multiple loans – wouldn’t serviceability still be an issue as a Guarantor, requiring proof of income – how is this different than borrowing in your own name?Thanks Angela.
