Forum Replies Created
Seems to be working well for me,
get a depriciation report done to maximise your paper losses.
claim: interest, depriciation, council rates, water rates, insurance, maintenance, management fees etc.
(keep all receipts relating to your property, go to a switched on accountant)Try Speedie Developments in Hastings, also could go Watsons in Mornington or John Fitzgerald's also in mornington.
not 100% if these guys do Frankston but i presume they would.sounds like a dutch auction to me, i wouldn't be giving too much information away if its been advertised for that long.
push for your money back asap and suggest your only still half interested if the vendor is interested in selling.
and also mate it is an investment, the biggest investment not everyone has the drive to make.
Don't see why this would be a problem at all if set up correctly as above with fair market price rent etc, the idea was even aired on a current affair with that Paul Clithero or what ever his name is from the money magazine.
Just an idea but could you look at renting somewhere whilst turning your existing home into an investment property, this way you avoid all the costs of selling (e.g. real estate agent, solicitor, loan exit fees etc) and buying (stamp duty, establishment fees etc).
just another angle
Laurie, I don't think you will go wrong anywhere around this region with the new freeway being built.
I pretty much have done exactly what you are thinking of doing, i settled on my first house at the end of july last year in somerville which set me back $338k, moved in straight away and lived at the property for the minimum 6 months to ensure FHOG was all good, i have now moved out and have tenants which moved in last weekend. In my six months at the property i probably spent half my weekends painting and fixing up the property to ensure its low maintenance etc etc, hard work but should pay off in the future.
Have only just got into researching this investing caper the last month or so and there is plenty of information out there, take a look at this https://www.propertyinvesting.com/depreciation down the bottom are some calulations which i have found helpful in seeing the effects on an income with a negatively geared property, using this information i have run my own calculations on my property which should only cost me approx $5k per year to hang onto, hence why im looking for my second property now.
Also im now 23 and have recently changed jobs and am doing this on approx $55k salary, its do-able from what i can work out. Just look at plenty of properies and also look at the rental market, see what similar units in similar areas are fetching for rent.
Good luck,
Adam.
