Forum Replies Created
Hey Maximus,
I bought a property many years ago in VIC.
I lived there with two house mates — and negative geared the two thirds of the property that I was renting out. Because of this situation I had a standard loan not a investment loan. But I could claim all the deductions associated with negative gearing. As I was paying a lot in tax at the time — the situation worked well for me.When I sold the house 3 years later I made a small loss on the deal overall (due to large reno’s and capital works $$). This loss was written off against my tax the next year by my accountant. I never really understood how it all worked — but I didn’t have to pay CGT so I was happy at the time and left it at that.
Goodluck.
tj [
]Thanks for the info Terry [
]We are also in the process of setting up our trust structure.
We are currently meeting with prospective accountants and financial advisers and have had some questions raised.
One accountant was surprised that we had heard that a trustee in a discretionary trust can go guarantor for a loan, yet not actually put up an asset as collateral.
[?] His question is that if you do not put up collateral — why would they give you a loan? This question also applied to duplication of a trust structure.
We hope to get some further information at this seminar. If anyone can clarify this for us — it would be great.
Thanks. [
]Hi guys [
]My name is Tabatha. I grew up in Geelong, Vic, and while earning very good $$ many years ago bought an IP. It was a 100 yr old unrenovated Victorian house located in the city with all the period features. I made every mistake in the book. [xx(] I was young and went into investing with great enthusiasm but no experience or knowledge. What I know now!
I moved to Sydney where my current partner and I bought a house 3 yrs ago in South Western Sydney.We are both working and have one (7) child. In that time we have made 42.5%. It is our primary home and can now use that $$ for to start our property portfolio.
The masters seminar — and the poeple we met there — have been great motivators for us. This forum is a great resource — a big thankyou to all for being so open and helpful.
tj [8D]
Hi Betty B, [8D]
Yes, I agree the costs of a new H.W S or oven could be an extra that we would like to avoid if possible. Is there a way to guarantee the vendor is being honest with the condition of such items, or is it “buyer beware”?
We had a look at a property that has been vacant for some time. The property is up for auction and does not have power or gas conneted.
If we purchased the property with the intention to wrap it — and negotiated to renovate it prior to settlement date — we would need to connect the utilities in our name, for a short amount of time. Once renovated and the deal closed the purchasers would take over the property and need to connect the utilities in their name.
I was hoping to get feed back from others who might have done this and could tell us what they did.
tj [
]Hi fellow investors,
I’m a newbie [
] and would like to re-iterate the sentiments shared by everyone about the Masters Seminar.I have already lookd at 3 properties in my area and “talked the talk” with real estate agents [
].I am so motivated and best of all having FUN!Thanks to all of the presenters at the seminar. I enjoyed hearing different prospectives from informed people on the real estate game.
“Luck is where preparation meets opportunity.”
Good luck!!
tj[]
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