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Hi Chloe80,
Is there anything on your list that is no long available?
I am interested in the following;
*Building wealth through investment properties – by Jan Somers
*Renovating for Profit DVD
*Secret Strategies of Property DVD- with Cherie Barber, Dominque Grubisa
*How to legally Reduce you Tax – by Tony Melvin & Ed Chan
*How to Achieve Wealth for Life – Tony Melvin & Ed Chan
Regards
Hi Wade,
I to would be really interested in your template for feasibility. I am assessing an investment property at the moment so any extra analysis assistance would be excellent.
My email address is [email protected]
Thanks
I will be moving out of my current PPOR and into my new house at the end of the year.
Old House = OH
New House = NHThe question are'
1. Can I choose either my OH or NH as my PPOR or IP to the ATO?
2. Can I declare my OH as my PPOR and my NH as my IP even though I will be living in the NH and renting out the OH?Because I used equity in the OH to semi fund the NH if I declare the OH as my IP I can only claim the interest that was originally on the mortgage.
The NH will have a larger mortgage than the OH therefore I can claim greater interest and as the NH is new I could also claim depreciation benefits. The other issue is that the OH will always have a greater capital gain than the NH because of its location therefore I need to minimise capital gains if I were to sell the OH at some point.
what do you think?
Hi Coasta,
Yes in the end in our case we would need to either come up with the cash ourselves to purchase or apply for a loan at a bank within that country. As my wife is a citizen of the country we are looking to purchase in it makes it easier to get the loan. Not to mention the interest rate is much lower than in Australia.
The main issue we face now is the ability to service the loan as as finding people to rent the property securely is difficult because of the financial crisis.
I am travelling to Colombia later this year with my wife and we'll be looking for properties to buy.
I think it is a still a valid estimate as long as you are purchasing in an area with growth prospects…if you do your research well doubling is a conservative estimate…in my opinion…but hey I could be wrong!?
For example I bought my first property literally 10 years ago this year and in my case the property has trippled!!! I did spend a good 6 to 8 months reseaching potential suburbs that had future infrastucture plans in place.
I purchased my first property when the recession had ended…and how I knew this? Well, my father is a brick layer and they get paid per 1000 bricks layed. The bricks per 1000 rate started to increase for the first time in many years and it rapidly increased until now……10 years ago you got approx $330 per 1000 bricks layed and now its around $800 to $900 but it is now stagnate and likely to decrease.
I have no hard data to support my claim, at this time, except for my own personal experience but it could probably be analysed using statistics data from the ABS or from the HIA to see if there is a directly proportional correlation between $$ per 1000 bricks and property annual % growth.
A bit left field but something to think about…
Yes that is correct the initials are N and C…
I thought as a precautionary measure I could request from an accountant to get a private ruling from the ATO about the trust setup and how it would operate just to make sure that all is above board…
I am based in Victoria, a recommendation would be great!
Qlds007, I very much like this Unit Trust suggestion. You mentioned "depending on the numbers involved" for a Unit Trust so to make it work well how many is enough?
For example at the moment my fiance is not working and we are expecting a baby within the next few months. So having three family members would be suitable?
I must also admit this is great assistance by all who contribute!
Correct me if i am wrong, for example if I currently have a mortgage of $170,000 and the value of the property is $550,000 and I decide to refinance the mortgage, before I purchase another property, so that the mortgage shall become ie $300,000. I'll still only have $170,000 to pay but with $130,000 sitting there draw upon.
So if our new residence that we buy costs $400,000, we have $50,000 deposit, can I draw the $130,000 to add to the deposit totally $180,000 and hence the mortgage on the residence will be $220,000.
The previous residence now becomes the IP with a mortgage debt of $300,000 rather than only $130,000.
The question, is this possible???
