Forum Replies Created
Where to start?
The Italian Job (original vers.)
Lock, Stock & 2 Smoking Barrells
Snatch
The Mean Machine (new vers.)
anything Monty P
(sorry) anything Bond except Lazenby
Thomas Crown Affair ((new vers.) Renee Russo! fworrr!!!!!)
LOTR
Platoon
Saving Private Ryan
Chariots of Fire (ignoring the fact that they passed the port the wron way around the dining table)
Mad Max
anything Pixar (Nemo – pisser (“Wish I could speak whale!”))
Man with no name, fist full of dollars, for a few dollars moreGotta stop now or this could turn into the longest post in history!
Black Hawk Down..
Coyote Ugly (for the plot-honest!!)…
Apocalypse Now….
Ice Cold In Alex…..
Breakfast at Tiffany’s……
AAARRRRGGGGGHHHH!!!!!!!!!!
Regards
Patrick
The dumbest question is the one you don’t ask.
Definately BLOKE! Definately Married therefore not allowed to discuss “member” in public!!
Regards
Patrick
The dumbest question is the one you don’t ask.
Hi
As I understand it, I may be wrong, there are a few variables which I’ll try & explain.
Items purchased for use on a new house (paint, windex, solastic etc etc) are capital expenditure.
Items purchased for an existing IP which is, say, between tennants are generally 100% deductable if they are a REPAIR. This is direct replacement,like-for-like (you can’t replace Mitre 10 cheapest taps with gold plated ones & expect 100% deduction).
When you have got the specific definitions from the ATO or accountant, get a program such as Quicken or MYOB and set it up to allow for all this. Then keep all your own info up to date, it’ll give you a better idea of where your tax is at, so that come the end of the financial year if you look like paying too much tax you can make some expenditure to offset it.
Make any sense? I hope so.Regards
Patrick
The dumbest question is the one you don’t ask.
Hi Steve,
I have to side with c@34 & say why? Unless you start getting more complex with all this stuff and really know what you’re on about, you may get bitten on the bum (so to speak!). Have you crunched the numbers to find out how much money you’ll save verses extra time (yours for filling out forms such as BASs etc. and keeping very detailed accounts) & money (additional accountant’s fees for the extra paperwork etc.)If this all works out to be in your favour, then well done! [thumbsupanim](And pls let me know some details so I can have a closer look as I have an ABN but not GST registered).
Regards
Patrick
The dumbest question is the one you don’t ask.
Hi
Just remember that any cosmetic work done before your initial tennants move in, will not be tax deducable. You have to have had tennants in the have “caused wear & tear” that needs repairing.Regards
Patrick
The dumbest question is the one you don’t ask.
Hi Kay
Thanks for the tip, I’ll certainly contact melbear when she is back from the great unknown.Regards
Patrick
The dumbest question is the one you don’t ask.
Hi all,
This discussion is most interesting. Its the first time I have heard any +ve feedback (from the purchaser’s point of view!) about buying OTP. I hope there is more to come.
ThanksRegards
Patrick
The dumbest question is the one you don’t ask.
crj,
Thanks for the info. I’ll digest that & go from there.
[thumbsupanim][thumbsupanim][thumbsupanim]Regards
Patrick
The dumbest question is the one you don’t ask.
Hi
I’ve just read Steve’s book for the second time, without skipping any of it. The whole wraps & flips thing leaves me gobsmacked! I understand the words written on the page, but not the concept.
I have been researching property investing for a few months, have nearly bought a property on a couple of occasions only to back out at the last second because I could see no way it would “generate passive income from day one“. In the last couple of months I have only come across one property that came anywhere near the 11 second rule. It was very good if I could have raised a large enough deposit. I’ve been researching hard, looking at regional centres & even some small towns in the hopes of getting a start.
We have about $20k in our redraw facility (owe $80k less redraw on PPOR) to utilise. What I’m concerned about is the several posts saying its a bad time to start investing and also what happens when interest rates start to rise (thus turning a marginally CF+ into a neutral, or worse CF-). I’m in my 30’s with a wife & 2 small kids so don’t wish to cause any major hiccups in the finances. My current pre-tax income is about $60k.
I know all my concerns sound really negative, but I’m told that pessimists are much happier people because they’re less likely to be dissappointed!!!
I would welcome anyones opinions as to what we should do.
[fez]Regards
Patrick
The dumbest question is the one you don’t ask.
Hi shirl1978,
I’m not one of those types that has to forge ahead at all costs, I’m a bit more conservative so tend to agree with your accountant.
If you still wish to go ahead, there are a few things you should consider:
Number crunching 1) What if the interest rates go up say 2%? 2) What if your profits drop? 3) What happens if you get a combination of 1 &2?
Also, as Kay says, we’re at best in a flat market at the moment. What happens if you stretch yourselves & find you’re in -ve equity?
I’m sorry if this all sounds very negative but I’ve been in a similar situation i.e. self employed & mortgage payer at the same time.
Save yourselves a bit of heartache (& money), spend some time doing a serious chunk of saving & review you finances every now & then. When you can go ahead comfortably, the stress levels will be dramatically lower!!Regards
Patrick
The dumbest question is the one you don’t ask.
Hi Wayne
Based on the info given – here is what I may do if I were in your situation.
Do the bare minimum of work to get the property habitable & rent it out for 12 months. This may leave you CF- or CFn but if its -ve the you get the tax break. After the year is up you can then do the renos & by the sound of it most will be deductible. If you rent out your IP first, then there should be no doubt (for the ATO) that its repair rather than improvement. You may come unstuck with the paving/pergola/ac unless you’re replacing existing items.
That’s my take on it, but I’m no expert. I would have to talk to an accountant to check the facts.Regards
Patrick
The dumbest question is the one you don’t ask.
Hi Marisa,
Blue metal is ok but it will make a difference what floors arein the property. Sounds daft I know. The small stones that get stuck in shoes can really damage timber floors, cork, vinyl etc. You should still follow the previous good advice on edges etc. It looks nice but is hard work to put in & can be very dusty in summer.Concrete is good,though more expensive. There are endless options on patterns & colour etc. including non-slip coatings for slopes.
Ashphalt (aka tarmac, blacktop) is basically the same stuff roads are made of. Its fairly expensive but looks great (especially with coloured flecks in it.
Alternatively, if you already have plain concrete you can have spray-over concrete patterns or hot tar & gravel.
What you spend is entirely dependant on your longterm plans.Hope this may help.
Regards
Patrick
The dumbest question is the one you don’t ask.
HG,
Have just seen some pics of a friend’s new kitchen. She went the secondhand way. Wow! She & her brother put must of it in themselves (except the usual plumber/sparky stuff). The only other paid work was a bloke to cut the granite tops to size. Looks great and cost a fraction of the new price.
Have a look in the Trading Post & see how you go.
Best of luckRegards
Patrick
The dumbest question is the one you don’t ask.
Hi David
If you look at Jaffasoft’s website (jaffasoft.com) there is a downloadable calculator that works the +ve thing. Hope this saves you any extra work.[biggrin]Regards
Patrick
The dumbest question is the one you don’t ask.
Hi
That sounds really interesting. What sort of figures are we talking? I’m asking because I already have an IP “down south” near where my parents live (I live in Oz). Any more info would be much appreciated.[suave]Regards
Patrick
The dumbest question is the one you don’t ask.
Should have mentioned that kitchen 1 was put in an 1830s house & kitchen 2 was put in a 1790’s barn conversion!
I’m sure more modern places are much easier.Regards
Patrick
The dumbest question is the one you don’t ask.
Hi HG
Flat-pack kitchens?
[grrr] AAAAARRRRRGGGGHHHHH!!!!!!!!!![grrr]
My dad & did one about 3 years ago. We’re both pretty useful with our hands.
It seemed like a good idea at the time. What you have to do is double check the room’s measurements. We found that the window, floor & ceiling weren’t parallel. The room wasn’t square and the floor wasn’t even! Nothing was out by much… just… well… enough!
We had the adjustable legs all sorted and thats when it all started to go wrong. Trying to get everything level. Suffice it to say after a day we were ready to flatten each other.
Mum cured the problem by calling a mate of mine (a chippie) to sort it out. Apparently it only took him an hour to fix! (Don’t know what he did though).Had another one to do a year later. I had the solution. I build the carcasses,fixed door furniture etc.(saving a bit of cash), then hired a pro, watched them swear while I had a cold one & claimed the bill on tax.[thumbsupanim]
Regards
Patrick
The dumbest question is the one you don’t ask.
Ah ha!!
Don’t know what I did wrong last night or did right this morning, but it now works & its great!!
[specool]Regards
Patrick
The dumbest question is the one you don’t ask.
Hi Jaffa,
I’d like to say how great your calculator is – but I can’t get it to run on my laptop! I followed the prompts & downloaded the extra stuff but it still doesn’t work.
What do I do now?[confused2][eh]Regards
Patrick
The dumbest question is the one you don’t ask.
Hi Brahms
You asked for it! Here goes.
The tale begins with wife about 6 months pregnant (3yrs ago). We had decided that a new car might be in order. Our impression was that our ’86 RB Gemini wasn’t the best mode of transport for the impending production. Its still okay for me to use as a second car/runabout.
With car hunting at the back our minds, we went off shopping one day to a large town about 45mins away. We had already done the thing where I said I wanted a 4wd because “its safer” (secretly wanting to go bush bashing) and she wanted something a bit more normal (but not the same as everyone else, of course).
Almost the first thing we see as we come into town is a Subaru/Mazda dealership. The Gemini rattles into the carpark, wife unfolds herself and glares at me for not helping (I’m already drooling over an Outback). Success!!!!!!!!!!!!! Wife says “Wow, that looks nice, not a bad price – not bad but not good. We’ll see.”
A young man, smartly dressed, wanders over & introduces himself as “Fred” (name changed to protect his career prospects). It turns out that this is Fred’s first day at this dealership having come from a Toyota one. (Glint in wife’s eye).
We duly take car for a test drive, like it & have a private chat about the price. We go back to Fred & he says $34k. Wife has fit and immediately tells him that she will buy it and will not spend a penny more than $30k.
At this stage I’m pretty certain we are about to take posession of a low km, blue Outback.
Fred is wheezing and goes to talk to the boss. Answer is $33k.
$31k says wife, countered by a (?) generous $32,500.
This all goes on for nearly an hour. The final result was wife 1: dealer nil.
We got the car for $31,125. “Ah ha!” I hear you say, “what about the $30k bit”. Well Fred ended up throwing in a set of mats, a cargo barrier (inc. free fitting) & a tow bar, all valued at about $900.
Not bad at all I think.Last month we started to look int replacing above mentioned Outback as bread-snapper number 2 is making things a squeeze. We went back to see Fred. As we pulled up I saw him diving behind the spare parts counter & when we asked after him, we were told he was on holiday for a month!
Just remember – you may be doing a property deal one day and find out the lady you are dealing with drives a blue outback……….[satan]
Regards
Patrick
The dumbest question is the one you don’t ask.
