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Bonbeach
Participant
@bonbeach
Join Date: 2004
Post Count: 214
June 4, 2004 - 1:45 am
Can you elaborate on the bit about the ATO?
From my understanding, any property you buy, and renovate you can claim the renovation costs back. The reason for the renovation is both:
-the capital gain (2 bed renovated units in this street / complex have sold recently for $135 – $165k) I bought mine for 115k…
-and secondly the rent. Similar properties in the area (renovated) are renting for $140 – $160pw
The question is weather to buy property # 3 now or do this renovation now. If not I will fly back to perth next April when the tenant moves out and renovate it then. I just thought, the sooner I do it, the sooner I get access to the equity and the higher rent… makes sense to me? What do you think?
Luke [cap]
Bonbeach
Participant
@bonbeach
Join Date: 2004
Post Count: 214
June 4, 2004 - 12:44 am
good onya lil_man!
im now 23, and have two properties in Perth.
You sound like me when i was your age! haha
Some advice for you though while youre still young, up to you weather you choose to do anything with it or not…
-SAVE 10% of anything you make, pocket money, work, anything!
-When youre ready to buy a car, buy a CHEAP car, instead of turning 23 and realising you have owned 10 cars since you were 17 and number 11 is a 60K Monaro sitting in your driveway
-Dont get credit cards, interest free deals, or borrow money for anything but property!
If you follow these basic things about money and learn them while you are young you will be very comfortable by the time you are my age. (my age haha -I sound like im 50!) I would have about 20 properties now if I hadnt done some of the things I have done in the past 8 years… BUT ive learnt from it all. If this helps you (or anyone else)even one bit then it wasnt wasted [biggrin]
The other tip as stated by Derek is READ. Read as many property books as you can. Rich Dad Poor Dad is a good book too…
Any questions feel free to ask me or anyone else on here [strum]
Luke [cap]
Bonbeach
Participant
@bonbeach
Join Date: 2004
Post Count: 214
June 4, 2004 - 12:32 am
Very true…
We may be seeing the last of the 100 – 150k properties in perth in the next 6 – 12 months!
Luke [cap]
Bonbeach
Participant
@bonbeach
Join Date: 2004
Post Count: 214
June 4, 2004 - 12:10 am
Who knows anything about the wharf redevelopment??
My parents have a house there and Ive heard nothing about it?
PS- they built this place in 2000 for 380k and is now valued at over 700k! 180 degree ocean views too! [suave3] Ten times better than stinky sydney! hehe
Luke [cap]
Bonbeach
Participant
@bonbeach
Join Date: 2004
Post Count: 214
June 4, 2004 - 12:03 am
Mine was $715 through Depreciator.
I would have thought that it had to be based on actual costs. [hmm]
I have so much to learn too [rolleyesanim] *sigh*
Its all a lot of fun tho, can be frustrating at time, but lots of fun [oink]
Luke [cap]
Bonbeach
Participant
@bonbeach
Join Date: 2004
Post Count: 214
June 3, 2004 - 11:38 pm
I have just got my very first Depreciation Schedule done up (havent received it yet)
Out of interest how much did you pay for yours??
The 66k they have allowed for construction costs are ACTUAL construction costs only, which doesnt include the builders profit margin or GST (if any). This also wouldnt include any landscaping etc done on the property.
From my understanding the reports are supposed to be quite detailed and easy to understand.
If you arent sure about it, give them a call and question them about it -hey, its your money on the line! Secondly make sure your accountant has a good look at it (im sure you would anyways)!!!
Luke [cap]
Bonbeach
Participant
@bonbeach
Join Date: 2004
Post Count: 214
June 3, 2004 - 10:43 am
Clarke Whyte Property Lawyers in the city are very good
Bradshaw Kylynycz Settlements in Stirling are AWESOME. Speak to Jan Kylynycz she works any time of day or night… Ill be using her for many years to come yet!
Luke
Bonbeach
Participant
@bonbeach
Join Date: 2004
Post Count: 214
June 3, 2004 - 5:07 am
I think there is a few good buys left around there, but talk to the locals. I have a friend in Gero and he thinks that some of the areas (the ones with cf+ properties are, well, a bit ‘rough’ and have similar tenants. Research never hurt anyone.
Also, (and correct me if Im wrong) but I think the banks have a lower LVR here (60 – 70%)
Luke [cap]
Bonbeach
Participant
@bonbeach
Join Date: 2004
Post Count: 214
May 26, 2004 - 6:44 am
Wayne
Hi, -Im also 23, originally from Perth (Sydney for 9 months now!) Its scary over here!
If I were you, Id stick a house on the Yanchep Block ASAP and get a tenant in there.
Keep Merriwa its a good spot. Marmion avenue will be up Yanchep way by 2010 (I think?) and the freeway and train arent far from Merriwa now!
Good coastal spots Id keep them mate!
As you know, coastal WA is the place to be! I grew up in Marmion and prices there have gone thru the roof!
With the expected CG in Merriwa and Yanchep, use your equity to buy a development site close to the city and develop later.
Its easy to get excited about the “possibilities” tho
Where are you living? Still with the olds?
PM Me a message – stay in touch [suave2]
Luke [cap]
Bonbeach
Participant
@bonbeach
Join Date: 2004
Post Count: 214
May 25, 2004 - 5:07 am
Thanks guys for your replies.
No im not stressing, I knew I would sort it out -I always do… where theres a will theres a way! [suave]
Thanks Lizzy for your help also, yes she is MIAA approved. I should have done lots of things differently, but I know better for next time because of it. [biggrin]
Everyone has come up with some great ideas, and- cost wise – you cant beat Robs suggestion with citibank 0% interest for months! Im going to pay off the debt within 3 months anyway and close the account, so, 6 months with no interest is my best option. Rob wins the meat tray this week! hehe
Once again,- thanks for your comments and suggestions.
Luke [cap]
Bonbeach
Participant
@bonbeach
Join Date: 2004
Post Count: 214
May 24, 2004 - 8:53 am
hey flash
good stuff…
thanks for getting that 4 grand approved so quickly [biggrin]
Ill send u my bank details, if you could transfer it by the end of the week that would be great
hehe
Luke [cap]
Bonbeach
Participant
@bonbeach
Join Date: 2004
Post Count: 214
May 24, 2004 - 6:07 am
Ok
Going from the last post back..
Lucifer_au – It is not always in ones best interest to set up a company, a lot of the time being a sole trader is best for the individual, as it was in my case. But, good point.
kay henry – I have only one credit card with a $1000 limit. Ive never had any late payments on anything, and definately have no black marks against my file. I dont have any personal debt except my car. (IP’s excluded of course) The IP’s are not that highly geared that I cant borrow another $3800 somewhere else. And its ALWAYS a good time to buy another IP in my eyes [biggrin] hehe
I think by the sounds of it, everyone agrees that once you have the file, thats it for 5 years. Fair enough. Im happy with that. I do have a copy of the CRA and is up to date, I will go through each and every one and make a written explanation now for future reference. At least if I show the banks this upfron there is no surprises for them and they will see that I am giving them as much info as possible and being open about my credit history.
Funny nobody teaches you this stuff in school. Valuable learning. People are going and signing up interest free, credit cards, vehicles every day of their lives and not many understand that this can and will affect them down the track if they want to do something productive with their money.
Robert Kiyosaki got it right. I never liked school anyways!
Thanks for your opinions and comments
Luke [cap]
Bonbeach
Participant
@bonbeach
Join Date: 2004
Post Count: 214
May 24, 2004 - 3:06 am
Just reading the post by PP in the topic “Mortgage brokers who rebate”
Due to the “lack” of service from my mortgage broker, and the 6 weeks for the approval (and the fact she basically shrugged her shoulders at me when I told her I didnt have $3800 lying around) – what do you think I ask her to “share” some of her initial commission? [biggrin]
Or is that being WAY too cheeky? [blush2]
At the end of the day, I have to look at everything!
Luke [cap]
Bonbeach
Participant
@bonbeach
Join Date: 2004
Post Count: 214
May 24, 2004 - 2:22 am
Yeah, nothing dodgy on there! No defaults, late payments or anything!
Sole Trader, not split just because I had an ABN unfortunately…
Are you sure they ARE humans in there? haha[rolleyesanim]
Unfortunately we explained the hits to the mortgage insurers and it did not help… [glum] 2 banks approved my loans but the mortgage insurers said no.
I suppose the older the hits the less likely the banks[skull] / MI Companies[stitch] will get upset??
Luke [cap]
Bonbeach
Participant
@bonbeach
Join Date: 2004
Post Count: 214
May 24, 2004 - 1:47 am
I thought it was seven years?
I was just thinking that if I did not proceed with the finance or if the finance in question had been paid out that you could remove it.
Yet another learning curve…
Luke [cap]
Bonbeach
Participant
@bonbeach
Join Date: 2004
Post Count: 214
May 24, 2004 - 1:28 am
Oh and I have been on the Baycorp website, cant find anything on there about it… Then again I am being quick cause Im at work! haha
[cap]
Bonbeach
Participant
@bonbeach
Join Date: 2004
Post Count: 214
May 24, 2004 - 12:34 am
Woah lots of suggestions, thanks guys!
My only real concern is that due to loan applications with 2 banks recently, and their respective mortgage insurers taking a peek at my credit file, what is the ‘easiest’ way to do this out of the options above?
I never use the word ‘easy’ when it comes to finance, but on this occasion im looking for the ‘least difficult’ I suppose [biggrin]
Johnny aint gonna help me out with $600 either! Im only 23 and dont have any kids! Not going to have any either considering im… ummm [whistle]
hehe
Luke [cap]
Bonbeach
Participant
@bonbeach
Join Date: 2004
Post Count: 214
May 23, 2004 - 6:09 am
I only have a $1000 limit on my credit card, which is paid out at the end of each month. How long does it take (and how hard is it) to maybe extend this to maybe a 5k limit?
Luke [cap]
Bonbeach
Participant
@bonbeach
Join Date: 2004
Post Count: 214
May 19, 2004 - 10:51 pm
Thanks again for your replies…
But im sorry, THIS mortgage broker DOES need to be shot. [biggrin]
I contacted Terry from Discover Home Loans off the website, and he had an answer for me within days AND STILL before the “other” broker did. She had the application for exactly 6 weeks and 1 day before giving me a definate approval. This is not good enough.
*loads gun*
Even after she got an approval through, she said I still had to come up with an extra $6000 myself! I advised her that I never HAD $6000 in the first place to just “throw in”. She then went back to the bank and they approved $5000 of this but i would still need $1000. Not such a big deal but definately a pain in the Ass…
Luke [cap]
Bonbeach
Participant
@bonbeach
Join Date: 2004
Post Count: 214
May 10, 2004 - 6:56 am
Thats is so true. Good points. Its not easy, but can be fun and very rewarding… Im learning about the word “patience” too hehe
Luke [cap]