Forum Replies Created
First of all – GOOD ONYA S.I.S!
I have been in business for the past 4 years, and have recently started (4mths ago) a new job full time in Sydney. Its true that you can claim just about anything (with a good accountant). Sex toys and alcohol? hrmm never got told about that one! – I have a few receipts I should give to my accountant this year! haha
Anyways, for all of you who are upset or annoyed at the way S.I.S has set himself up, you should speak to your accountant. A good accountant is worth his weight in gold (this will usually be reflected by what they charge you as well!) They are paid to give you ADVICE on how to MINIMISE tax. This, you are entitled to do LEGALLY. Why pay a dollar more in tax than you need to?
My olny problem was trying to get more finance as a self employed business owner. My “on paper” income was so small I could never get finance. Hence me now in a full time, well paid salary job.
Do your research guys- S.I.S obviously has. Besides, its true… if you can get these legal tax benefits it will help you build your portfolio which will (hopefully) provide you with more income long term. More income = more tax to the ATO.
Besides, as Property Investors we are housing many many people so the government love us
*we think*[
]One more point, do you really think S.I.S would be doing things this way if it were illegal or if he knew he would get “caught” if he were to be audited? I very much doubt it…
Thats my bit anyways [:o)]
Good topic. Love it!
Luke [^]
redwing: Balga by the sea? Yeah ive heard that too… but take a drive up there im sure you will be impressed. The area is new, clean and you can get a decent house (4×2) for 150 -180k. The “homeswest” tenants in the area may not be the best to have a s neighbours but wont be forever. Remember, you wont be living there… I ran my own Security Company in Perth before I left and the crime rate is not as bad as other parts of Perth so I wouldnt worry about that too much, just make sure you put an alarm system in to make your tenant feel secure… [8D]
And, Karen – I agree with having fun… I think ive had my share too! I think the difference will be racing “without a limited budget” -spending property on property and not my cars now means I can have more fun later and spend MORE on my cars and go FASTER [
][][] and of course having financial freedom is very high on my priority list!Luke [^]
good on you that was a good time to buy… im sure you will make i tidy profit in the coming years
Having a good tenant in makes a huge difference in an area like Armadale. Eventually all of the state housing may go…
Look at a property in Sydney (say 3×1) which is the same distance as Armadale from Perth. You will pay around 600k for a house of this size, and still be getting a smaller block of land!
Hold on to it, Perth prices can only go up! Perth is a great place to invest!
Luke [
]hrmmm $50 a night hey? thats $18250 p/a if God decides to rent the full 12 months there…
Anybody know of any churches for sale ? [:p]
Not bad [
]also depends what type of house youre putting up! A 2 storey will be more expensive, and what construction the house will be (ie brick n tile or cardboard etc etc)
hehe
[8D]
Ben if you dont want the hassle of coming back to OZ ill send u my bank details and ill go buy a place [
] heheTime saving? Internet to look for the properties- should give you an idea of what youre after I spose
…but your PM should be able to get one of the agents in the company to do a valuation for you on your current property to give you an indication, but the bank will need to do their own valuation (which you have to pay for) anyway.
One of the mortgage brokers on here may be able to help you, Im sure that most of the correspondance could be done over the phone until you have to sign the loan application docs which could be posted to you to sign.. [?] That way you can come back and buy knowing how much you have to spend, saves the disappointment aswell if you dont get finance approval!
If you know the area now,- why not buy overseas? *shrugs*
Dunno if this helps but hey… [
]Luke [:o)]
Oh and one more thing about Ocean Reef, one of my best mates bought his PPOR there in early 2002 for 240k (4×2) and is now valued over 400k!
Beach! Beach! Beach!
Bring it on [:p]
(ps after living in Sydeny for 3 months now I feel sorry for anyone trying to get into the property market for the first time over here. 500k properties advertised for “first homebyers”) shhh dont tell em about Perth [
]wink wink[]lol good stuff
Well, lets hope this area doesnt flood! Tho, the suburb im talking about (Quinns Rocks) is a great place to buy. The Mitchell Freeway will be going past there by 2006, the train line is being constructed now to go up there and yes Phil I have heard about the plans for the satellite city in Alkimos I think they were talking stage 1 to commence around 2015 though? (*thinks back…)
I do actually remember those prices in Armadale! Scary though, just reading Steves book changed my opinion on the area. I supposee its best to stay very open minded with property investing! I thought it to be dodgy (no offence to anyone on here from Armadale!) and never wanted the hassle of a bad tenant.
Basically, the northern corridor has a lot happening over the next 5-10 years and I would expect a lot of strong capital growth long term.
As for Ocean Reef, great spot again- rented there with Mum n Dad after we sold the family home of 20 years in Marmion (another GREAT spot). They built in Mindarie and now have 180 degree ocean views and have doubled their money in a little over 2.5 years! Beautiful spot. This, again was a change in my thinking- when they said they wanted to build in Mindarie I thought they were mad. Now I love the place (even tho I live in Sydney now) If they are building a Holden dealership in Clarkson they are obviously expecting a lot of growth up there in the coming years!
I dont want to have to say “if only” TOO many times, tho I am already saying that considering im 23 and am now driving my 10th car! With the money I have spent and wasted buying and doing up and racing cars I “could” have a property portfolio that would see me retiring in a couple of years… BUT… u get that! [:p] I have had FUN and learnt from my mistakes, and nothing teaches like experience!
Ill have to catch up with all u west aussies when I get back for Easter… [
]Luke [^]
yeah thanks guys… [
]That is true, the beachfront land is rare in WA (we only have about 9000km of coastline) but you only have to look at the urban sprawl to see that the population is spreading north and south along the coast,not east.
As for riverfront, I agree but i think the figures long term will stack up better on the beach. There is a new land development starting further north of where this house is and there is no signs of slowing down creating more land. The more they clear and sell, the closer mine becomes to the city, therefore its value and rental income will increase over time.
There is homes available on reiwa website in suburbs like Armadale, Kelmscott, Gosnells etc where properties can be picked up for those prices, but as for scandalously cheap, does it matter on the suburb if the rent is paid by a good tenant? As Steve says in the book there are good tenants everywhere, while the capital growth may not be as strong in these areas the rent returns arent too bad. 100k – 130/140k no probs…
Maybe ill grab the beach property (which will be only 3-4 years old too) -good for depreciation too i suppose and get some cashflow +ve ones next. That way this, with my current property will be a good solid base for capital growth as they are in “rare earth” locations. Im only 23 I dont mind working to keep the payments up till they are CF+ve…
Luke [:o)]
hehe cool.
I was cleaning the lounge room with the music up and thought of something I read in Property Investor Magazine so I thought Id put up a post… [:p]
Thanks
Simon (MortgageFinder) has been given all of my details (figures etc) and beased on the info given he said that he could get a loan approved. So If I havent heard good news from my broker by the end of the week I will get onto Simon for assistance, thanks Simon.[^]
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*we think*
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