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Brenda Irwin
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@brenda-irwin
Join Date: 2003
Post Count: 119
December 3, 2006 - 12:34 am
Originally posted by crashy:
thats fine with me, in 10yrs time the house I bought will be on the water front!
I have often wondered about this. If you had your house on reinforced stilts, like a jetty, and the sea claimed all the land, you would have a house IN the water front, right?
How would the state gov’t levy land tax? The house is no longer on land. [strum]
If you want to get out of a hole, first stop digging.
Brenda Irwin
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@brenda-irwin
Join Date: 2003
Post Count: 119
December 1, 2006 - 2:38 am
I think Steve is pretty gutsy if he has sold all at once. Just think of the CGT bill. [wacko]
I myself have been selling a couple of the lesser quality IP’s for a few years now, and using the profits to pay down debt on the better IP’s.
I will be selling just a couple more to really condense and purify my portfolio in preparation for investing again. Hopefully with smarter gearing so it can grow all over again, but faster.
Good onya Steve, it is hard swimming against the tide. [upsidedown]
I can’t wait till I get the new book. Maybe a good Chrissy present to myself. [xmas]
If you want to get out of a hole, first stop digging.
Brenda Irwin
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@brenda-irwin
Join Date: 2003
Post Count: 119
April 24, 2006 - 2:39 am
Originally posted by NATS12:
The people who I know that are doing it tough are still living in their own place (that thebank owns 95% of), buying new furniture on interest free and considering whether dimmers on their downlights are the right way to go!!!
The interpretation of doing it tough these days has changed.
There are a lot of people living by the pay cheque but there is a big facade that is hiding the truth. When the recession does hit there’s going to be massive problems for a large portion of society.
Your last line is what really worries me. Who do you help then? How are you going to know the true battlers from the ones who just wasted it all?
If you want to get out of a hole, first stop digging.
Brenda Irwin
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@brenda-irwin
Join Date: 2003
Post Count: 119
April 12, 2006 - 9:39 pm
Broadband is loads better as I can discuss realestate properties on the landline phone whilst looking at the pics on the internet. I can also use googleearth and my se regional plan on http://www.oum.qld.gov.au to quickly find the boundaries of the properties. On the googleearth site, note also the sea levels are displayed so you can tell if the ip is in a low flood prone area.
If you want to get out of a hole, first stop digging.
Brenda Irwin
Participant
@brenda-irwin
Join Date: 2003
Post Count: 119
April 12, 2006 - 9:30 pm
Cashflow positive means money flows into your pocket as a net income, regardless of interest payments or tax deductions.
This is where hubby and I differ. He says principle repayments should not be included as they are a capital expense.
I think that if you lost your job income, principle repayments would still have to flow out of your pocket and therefore not a positive cashflow investment. Yes, you could try to sell the investment but what if the market was dead slow. You could even suffer a loss on sale and still own the lenders money.
Positive gearing is another thing. It means that after all expenses plus tax deductions, the investment shows a profit income.
If you want to get out of a hole, first stop digging.
Brenda Irwin
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@brenda-irwin
Join Date: 2003
Post Count: 119
April 11, 2006 - 11:07 pm
I also use an excel spreadsheet. I have composed it from the previous years tax return from the accountant. You know, the long version they print out for you to check all the entrees before you sign as correct and they lodge it for you.
On this speadsheet, I have put in all the formulas and tax rates with provision for cgt if I have sold anything. I have all the depreciation tables in there and each IP has its own income/expenses section.
The next year, I copy the speadsheet to a new annual file and update the depreciation amounts. During the year, I enter in the rents/expenses usually every month. I keep all statements/receipts in a couple of binders with sections for each ip.
The rents I enter, I also put in the dates of rent paid from/to and add in when I want rents increased or tenancies renewed. Then I can see immediately if anyone is getting behind in rent usually before the pm does.
Because I leave in last years wages/rents expenses until the new info comes to hand and I change it, at any time I can scroll down to the bottom and see how much tax I will have to pay at the end of the financial year. [biggrin]
If you want to get out of a hole, first stop digging.
Brenda Irwin
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@brenda-irwin
Join Date: 2003
Post Count: 119
April 11, 2006 - 9:08 am
I am currently selling some IP’s and paying out the debts on the better ones. Maintenance is getting under control. Not in a hurry, just a couple sold each financial year and take the capital gains. Am watching the market which doesn’t have a lot of desperate sellers, yet. Too many buyers around but good though if I’m selling.
My personal banker is not happy as his lending is reducing as I reduce my debt. Can’t please everyone all the time.
If you want to get out of a hole, first stop digging.
Brenda Irwin
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@brenda-irwin
Join Date: 2003
Post Count: 119
April 11, 2006 - 7:50 am
What a good find, congratulations. For the tenants sakes, do not leave it until their leases are up to notify them that rents and renos are on the agenda. Formally notify them of your intentions asap so they have lots of time to get used to the idea, and make future plans of their own.
Cheers Brenda.[biggrin]
If you want to get out of a hole, first stop digging.
Brenda Irwin
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@brenda-irwin
Join Date: 2003
Post Count: 119
November 28, 2005 - 10:23 am
After the unimproved land values went through the roof on our properties, I thought our jointly Qld owned IP’s would be up for a total of $6k in land tax.
Then the gov’t changed the threshold and I thought we’d be up for only $2000 in land tax. So I rang the land tax office to make sure they had our PPOR details correct so it would be exempt. The lovely girl said the land tax was levied on an “averaged” 3yr valuation. Bingo! No land tax is due this year at all. [biggrin]
If you want to get out of a hole, first stop digging.
Brenda Irwin
Participant
@brenda-irwin
Join Date: 2003
Post Count: 119
November 28, 2005 - 9:56 am
I actually had an occurrance whereby one of my tenants was arrested. Prior to the nab, he had tried to get out of the lease with the excuse that there wasn’t enough car accomodation. With a double lockup garage and also a double carport with a lockable door to block front access, my PM dismissed it as a ludicrous excuse. Shortly thereafter he was arrested for housing stolen vehicles. No wonder there wasn’t enough car accomodation.[blink]
Anyway, the girlfriend who wasn’t implicated or charged took over the lease. Unfortunately, without the absent boyfriend’s extra income, she was unable to maintain the rent payments. PM took it to court and the tenant was evicted. A lost rent claim was lodged by the PM against the tenant, but she said don’t hold your breath. It has never, two years later been paid.
It was hard to maintain my interest repayments to the bank, without rent coming in but I managed ok, and now just put it down to one of those things that sometimes happen.
I also had a tenant who, rather than repaying rent, chose instead to maintain his boat repayments. He was also evicted by the court, but fortunately he repaid lost rent a few weeks later. At least he still has his boat.[biggrin]
If you want to get out of a hole, first stop digging.
Brenda Irwin
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@brenda-irwin
Join Date: 2003
Post Count: 119
September 4, 2005 - 7:50 am
Try your solicitor and tax accountant. Prospective workers should do likewise. There must be ways around all the red tape as how would all the grandads out on the farms ever do without the help from the grandkids on holidays?
If you want to get out of a hole, first stop digging.
Brenda Irwin
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@brenda-irwin
Join Date: 2003
Post Count: 119
September 4, 2005 - 7:39 am
A: Because eventually you will receive a letter telling you that you have reached the limit of borrowing. Not your limit, theirs.
Q:Should a tenant be around, windging and complaining about the house when prospective buyers are looking it over. How do you get rid of them, the tenants, for a few minutes?
If you want to get out of a hole, first stop digging.
Brenda Irwin
Participant
@brenda-irwin
Join Date: 2003
Post Count: 119
August 24, 2005 - 12:01 pm
I too am concerned at my risk exposure in the future property market. Something has to give to chill the market. I don’t know what, but I have a feeling that if my LVR and serviceability are ordinary, then I won’t like it.
For myself, I have been selling off the mould and keeping the gold. Meaning I sell the problem properties, be they excessively negative or fraught with high vacancies/maintenance and using the profits in realised capital gains to pay down the loans on the gold ones I have left.
Proverbs 22:7 “The rich rule over the poor, and the borrower is servant to the lender.
I have no wish to be servant to my lender via maintaining and tenanting IP’s with them owning 80% and me doing all the work and only owning a mere 20% share.
Cheers Brenda[biggrin]
If you want to get out of a hole, first stop digging.
Brenda Irwin
Participant
@brenda-irwin
Join Date: 2003
Post Count: 119
July 15, 2005 - 8:10 am
I agree, having untaxdeductable debt on your PPOR is a killer. It was the hardest thing I ever did when I bought my own home. ASAP I sold one of the IP’s during the boom and payed off my home’s debt. Gee, it really made a difference to my cashflow, and I was able then to go forth and buy more IP’s. The feeling of actually owning your own home, is good for your own wellbeing as all that stress of losing the family home is gone.
If you want to get out of a hole, first stop digging.
Brenda Irwin
Participant
@brenda-irwin
Join Date: 2003
Post Count: 119
July 13, 2005 - 9:59 am
Originally posted by Dimmick:
We have been told that you should spread your loans out with several banks so it is harder for them to sell your properties if anything went wrong.
We are unsure what to do as we have two loans with Westpac and a third pending. We were going to go with another lender but will have to pay mortgage insurance but if we stick with Westpac we do not.
Not really sure what to do. Would appreciate any advice.
Thanks heaps
I have heaps of loans all with one Bank, NAB. As long as you are honest at application about your income and expenses for servicing the loans you should be ok. Big banks tend to be careful in lending in the first place and are extremely adverse to having to sell anyone up.
The only limitation I found when borrowing from the one lender, was I reached the limit of their lending. Not my limit, theirs. There were unwilling to go above $1.4m at any one time. No sense of adventure that lot.[biggrin]
If you want to get out of a hole, first stop digging.
Brenda Irwin
Participant
@brenda-irwin
Join Date: 2003
Post Count: 119
July 9, 2005 - 8:46 am
Originally posted by Dougiejg:
Hi all.
First post. Excitement. Yay.
I am a carpenter and I want to start doing some basic renos. I will probably try to sell quickly for the first few to build up capital. I will also probly be looking at lower end properties to start with.
My question(s)are:
What sort of market conditions should I look for when researching an area to buy in?
Do rental vacancies have much relevance to a buy-reno-sell strategy?
Does this strategy still work in a flat market?
Is it OK to use this strategy with low end properties, or shoul I focus on median houses to have greater chance of selling?
Also, any tips on what sort of renos add more percieved than actual value would be great.
Many thanks in advance
dougiejg
Hi dougie, I saw your post at renos.com but was too lazy to post. Seeing it again here shows you are genuine in looking for help.
My idea is to look for the grubbiest house but in a good area with good bones but which needs a good lawn care, sugar soap scrub, maybe some paint and floor coverings, a new toilet and fix all the little loose railings, sticky window catches etc.
They are generally suited to investors or first home buyers. The state of the place leaves the home buyers run away so that leaves you to buy and reno and profit.
Cheers Brenda.[biggrin]
If you want to get out of a hole, first stop digging.
Brenda Irwin
Participant
@brenda-irwin
Join Date: 2003
Post Count: 119
April 26, 2005 - 10:03 pm
Originally posted by Marvin:
UNBELIEVABLE!!! Can’t believe I missed it.. it was today…
*Mad at oneself*
Anyone care to share some juicy tidbits for your fellow forum goers when you return tonight?
~Marvin from Toowoomba (QLD)
“Knowing is not enough, we must apply. Willing is not enough, we must do.” ~Bruce Lee
Oh Boy, you missed a terrific night with Peter Spann. Doing a head count in the room, there were over 90 people there.
Peter was only supposed to speak for about an hour but he got all warmed up and spoke for around 2 hours! Not one bottom moved off any seat to go home early.
Peter spoke a lot about what was in his book. Things like strategy, purpose etc. He updated some of where he he is today, and how he got there.
There was something in there for everyone, from the beginner to seasoned investors. He talked about speading your risk, and gave us an insight into share markets and commercial trust investment, when the property market is having a snooze.
Some of his descriptions of certain things were hilarious. He wasn’t frightened to call a spade, a spade.
I think some, in the room may have disagreed with him on certain aspects of investment and timing, but hey, Peter is the MAN who has done it all.
Now we all have a decision to make, “Do we want to be Wealthy or Really, really, Rich?”
If you want to get out of a hole, first stop digging.
Brenda Irwin
Participant
@brenda-irwin
Join Date: 2003
Post Count: 119
April 25, 2005 - 5:53 am
I have Standard Schnauzers. Oldest is ‘Tina’ short for Martina. Next is ‘Ruby’, short for Bayvista Just A Gem. Then there is Kissy, short for ‘Kzmiferilidlbut’ (say it slow and you will get it[biggrin]). Next is ‘Megen’, short for Schmiegen (German for cuddle). Then there is Nitro which is his full name unless you want the full Australian Champion Schnappy Nitro. Last of all is ‘Stewy’, short for Stewart Little.
Nitro and Megen have just had 10 black puppies (5 girls and 5 boys). Anyone got some suggestions of names for the pedigree registrations???[idea]
Cheers Brenda[biggrin]
If you want to get out of a hole, first stop digging.
Brenda Irwin
Participant
@brenda-irwin
Join Date: 2003
Post Count: 119
April 25, 2005 - 5:29 am
I have a mature olive tree in my garden in SE Qld. Fruiting seems to be, a great season followed by a season of no olives at all. Has been fairly dry here for some time, although the tree itself seems to be healthy enough.
The fruit tastes absolutey discusting straight from the tree. I mean, really, really bad.
Is there some Italian recipe to change the taste to something like the olives on Pizza’s? I love the taste of those one’s.
Cheers Brenda.
If you want to get out of a hole, first stop digging.
Brenda Irwin
Participant
@brenda-irwin
Join Date: 2003
Post Count: 119
March 15, 2005 - 12:54 am
If you are really planning to make the move to Redcliffe (once termed Deadcliffe), then occupy yourselves with that.
Everything is a stepbystep and you need to take one thing at a time. Is it possible for one of you to have, even a part time job starting in Redcliffe or Brisvegas? Doesn’t have to be the same stressfilled work you are at now.
What about the move and children changing school? Another step is enrollment.
Accomodation wise, renting until you can have a real good look around the area and do adequate research is a given.
So now with the children in their new school, some money coming in with wages of some sort, and adequate house to live in, how is your goal now? Do you still want to reno full time? How’s the market look? How are the rental levels? Your goal may be looking just that much closer. Do it all in steps and you should be ok and less stressed.
If you want to get out of a hole, first stop digging.