Forum Replies Created
Tools.
No conection with this company just seen their add in the Hearold sun and checked them out.
Celivia
Ya i know its wrong. wont happen again [blush2]
just thought people might be interested.TMA
I assume that if you dont move into another house you own then the government is not exactly calling your property an IP and this is why you get the CGT exemption. So yau are saying that if i brought another place to move into then i will have to pay the CGT? because it will efectivly be and IP.
Ironhide
I am glad to hear from someone who has done the same. Unfortunatly i am from Victoria so i dont think i can get away with paying no stamp duty it would be fantastic if i could would save up to $7K.
I am very interested about not having to pay CGT. I have never heard of this being the case befor but it would be fantasic if it was the case.
Can i ask what sort of property you purchased and what sort of reno’s are you doing?
I am glad to hear that it is working out for you just hope i have the same luck.
TMA
I think that you are right about the house and rent prices however from what i can see there is still a big gap between the price and rent which is why it is extremely hard to find a positive cash flow property. I do think you are right but we are still in for a bit of a wait before prices are low enough to find really good bargains.
I had to get through 17 pages to get here and i dont think i seen anyone fron Sunbury. Has any one else?
Hi all
I am from Sunbury victoria.
Just starting out in property. I am just about to buy my first one, which is a renovation project.
I think that Renting and investing in property is a great idea. After posting several similar q’s on this site i decided to buy a property to renovate. The plan is to buy it spend 6 months renovating so i can get the FHOG, then rent it out and go back to renting. I have done a bit of number crunching and this looks like it will work out. Espesialy when the property is renovated because i will be able to ask higher rent for it.
In my case if i brought the same house and lived in it it would cost me about $320 per week and if i rented it out for $185 and then rented some where myself for $185. Then the overall cost works out to be about $280 after tax deduction which leaves more cash to invest.
I am not sure if that is the case in VIC I think that it is only 24 hours notice. However you are right that i can still be quite difficuly for them.
You say you brought your first house this way. How did it work out for you? Is there anything i should look out for?Has anyone else done this before?
This is true however the amount that you pay out of your pocket for an investment property is also coming out of your pocket in your own home to pay the interest on the loan. The difference is that if it is an investment the tenents are hellping you pay this interest. You are right about the CGT however the benifits here are quickly eroded due to the loss of the tenents income you get if it was an IP.
I think you are right at the moment this is the direction i am leaning towards.
What do you mean by co borrower? do you mean full guarantors for lending purposes or for them to also help fund the deposit?
I have been looking and have also come across these types of agents and would like to ask the same Q as Madappa.
With out looking right into it they seem fairly genuine.
I’m with TMA on this one. It relates to the percentage return not the currency however in your situation you may be looking for a different return depending on other factors in the contry.
That does make sense i think. At the moment anyway with high prices and lowish rent. Thanks.
So are you guys saying that if you were living in a house and paying rent but had enough money for a deposit you would recommend you stay renting and buy an investment property instead?
This would have its own tax advantages but would you came out better off this way?
and if you did this would you get the FHOG and live in the house for a while then rent it out?
MK2R
That sounds exactly like the sort of buy that i am looking for. I have got some familly that live near cairns that may be able to help me out with looking. Thank you.
APerry
In my current situation and as long as the FHOG is still around this option is looking better and better. Have you tried anything like this before and if so in your experience are there any obviouse dangers to look out for?
Thanks everyone for the replies.
I have not looked at property trust but that may be a good idea.
I have saved enough for a deposit, about 10-15k so i have got enoug to start. I think that you are right there is a huge amount of risk in reginal areas at the moment and that is why i am a bit nerves.
One option i did think about was buying a house to live in and renovate at the same time.Iam 23 and about to finish my studies and join the work force.
Plan to be financialy free by 35 and retire at 40.I plan to do this by saving hard and only buying real assests such as investment property and shares.
I live in the airport west area in Melbourne.
What am i trying to get out of owning my own investment property?
I am quite young and not that interested in working full time till i am 65. I have always been interested in property, i am what you can call a house proud person. I am looking to buy my first property to help me to continue to build my portfolio with the ultimate aim for semi retirement in my 40’s.Thanks guys for your replies. It sounds to me that in this current climate it is not the best time to be buying in the far outer reaches of victoria. I am however having trouble trying to find somewhere to buy a good property for around this 100k mark. I just dont know where to start looking! I am trying to find somewhere in victoria to keep it close to where i live because this will be my first investment property. Does anyone have any ideas of a broad area that would fit into this price bracket? I know this is a broad question however i need somewhere to start. Thank you in advance.
