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Are you looking for a mentoring service or just someone to answer questions and guide you on your way?
Hopefully you are not just looking for someone to do all the hard work for you and tell you where and what to buy.
You need to at least have a basic understanding of what you want to get out of property investing and a few ideas of how you will achieve your goals.
Meetups are a great place to start. No pressure just come along ad chat. Very informal.
If you really want to do this you will. There have been a few people on here asking for mentors. I have messaged a few but when push comes to shove they can't even be bothered driving half an hour to chat about it.
OK that makes sense. We don't have a PPOR loan.
) When we were negative I used to top up the LOC but now it takes care of itself. LOC is only for investments so no issues there.
Cheers
Jamie M wrote:I would have thought there would be less taxation implications with that approach rather than paying the rent into an IP LOC.Cheers
Jamie
Why? Rent goes in, bills, interest comes out. I would have thought that was pretty standard. I have a LOC that I use in that way. It stays at pretty much zero all the time. Makes it easier on the accountant if all money goes in and out of one account.
tommytucker wrote:Not true catalyst, there is an excemption to that rule for accountants although given the light training they have on everything I would not act on accountants advice unless they have a portfolio themselves. Similar to a financial advisor as well.The 'accountants' exemption' which allows accountants to provide advice on the establishment of self-managed superannuation funds (SMSF), without the need for an Australian financial services licence (AFS licence) will cease on 1 July 2016.
To replace this exemption, accountants (and other advisers) can apply for a 'limited' AFS licence from 1 July 2013. Those applying for this new limited AFS licence will be able to apply for authorisations to provide financial advice on SMSFs and class of product advice about:
superannuation products
securities
simple managed investment schemes as defined in the Corporations Regulations 2001
general and life insurance, and
basic deposit products.
Included within the definition of 'limited financial services' is the authorisation to arrange to deal in an interest in an SMSF.
Interesting article on whether accountants should or should not give financial advice.
http://www.afr.com/p/asset/should_accountants_give_financial_2eiH44XGhWWeO6PHmngbwJ
Ok. Can't help in Perth. Sorry.
Look for wholesalers though. Not fancy companies that come out, draw you a nice plan etc. You are paying pretty high commissions for that.
Go direct and save $$$$.
Benny wrote:Depends which river …..My thoughts exactly. What state, city???
Depends what you buy. You already have one CF- property. How much can you afford to be out of pocket each week?
If you put half as much time into trying to make money as you do trying to defraud the Govt you might get somewhere one day.
I think your time is misdirected.
Good luck.
Most councils charge extra if you want extra bins.
Not 2 lots of rates but just extra to cover the cost of giving you bins plus emptying them.
Our council wants $300 a year. No thanks. We'll make do with the bins we have.
Same as FMS said in NSW.
I think you are a bit confused.
The rates you have quoted would be for fixed rates. ie if you fix the rate for 2 years it will be 5.09% for the 2 years. You can't have an offset or pay down the loan during that time. It has nothing to do with IO.
They are different because banks assume the rate will go up within 3 years.
Normally when you take out an IO loan it's for 5 years. After that you can normally negotiate for another 5 years (depends on the bank and your situation). You don't set the time. If you want to change it at anytime within the 5 years you can.
If it's variable then the rate will change as rates go up and down. Each month the interest is calculated on your balance and it just comes out of wherever you are paying it from (might be that account, might be another- up to you. It will vary slightly as some months have 30 days, some 31.
Use Terry Scheer or EBM. They are Landlord insurance specialists.
Most of the general insurers don't have as much included. Read the PDF CAREFULLY.
BTW $594 is WAY too expensive. Mid $300 is normal. Edit. That's in NSW. Not sure how it is in Vic.
JAMES TANNER wrote:I am working in Bali, and there has never been a better time to go over and get involved with the investment game. 10-20% growth annually. Great ROI'S to be had.What type of work are you doing there?
About investing there-
Where? and in what? Gross ROI looks attractive but the bottom line often tells a different story.
Easy- It's on the contract.
Why not let them get a tenant. All checks done etc then give them the required notice.
If you can buy something and move into it for a short time you can then rent it out for 6 years (as long as you don't claim another home) and not pay CGT. Might be worth considering for you if you will be moving around.
Queensland does seem to have higher BC fees. Also those with pools and lifts are higher as maintenance is higher.
$900pq is a big chunk out of the rent. Not my idea of good value.
Townhouses can be a good investment, depending on what your strategy and goals are. But high BC fees eat into your yield so take that into account.
DO NOT just put it on the house loan. If you need to take some out for personal spending it becomes non tax deductible and you then have a mixed loan which messes with your tax. Make sure your loan has an offset account, or change to one that has (NOT A REDRAW do not let the bank tell you it's the same thing IT IS NOT!!!- IMPORTANT!!!). Put the money in there and then you are free to take it out when you want and still maintain the tax benefits.
If you put it in a savings account you pay tax on it. So the above option is better.
Hi Tom,
Good on you for thinking ahead so early.
Where are you located?
Have you heard of Nathan Birch? He started looking at property magazines at your age. He failed High School but still managed to make his first million by the time he was 21. He started in basic buy/hold. Google him. He's not a developer per say but his journey is interesting. Don't be put off by the burnt out properties, people mistakenly think that's where he made his money but he only did a few to video (of course he DID make money on them).
Uni or not Uni is a personal choice. But if you are getting motivated now then I assume by the time you are old enough to start Uni you'll be well and truly on your way and won't have time. Most people start while working elsewhere as they need cash to begin. Some continue to do small projects while others take on bigger projects where they no longer need (or want) to work for wages.
Best of luck.
No that's not Off the Plan. It's just a house and land package. Why are they saying they are wholesalers?
Just compare the land + build price with the cost of buying a built house.
Do your due diligence to see if there is value in it. I wouldn't let the word "wholesaler" lull you into a false sense of security.
Freckle wrote:It isn't rocket science. Both principles of BI can do this stuff on the fly in their head because they've taken the time to learn and practice the skills required. They have a very aggressive approach to PI and think outside the square when looking at deals.Neither employed others to do their leg work that enabled their success and that should speak volumes to the budding PI. If people need a crutch in this business I suggest they find another occupation. Perhaps knitting.
Rubbish. Daniel learnt everything he knows and was guided by Nathan. He didn't learn without help. He is now an experienced investor who really knows his stuff. We all start somewhere.
There is no stigma to getting help to start. Much better than dilly dallying for years not knowing what to do.
I wouldn't hesitate in recommended Nathan and Daniel. They know their stuff and are ethical and great to deal with.
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