Forum Replies Created
- Scott No Mates wrote:The only upside is that if you do make a capital loss by selling a non-performing asset, the loss can be carried forward indefinitely and offset against another capital gain when you come to sell a highly performing property or your share portfolio.
Doesn't sound like an upside to me. I'd rather not buy a -geared property in the first place.
And stop looking at me. I'm in my PJ's. LOL
Your question is too broad.
I could rattle off a list where I buy but that doesn't mean those areas are suitable for you. Tamara says be careful of Mt Druitt. I agree but I would and have bought there.
You need to do some work yourself and narrow it down. Mtt Druitt and the ones Tamara lists (except Parramatta) will give you a good rental return + Campbelltown area. But they are a few of many.
Personally I wouldn't rush out and spend $$$$ on a course unless you are planning on doing lots of reno's.
We've done a few. I looked at Cherie Barbers course only because we are thinking of moving to buy/reno/sell and her course has lots on how to target areas etc. We do a lot of the work ourselves. She concentrates on outsourcing work so won't help with doing stuff yourselves.
It's a great way to build equity and yield if you don't mind doing a bit of work. Hard to believe rent on a renovated property would be the same as an unrenovated one. Maybe ask another agent and/or look on RE.com
What are you looking at doing?
Check Ebay for items. Many shops advertise there now at discount prices (clearance items for example). We got our vanity for $600. It was in one bathroom shop for $1200.
I went to a 2 hour workshop with the Reno Kings. Couldn't wait to get out of there. I hate screaming, yeehah look at me stuff. That's them.
This is NOT legal if you are in a defacto relationship.
If you are in a defacto relationship and one partner has had the grant (or purchased a PPOR previously) you are not eligible.
Please keep us posted., I'd be interested to know what their solicitor says on Monday.
I wonder if they've given the tenants notice? That would be my worry.
good luck. Worse I've had is the new dishwasher swapped for a cheap one. I had the brochure photos so no dispute. They dumped the new one on the back step one hour before exchange.
RPdata is about $400pw. Lot of money for a beginner.
Why do you want to contact owners direct? What's the plan?
What's your investing plan? Contact people direct and ask to sell to you cheaper to save agents fees?
What type of properties? End goal?
Thanks CMS. I went to a PRE seminar and then as a guest at a mentoring night.
I was ready to buy with heaps of money in a LOC ready to spend and thought their service would suit me. I wrote this on the form and that I was ready to buy NOW.
BUT they totally ignored me (and another lady by herself). On the form I put my name and it asked for spouse so I put hubby's name (who was not interested in property).
For a month no one rang. Then they rang my husband. He told them to ring me as he knows nothing about property. They rang him again several times over the next few weeks. In the end he said "are you guys idiots (well probably a stronger word) my wife was interested in your mentoring program and has money to spend". They FINALLY rang me. I told them where to go.
They were sending me Emails then after a month they camer still to my Email but addressed to my husband. Jeesh! you'd think they'd know that women control more than half the spending ion Australia.
I later attended a few meetings when they franchised out. They were just pushing their properties. At that time they were talking up Coomera and how it was a gold mine. Boomera Coomera they said. They had apartments there they had built.
Buyer beware is all I'll say.
If you want to live in a place that has low yields it makes sense to rent. Then (as Terry said) buy in a place that has higher yield and/or CG.
Steven. That can be very advantageous (depending how big your mortgage is).
You can move out and claim the interest, rates, insurance etc while renting it. My daughter did this for a while as she had a 2 bedroom unit and was finding the mortgage hard to handle. She rented it out and moved into a 1 bedroom for a while and was $100pw better off.
Assuming you declare the income from the rent as income on your tax return you can claim deductions.
A lot of people do not declare the income from boarders, stating they are just contributing to the upkeep of the property, thereby avoiding income tax.
Best to speak to your accountant on the legalities.
http://property-investment.meetup.com/cities/au/brisbane/
Google meetup property. There may be others in your area.
I go to the meetup ones in Sydney. They are well organised (depends on the person organising) and well attended.
Go to a few free seminars in Brisbane. I have made some great friends just by talking to people at seminars.
watsonc the "approved" granny flat does not have to have a separate meter to be able to legally rent it separately..
Also with insurance when you take out the policy fully disclose the granny flat and you have no problem. Some companies won't insure them but find one that does.
I looked at a house that had an approved granny flat plus an unapproved one underneath. They got caught when someone at council saw the add advertising it for rent. The ceiling is low so easy to spot that it wasn't legal. They had to pull the kitchen out and advertised it ass storage.
I was going to buy another house with a lovely garage conversion. BUT it was approved as a garage and they never got the final occupancy certificate because they made it into a granny flat. Pity as it was very nice.
We just went through the process to divide a house. So much for 10 day approval. You'd think it would be easier as the house is already compliant but took a month. FRUSTRATING.
christianb wrote:god_of_money wrote:Does it require only a building approval, or is a town planning permit also required?Who do I need to contact to get an approval?
How do I start? contacting the council…. will give me a myriad answer
How complicated to get it retrospectively… the granny flat has been built about 5 years ago
I say try them first and ask them the status. It would be fairly unusual for a recent structure to have no approvals.
Haha. You're kidding right. I'd bet there are thousands of unapproved granny flats in Sydney alone.
stick some gyprock in your garage. Rent it out. Easy money.
There are MANY ways to make money in real estate. Some will be for you, some not. Unfortunately some people are narrow minded and think their way is the only way.
Then there are the knockers who know NOTHING. Don't listen to them. They only want to drag you down. I've had work collegues say "Oh why are you buying now, NOONE is buying now etc. And -You've bought ANOTHER house???
Listen to the people who have what you want. How did they get it? Go to meetups, network with like minded people. You may even make some great NEW friends interested in what you are trying to achieve. I know I've made some great friends through courses and casual meetups.
You'll find as you get more into investing and your mindset changes, your friend base may change. Unfortunately the relatives that knock you are a bit harder to get rid of. LOL
Hi, we do buy, reno, rent. It just gives you equity straight away. Plus ours are at least CF neutral from day 1 which means we can keep buying.
As mentioned, there are many other ways to get CG faster.
As mentioned also, you have 20 years (that's if you want to keep working until you're 60. We were in a bit of a hurry as hubby was nearing 60 and we thought the banks might start questioning our borrowing.
I'm wondering about your plan to buy regional for CG. Seems like a bit of a contradiction.
Not too old.
I started later than you. Like you, wish I had started much earlier. I'd be retired now. I've been buying like crazy (according to my friends) in the last 4 years and I'm going part time next year.
The buy, wait strategy won't get you there in a hurry though.
Dark Night. Why not just let the vendor know you need a lease agreement before settlement otherwise you need vacant possession. She can get one drawn up in her sons name with her as the owner. Then at least if there is an issue you can legally get him out.
Let her and her son know what the rent will be so there are no surprises then he can decide if he wants to stay at that rent.
In each area there will be an agent that auctions the DOH houses. Just ask an agent in the areas who does them. Or look on RE.com. When you see one (most are quite obvious by the photos) look who the agent is and look up their website. In Mt Druitt it is Richardson and Wrench Mt Druitt.
TonyLyn wrote:I was really looking for someone who shares my passion for property investing and my desire to be financially free but who has already started their journey and knows the pitfalls and tricks of the trade so to speak.
That would be everyone here.
Post what you are thinking, where you want to be in 5/10 years time. How do you see yourself getting there? Is there a strategy that appeals to you?
Answers (criticisms) will come thick and fast.
If you are worried about posting too many details PM those that seem to be doing what you want to do. People here are mostly generous of their time.
If you want to PM me I am happy to chat about what we did/ are doing. I'm not retired on real estate yet but getting close.
As Derek said you claim the interest you pay. If there is money in the offset you pay less interest and still claim the interest you paid. ie assuming it's a loan for investment purposes (not your PPOR).
All your costs are claimed on your tax- interest, insurance, rates etc.
Getting info direct from DOH is virtually impossible so maybe you'll have to wait and see if it's going to be rented again or sold. If it's going to be sold go to the auction. The ones that are listed OO (owner Occupier only) are usually better presented and cheaper. You should look those up.
If you are in the Mt Druitt area look up Richardson and Wrench Mt Druitt
They do the DOH auctions.
