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Viewing 10 posts - 1 through 10 (of 10 total)
  • Profile photo of celmelcelmel
    Participant
    @celmel
    Join Date: 2010
    Post Count: 14
    August 30, 2010 - 1:21 pm

    Yes Savvy knock down the price , It will cost you money to remove these items so deff point this out and have the price knocked down  Good Luck :)

    Profile photo of celmelcelmel
    Participant
    @celmel
    Join Date: 2010
    Post Count: 14
    August 30, 2010 - 1:04 pm

    Malmsbury Central Vic , Smack bang and central to Melbourne Bendigo & Ballarat , almost moved once coudn't do it :)

    Profile photo of celmelcelmel
    Participant
    @celmel
    Join Date: 2010
    Post Count: 14
    August 30, 2010 - 12:50 pm
    Terryw wrote:
    I explained it above:

    Putting money into a LOC will save you interest but will cost you in tax.

    Everytime you place money into the account it is a repayment of a loan. Everytime you withdraw money out it is new borrowings.

    So if you put $100 in the LOC for one day and then take it out tomorrow to buy food the investment loan has decreased by $100 and the personal loan has increased by $100.

    Imagine doing this every week for a number of years. You could have a $100,000 loan with none of the interest being deductible.

    Whereas if you had used an offset account this could have been totally avoided – while saving you the same or more interest.

    Thanks for the info Terry, much appreciated :)   ahhhh lots of learning and research yet for me not to mention all the reading!!

    Profile photo of celmelcelmel
    Participant
    @celmel
    Join Date: 2010
    Post Count: 14
    August 29, 2010 - 1:41 am

    Ok Lots of different opinons here I will be speaking to our Accountant  offset account seems the way to go with us our LOC is purely for the two IP's nothing else what so ever , Thanks for all the Info guys :) Im a little confused still about paying the interest each month ie what funds do we pay this with ? Remembering we are running two negative geared IP's at this stage

    Profile photo of celmelcelmel
    Participant
    @celmel
    Join Date: 2010
    Post Count: 14
    August 29, 2010 - 1:28 am

    Yes the site is great, No rushing here! Lots of ideas and thoughts but hours of research to go with it , The Town is Malmsbury a small village but even with the Bybass the demand for land and housing is very steady. I do have to say we were lucky in our purchase great location also have a great tenant and very good agent who we Liason with Just purchased our second IP thats it for a while now or if a bargin comes up then yes :)

    Thanks for the advice

    Profile photo of celmelcelmel
    Participant
    @celmel
    Join Date: 2010
    Post Count: 14
    August 26, 2010 - 11:13 pm

    Oh and this is negative geared at this satge of time

    Profile photo of celmelcelmel
    Participant
    @celmel
    Join Date: 2010
    Post Count: 14
    August 26, 2010 - 11:12 pm

    Can someone explain to me why as not to put the rents into the LOC ? I was planning on doing this to cover the monthly interest payment , or should i be putting rent s in another account then pulling the funds at the end of each month and paying the min monthly payment for LOC ..Confused now

    Profile photo of celmelcelmel
    Participant
    @celmel
    Join Date: 2010
    Post Count: 14
    August 20, 2010 - 11:01 am

    The LOC will only be used for the IP's and Is It ok to use the LOC to pay rates insurance etc for those IP , also using the funds for maintanence or repairs when needed with out affecting tax ?   Def no cars or boats on the cards with this as we have worked very hard to own all we have ! other than the IPs

    Profile photo of celmelcelmel
    Participant
    @celmel
    Join Date: 2010
    Post Count: 14
    August 4, 2010 - 11:28 am

    Thanks Dean
    and how do we do that 99% and 1% ? is that by putting in company name ? sorry very new and still trying to get my brain around this

    Profile photo of celmelcelmel
    Participant
    @celmel
    Join Date: 2010
    Post Count: 14
    August 4, 2010 - 7:25 am

    New to this IP thing BUT hubs and i have managed to purchase 2 properties first for 195,000 second for 200,000  both in regional area, both running at a small loss but the equity on first has grown wonderfully on the firs,t in only 9 months.. we are not looking to make a quick buck , we have great tenents and excellent agent, looking forward in +CF in very near future , These lower IP only required small cosmetic face lifts that hubs and myself are very handy at doing ourselves all is great :) most properties in our area are going for over 300K  we have been lucky , second was purchased by chance of us seeing agents and telling her we are after second IP .. love all the advice and comments , ive leant alot in just a month

Viewing 10 posts - 1 through 10 (of 10 total)