Forum Replies Created
Hey William,
Im in a pretty similar situation to yourself. Ive just turned 20, have some reasonable savings for my age and am looking to crack into the property market. Cost of properties is a big issue as banks wont lend a huge amount and there is the increasingly popular downturn predictions, putting doubt in my mind about residential real estate.
Further to the responses above, does anyone have an opinion on the types of properties that should be looked at to achieve CF+ for under $200k? eg. smaller retail/commercial, inner city apartments, rural housing?
I feel as though i have done a lot of research but am struggling to see a clear answer and any help would be appreciated. I would love to take advantage of the wealth of knowledge many of the members on here have!
Cheers,
Jamesr_windows wrote:hi again…im half way through rich dad poor dad and was intrigued when the author was explaining setting up a corporation for tax advantages and asset protection…. would anyone recommend doing this or setting up a SMSF, what are the strengths and weaknesses of both.
I am wanting to learn more about accounting and financial statements and also the law and the tax advantages/loopholes as advised in rich dad poor dad.
I am currently studying commerce (1st yr) at uni thinking of majoring in property and finance and was wondering what peoples thoughts about chosen professions would be… property manager, funds manager, stock broker, financial planner etc?? Im mainly interested in tax advantages/loopholes as i find this topic alot of fun. Put simply what job would u choose if u could start all over again… preferably something in the property market as i find this most interesting.
hi every1,
r_windows, i was a property manager for about 6 months, from mid 2006 until early 2007. Unfortunately, i worked in a badly managed workplace, though the job itself taught me a lot about the property market. You mention you are mainly interested in loopholes. This is something i didnt learn a lot about in my time as a property manager. I now consider myself at least reasonable at evaluating the rental return on a property, esp. in south australia/adelaide. i left my position because in the 6 months i was there, i had learnt all that i was going to. Hopefully this helps you with some insight into what you want to do… It may also interest you to know that you do not need a degree to do prop man. and that it is generally only low – middle income.
Regards,
Jameshey there Else,
Im not sure what state youre in, but in SA i am under the impression that you are able to purchase a house as an IP, whilst maintaining your ability to utilise the FHOG, at a later date. To find out for sure, you should check for sure with the govt. agency in your state that issues the FHOG, in SA this is revenueSA. If they do confirm that you may still use the FHOG after buying an IP, get this in writing so that it is binding, and so they may not change their mind and effectively, screw you.
Regards,
JamesThanks for your comments guys esp. mark, they are much appreciated. I was enlightened (if in fact it is correct) by the fact that holding costs may be claimable from day one. This is a handy little "cost break". Also, im not particularly concerned with over-capitalising, as i feel comfortable that with the research i have done my proposed IP will be bought/built at below market value. Im beginning to think it was a less informed friend/colleague that made me think twice about building, though further research can only help. Marc re: your comment on building more than one house, i agree entirely and as far as i know i am exhausting every avenue of building two properties at once, though it may prove beyond my financial reach currently. Despite this, with any luck, ill be posting here soon with some positive experiences for people to take reference from…
Cheers,
James
