Hi Mike. Thanks again for the requested report (sorry for the delayed reply!)
Much appreciated.
CrownOfGold.

Hi Mike

Thanks heaps for the report, it was extremely useful for us. Thanks also for the very prompt response – we needed it today and we got it today!

Much appreciated.
Crownofgold

Hi Kenny
Thanks for your well considered and excellent response. It was exactly the kind of advice we wanted to hear.

Thanks bjsaust for passing on your experiences.

Unfortunately we were contacted by the agent today who said that she was still chasing up the Section 32. I told her that we were going to proceed in giving her a written offer…[Read more]

Thanks everyone for your input! It was good advice we decided to take.

The whole job is done now. We ended up doing as much work as we thought we could – removing old fittings, drilling holes for lights…then called in an electrician to wire the new lights up. We also ended up installing a new switchboard and fitting RCDs (Residual Current…[Read more]

Thanks for all your input. It has given me a direction and some confidence in carring it out.

We’ll be getting a plumber in to inspect this week to estimate the cost to fix. If it’s minor, I’ll get my conveyancer to send a letter requesting the vendor for a reduced sale price. If it’s major and they don’t accept a new offer, we will probably just…[Read more]

Hi. I’ve just turned 25. My background is this:
– I spent 4 years in Uni studying Engineering, straight after school. I started Uni at 16. A bit young I guess…so I had 4 years to mature[cap]
– I then got a full time job at 20 earning about 45k. While working, I also studied IT part-time, tutored high school students, lectured one unit at Uni and…[Read more]

Hi Terry

Thanks for your response. I thought it would be a good idea to move as much funds into my offset account when the time comes into moving into the unit.

Why would I have to pay CGT by moving the money from the offset account into paying off the new home loan?

Hi, maybe my experience can help. I’ve recognised that two of the best things I’ve done in my life have been to:
1) Complete my uni studies full-time straight after high school
2) Live at home for as long as possible

I got my first degree out of the way at the age of 20, which is still quite young. It was relatively easy for me to do becuase I…[Read more]

I would sell the property, use the cash to purchase the new home, then borrow against the equity of the new home to buy investment properties. This means you won’t have to pay capital gains tax on the proceeds of the sale (assuming it is currently your PPOR) and the interest from the IP’s will be tax deductible.

I hope that makes sense.

Hi vtxdevo,
Like others have been saying, it certainly can be done. I’m 24 and still living at home (my reasons are more traditional than financial as I don’t belive in moving out till I’m married). But this has the added bonus of helping me heaps financially.

When I first started working, within 2 months I was able to save for a $10,000 car and…[Read more]

If I’m boasting, my father used this to cut me down fast:
“In the kingdom of the blind, the one-eyed man is king…”

To describe a share trend that is going down, then goes up a little, only to go down again is a called “dead cat bounce”.

What a great thread! For a newbie like me, it’s inspirational to hear from people with so much experience.

Sooo, here’s my humble contribution:
At what age did you start investing in property?
21 (I’m now 24). I started my first job 3 months prior and saved 10k for a deposit for a $155k inner city, brand new, 1b/r unit. Happened to be CF +ve,…[Read more]

Yeah, as far as I know, QS Services do depreciation schedules for Alice Springs as well as Darwin.

Hi
I’m from Darwin and bought 2 IP’s in the past (brand new units). I used QS Services, who were great with my depreciation schedule. Ph: 08 89410116.

Thanks for your replies. I’ve never tried working out cashflow separate from capital gains…it makes a lot of sense.

In terms of my cash flow, I managed the property myself (just for fun), so I didn’t have any management fees. The property was also bought brand new, so I had negligible expenses and excellent depreciaiton. In adding all that up,…[Read more]

Thanks for your reply Steve.

Well, I haven’t declared another PPOR elsewhere since I’ve been living with my parents, so point 2 doesn’t apply to me.

I guess I’ve been a bit confused because I heard that I had to have stayed in the unit for a minimum of 6 months to be exempt from CGT.