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Thanks everyone for the feedback.
Much appreciated.I currently do pay P&I on my loan. I will look into this further.
Cut up credit card, good idea.
Next step is to set an achievable financial goal for myself and reach it.
I do not know enough about withholding tax variation form so i will look into this as well.
Thanks for the advice Derek.
Much appreciated.
Derek
What you have said I know to be true. I thank you for your feedback.
Do you have any suggestions when it comes to developing good personal financial management?
Personal change is some times a very hard thing to do and it is an area in which i will be putting alot of time and effort into.
Thanks for replying to my question.
I am now 36, and have made some financial mistakes in the past. Currently i am re building as it seems you are.
Stable income is important, definately priority one i would think.
Become more money savy as i also need to, educate yourself and as others have suggested start learning good money habbits.
You seem to have a few areas of interest when it comes to investing and i agree that diversifying is important, however I have chosen one main path of investing, property. In which there are many options, renting, developing, capital growth. Maybe consider narrowing your investment options and focus one one area to start with.
Just remember this, if i had started to educate myself when i was 27 instead of waiting until 36, i would be much further along with my property portfolio. It is never to late to start no matter what has happened in the past.
You have made the first crucial step though, you are making a change. Become financially savy, save money as best you can, do your due dilegence and when you are ready, take the next step.
Oh by the way, when I try to save cash i find it difficult not to spend it so i use term deposits and i do put a little into shares through salary sacrifice.
I wish you every success with your future endeavors.
I read somewhere………. For things to change, first things must change…… Or something like that. Makes good sense to me.
Cheers
I am new to the Sydney property market and am myself looking for an accountant who specialises in property investments.
Would like a few referals.
Thanks.
Thanks for the feedback all.
CheersDanny F
As a new member to this site I am very impressed with the quality and volume of feedback.
My thoughts on this question, I can only go on my own experience.
I have a small 63 m3 unit in a complex of six. Rent doesn’t quite cover mortgage repayments, I tip in $500 a month, I also have quarterly rates, water and body corporate fees. As a cash flow positive property this unit is not ideal, however, it does have very strong capital growth as it is located very close to Brisbane cbd. I would keep this property for a long term gain.
There is some great feedback for you to consider with all the other posts.
Just remember to do your due dilligence, identify what you are after, cash flow or capital growth, focus on what you are after and have confidence that you can make a good sound decision.
And go for it.
All the best.
Danny
Thanks for the feedback. The only way I can see to increase the perceived value in this property would be to replace the kitchen with a more modern kitchen. Not any opportunity to add an extra room or anything of that nature.
Cheers
Danny
If you have a PM for this property then forward the issue to them. You pay enough in PM fees, they should be there to manage issues like this so your time is not taken up.
Good relationships with neighbours are important, but there is only so much you can do. Your main focus should be your property and your return. If your tenant is mostly good, then best leave well enough alone. I dont know anyone who hasn't, from time to time, yelled at their kids to go to sleep.All the best
Danny
