Forum Replies Created

Viewing 9 posts - 21 through 29 (of 29 total)
1 2
  • Profile photo of DEVILZDEVILZ
    Participant
    @devilz
    Join Date: 2012
    Post Count: 33
    November 27, 2012 - 11:20 am

    Ok mistake was made before. Early November.

    I withdrew $9.5K from Emerald home loan and put it on Offset account. Is it to late to put it back?

    or just keep it at offset and claim only ~ 95% in tax deduction vs 100% ? ( Debt 185 K atm)

    Thanks

    Profile photo of DEVILZDEVILZ
    Participant
    @devilz
    Join Date: 2012
    Post Count: 33
    November 26, 2012 - 12:45 am

    Thanks Jamie,

    I spoke with NAB before and HAHAHA that's excactly what they said !

    I have couple of questions about Emerald unit: 

    1) It will become IP with IO loan in the end of December – do I need offset account for it ?

    2) I have $3000 on Emerald loan that I can redraw before it becomes IP with IO – is it ok do redraw money now?

    Thanks everyone

    Profile photo of DEVILZDEVILZ
    Participant
    @devilz
    Join Date: 2012
    Post Count: 33
    November 26, 2012 - 12:33 am

    Hi,

    I think any criticism is good. Because it make you think and think hard ! You don't become complacent and through deep analysis you can figure out what is good or what is bad for you in given circumstances. Every situation is unique.

    I fully agree with Nigel Kibel that the FAMILY is the worst ! You always can ignore other people but you attached with family by emotions and it makes it harder to ignore them.

    If I listen to my mom and all her stories how I should live my life and spend my money ( always amuse me when other people with  zero experience tell others what to do)  I would not buy any house right now and probably live with parents now :(

    I think it is always a choice: to listen to someone and live your life how they want it or live your life how you want it ( making mistakes – but at least they are yours !)

    Profile photo of DEVILZDEVILZ
    Participant
    @devilz
    Join Date: 2012
    Post Count: 33
    November 25, 2012 - 6:27 am

    Hey Richard, I sent you e-mails before about this story. It is pretty messy…

    I spoke with NAB and they said it will cost me $8.5K to brake fixed loan so I can uncross-coll :(

    The story is that I bought second house from so-called investment guru and financial adviser in Emerald who works with NAB only and sells expensive houses with his builder mate and tells everyone how awesome negative gearing is. So I pretty sure he made good money on me.

    As first time investor I didn't know anything about investing so made a lot of mistakes with that purchase and  I am pretty keen to fix them ASAP and improve my knowledge and experience with your help guys and forums.

    Profile photo of DEVILZDEVILZ
    Participant
    @devilz
    Join Date: 2012
    Post Count: 33
    November 24, 2012 - 1:02 am

    Thanks guys ! Love this forum. it is unbelievable what you can learn from few posts in short period of time.

    I forgot to mention: Emerald Unit is 1 year old and fully furnished. Yes Narangba is brand new.

    Ok I will use offset money to buy new PPOR in Mackay with different lender.

     Car can wait ( see what happens with novated lease) 

    I will leave Emerald – Narangba pair as it is because I can't do much with them atm.

    Profile photo of DEVILZDEVILZ
    Participant
    @devilz
    Join Date: 2012
    Post Count: 33
    November 23, 2012 - 2:17 pm

    my math:

    Emerald unit $ 900 / month – interest only x 12 = 10,800

    tenants rent $450 / week (after real estate fees) x 52 =$ 23,400

    Profit= $12,600 – 2K strata – 2K council rates – 1K insurance – 600 extra = $ 7K

    Brisbane house: $2400/ month – interest only x 12 = $28,800

    tenants rent: $1500 / month (after real estate fees) x 12 = 18,000

    Profit: – 10,800 + (-2K council fees) + (-1K water) + (-700 insurance) = -14,500

    So I got both words: ( Positive gearing and negative gearing) and I stuck between :)

    Profile photo of DEVILZDEVILZ
    Participant
    @devilz
    Join Date: 2012
    Post Count: 33
    November 23, 2012 - 1:11 pm

    Hey guys thanks for input.

    @ Scott: company will issue me a work car and knowing my company they will not accept Novated lease unless I am manager.

    @jamie M: Yes Emerald will become interest only IP.

    I can't use any equity from any of my IP because they cross -coll and Narangba house is locked for 2.5 years now on fixed term. Scott suggested LOC – thats what I will research soon. I don't want to deal with NAB when buying Mackay PPOR.

    My problem is that I stuck  between two worlds: Massively negative geared house in Brisbane and massively positive geared Emerald unit. So I need to make choice what strategy to use later.

    Profile photo of DEVILZDEVILZ
    Participant
    @devilz
    Join Date: 2012
    Post Count: 33
    November 23, 2012 - 9:47 am

    car is for wife and I don't think I can get novated lease with my company.

    if I leave this set up the way it is I will get $200/ week in profit – means more tax :(

    Profile photo of DEVILZDEVILZ
    Participant
    @devilz
    Join Date: 2012
    Post Count: 33
    November 23, 2012 - 9:30 am

    Thanks Scott No Mates.

    Yeah I made few mistakes here and there…

    Never though about LOC- need to research. So I just ask NAB to open LOC for say $50K. and use them as deposit with another lander ?

    I want to buy in 6 months in Mackay.

    Nothing wrong with Positive gearing but I am paying too much tax every year ~ $ 30K and if it is Positive I will pay even more!

Viewing 9 posts - 21 through 29 (of 29 total)
1 2