Hi

Well I think you have taken the first steps in creating your own financial independence and that is building knowledge through education.

Read the yellowpages and find an accountant and FA who are local to you. Go and interview them for a overview of their services and importantly their fees. Tell them straight up what you are trying to…[Read more]

I agree with all these suggestions. Reduce the size of the debt and enhance the property to attract more rent. It really is that simple.

If this is not immediately achievable, then make sure your are claiming all your allowable deductions. I’ve two IP, one with a Quantity Surveyors report, the other without. We are also about to place our PPOR on…[Read more]

Leila thanks for that web site. I’ve been working my way through it.

Happy New Year

[drummer]

I agree with JL, depreciables are the cream in the equation. When evaluating +CF, I always look at rent versus outgoings. If this is positive, it is then a bonus to maximise your tax benefit by claiming the depreciation schedule.

Also, I have found that a Quantity Surveyor [QS] is the way to go. My understanding is that the ATO will only accept a…[Read more]

Julia – thanks

I was pretty specific with my question to the accountant. I did say it was for our long term property portfolio growth. I think you may be right in that the accountant assumed private super.

Anyway, it is a simple communication issue and in the new year we may establish a family trust to ensure we can move on things when…[Read more]

Canberra is a great place to be and it has often received a bad rap and at times been referred to as a concrete jungle. Nothing could be further from the truth.

I first lived in Canberra in 1981, was back there in ’92 and about to move there again in 2005. Canberra gnerally has a low vacancy, but in the mid 90s it was as high as 6%; if you…[Read more]

Obiwan

Thanks. One of the my considerations is to rent premises prior to a purchase. As you say, the reality is the impact on cash flow.

I’d love to get involved with a commercial development one day…but this is a long way off. In fact, I only said to a mate tonight the money is in developing, owning and gaining profits through a mix of sales…[Read more]

Greg – thanks.

Any tips or resources I find, I’ll certainly post here. Maybe there should be a commercial forum. The principles are the same, it’s just the tenant is a different entity.

The first thing I have noticed is how the real estate agents don’t consider you as a serious buyer. I realise they need to filter the time wasters, but it is…[Read more]

Greg – cheers

Yep – I suppose I had already decided to offer low. I’ve got nothing to lose and it can only work!!

regards and thanks for those other examples.

David

Greg – just another question for you.

You indicate that you offered the asking for your commercial property.

The property I am looking at has been on the market for three months. On initial enquiry, the vendor as agreed to a 90 days settlement – but as yet, I haven’t offered an amount until the initial inspections are done.

My question is: Is…[Read more]

Gentlemen – thanks. I was starting to think it was a daft question.

Firstly Greg – mate, thank you for that insight. We are well position financially to take on board a commercial loan, and in fact, my discussions with the bank have been held, and an amount approved in principle to allow us to enter the negotiation phase.

Robert – cheers…and…[Read more]

All the responses dealing with the practicalities of carpets versus wood are very valid. We all tend to think with our hearts somewhat when it comes to renting out our homes.

Think with your head! What is the cheapest item to install? Versus If parquetry floor is laid, will this attract more rent for the property?

We went through a similiar…[Read more]

Hi Persistence

If you are buying through an agent, you will normally draw the check to their Trust Account. However, the agent should advise these details. I have had instances where I have given the cheque at the time of signing the contract.

With that said, I have also stated how much deposit I will put down and then provide a 24 hour to 48…[Read more]