Hi noviceM
I would talk to your accountant about this, If he sells it to her it will trigger CGT (if it has gone up)and she will ahve to pay stamp duty.They have obviously been affording it for the last 3 years without the benefit of negative gearing. Sorry I couldnt be of more assistance but she needs to look at why they have this property and…[Read more]

$40/week for expenses I think you are living in the land of SIS with $30 for 3 weeks food. Do the sums dont just guess.
One of our properties
Rent 265/week * 7.5%/52 = $19.9
Rates $1800/y /52=34.6
Oh am I over $40/week yet and I havent even added in insurance or land tax let alone maintenance.
Sure these are all tax deductable but you should…[Read more]

SIS how can you buy 3 weeks worth of food for $50 that is only $17/week. I would take my kids to the movies.
Erika

Hi guys
I have been looking at these areas, and my main question is do you buy only for CG or yeild. I have found the rent to buy ratio makes most of these properties very -ve geared.
Erika

Ho All
We bank with CBA and have pushed them to 85% without LMI, we went to the bank with our business plan talked alot and eventually got 85% so it can be done but they dont like it. Other thing is banks may be getting more stricter with money now than they used to be what with talk of the property market maybe peaking.

Personally I think that you should find the area of investment that you like and do that. Diversity for the sake of diversifying is not a good enough reason. You will ultimately keep at it if you enjoy doing it.
Look at all the types of investment reseach them try them out then decide what you like to do.
I also think financial planners are for…[Read more]

Hi fitness
I think in life you do tend to gravitate toward like people. We have very close friends that we discuss many things with and then we have other people who dont even know we own property. My current job is as a share trader and PI but to most of the people at school I am a stay at home mum. I think most people arnt interested in finance…[Read more]

I must admit that I find sis behaviour strange, if you dont want to share information why put any out there in the first place. You talk like you have so much knowledge but refuse to share any, why are you here? This forum was set up to exchange ideas and info but people are nosy by nature and when you put information about what you do out there…[Read more]

Petels
Try looking in the paper they are in my local paper all the time

I always thought that you had to ultimately prove the deduction not your accountant.Just because your accountant claims everything doesnt always make them good to me a good accountant will explain to you what and how you can claim not just blindly accept that you gave something as a gift.

Hi
I agree with minimising your tax but the fallacy that you can buy a property in an area you want to take a holiday then use it as a tax deduction is wrong. If you go on holidays for 14 days and look at your property for 1 day you can only claim 1 day or if the purpose of going there is for a holiday you cant claim any.
Also remember that the…[Read more]

Just a quick question, how many of you are tenants and do you receive these things.
Erika

HI Sooshie
great post, we do most of these things but it was good confirmation of what others do.
Erika

“Each to his own, be careful, be warned….. for all the guru’s out there, each of us gets different values out of it…. it’s not the story, its the message, and, if it gets you going and changing the way you think and act, then it has been worth it….
”
I couldnt have said it better than Scott, a guru is an individual choice and it is what…[Read more]

Hi Nailwog
We also renovate properties to leapfrog onto the next one after the renovation we refinance to get back all our money to do it again. This has been very successful but it is much harder to find properties to do this to and still get a decent rent on them at the moment so we are turning our attentions to other not allowed to mention…[Read more]

Hi Elysium-M
Why are you collecting the rent if you have a PM, are you still paying him? With our PM he rings them if they are a day or 2 late just as a reminder but at 2 weeks he sends them a formal letter outlining what will happen if they dont pay this normally gets a response otherwise it is more letters and court.
If you are going to manage…[Read more]

I am another one who would like to be financially free. This means that my husband doesnt have to get up at 5.30 every morning and go to work. I am relatively lucky I am a stay at home mum and love it. I have no desire to go back to the workforce and so must find an alternative job which brings in money, I do this by PI and shares. Unlike my…[Read more]

Hi Gen
when you looked at the property did the vendors indicate that the house would need restumping, or was it a total shock when you had the building inspection done. If you didnt know about this then try negotiating. What you need to ask yourself is do I really want this property, if it is a rental do you really want one with structural…[Read more]

Hi All
Just thought I would add my 2 cents. Personally I would rather a tenant who always pays on time but asks for annoying things to one that doesnt pay on time. You dont have to agree to all their demands, my Dad had one of these tenants always asking for things to be done or new things added sometimes he did them sometimes he didnt but these…[Read more]

Hi Wayne
Good to hear from you again
In your example how can this be if the person has given a direct instuction,is it because that particular share didnt fit the original criteria for shares that was asked for?
I would just like to see people take responsibility for their own actions which in this day and age seems to mean sue whoever you can…[Read more]