Forum Replies Created
The three M's are not necessarily run down, the property's are not badly kept, the problem is the tennants that are attracted to the area may not have the best references?? Many get caught out. You might be right though, there may be some good opportunities there, but there is so much better available there…
Re the thread, on the right hand side of your scroll and one of the headings says Active forums, these are the ones you are actively talking in..Hi howie, Event Horizon is spot on. Not sure if your currently doing it, because it is amazing how many accountants to advise there clients to get on board and have there properties surveyed for depreciation. The way it works is you have an assessor come in and value the property, things like curtains, floor boards etc etc. they then set up a schedule of depreciation for you, for seven years. You will get a minimum of 3k back every year without putting your hand in your pocket. I understand about your tax breaks with salary sacrificing through health industry and you are correct, a great lurk. The depreciation specialist will charge you no more that $500 to $700 and for that you will get min 3K back every year. It is totally legal and if your accountant doesnt know about it, find a new one. We used a company in Geelong called Just Depreciation quantity surveyors. ph 1300 364 683. They were great to deal with and organised both our properties in QLD and Victoria and were reasonably priced. It sounds like you are not doing this yet and you are throwing away money, it is amazing how many people dont do it and they are losing out on money for jam. Good luck and hope everything works out for you.
Mark, with out a doubt a good investment area. Stay away from the 3 M's. Suburbs that start with M in and around Cairns for obvious reasons, a drive up through the will show you why. We have a property in Palm Cove and it has been an excellent investment, had it two years now and runs at about 80% occupancy as we holiday rent it.. Good area to make good money in. Cairns has a good rental market and is priced well for a good return.
Hey there Howie. Lets not get too hasty about selling up. Interest only loan indicates that you have set up things for tax reasons. Have you had the property you bought assessed by an investment property depreciation specialist. I am not talking about negative gearing etc, but depreciation specialist. Let me know, regards Gerry
