@terryw with the 20k instant ride off, for a business is a start move to funnel through rent to owns on lease, so then you get the depreciation, reduce income for business and get the returns from those leases?
Have you thought about this? View
I bought for $560k & was worth around that 700k at time of purchase, once reno finisehd will rent for $1100 & be worth 850k+
So
“If the focus is on making money at the time of purchase, what’s the point of holding then? If the focus is on holding then, the purchase price will become irrelevant within a few years of decent growth.”
-Point of holding is cashflow & not paying taxes
-in relation to the purchase price isn’t important then your criteria properly isn’t looking at ROI/Yeild.
disagree with almost everything you said & most properties I have go against your above philosphy.
Firstly, you should speak with your local town planning department as I presume (could be wrong) it’s currently zoned as residential?
This may be a major issue as you likely cannot lease as commercial if it’s not zoned for it.
Seek professional advice.
Wish you the best!
Disclaimer : this is general and in no way specific advice.
Hey Dominique,
Yes, Advisers setup, you need to ensure this is in your best interest and you are aware of all implications and the actual potential outcome stacked against another strategy.
Mate finding a CF+ property is not hard, and that’s before talking about TAX benefits.
The growth is speculative, however, can be forecasted.
Well I do these things with clients and ask a lot more than the above mate, I would say you need to understand firstly your current financial position and your end financial goals and then each property/asset should be getting you closer to that goal.
E.g. a property that makes you $50k in two years or something like this might be a good goal, or something that has CF of $3000 per year. whatever it may be your seeking for the property or asset you want and then using that to get closer to your end goal
E.g end goal : $2000 per week income from assets.
There are so so so many options for what to do and lots are good and lots bad.
I wish you all the best mate and hope this assists.
Disclaimer : This is general and does not take in your circumstances and is not intended to be acted on in any way.
This reply was modified 3 years, 9 months ago by Jaxon. Reason: Add disclaimer
well given your situation I wonder what your end goal is? $1000 PW in income? as this would be above what you currently earn and imagine it might sustain you?
if you provide what your goals are then maybe some clarity can be provided on basic info for you.