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karen.
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@karen.
Join Date: 2009
Post Count: 196
July 27, 2010 - 12:13 pm
in regards to the LOC i was just reading an article about this in the new API i just got in the mail. so maybe grab an issue to read.
it stated that the LOC interest is tax deductible. and supported the use of these loans to pay for those other IP expenses. i had never thought of using them that way and im so glad that was brought to my attention cos it would really help us move further with our investing.
we were wanting to purchase another 2 renovation IPs, hold them for only a year, then sell. we have cashflow issues which we are trying to rectify so we are wanting to build up a cash surplus to help us move onto bigger and brighter things (hopefully these two renovation projects will help us get some savings). if we can set up LOCs on these two properties after we have done the renovations it would help us service the loans up until they sell after 12 months. not sure if itd all work out cos i only just read it this morning but its certainly something we were gonna look into more over the coming couple of months.
karen.
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@karen.
Join Date: 2009
Post Count: 196
July 26, 2010 - 11:49 am
my mistake was buying a house that we couldnt really afford at the time. i bought it because i was GOING to be returning to work 6 months later. i learnt that you cant buy property based on what you plan on earning in the future … cos u never know if that plan is going to actually happen or not.
i fell pregnant 8 weeks after settlement so the plans of having two incomes diminished. we struggled (really really really struggled) to hold onto the house for 12 months so we could avoid the full CGT. its now under contract.
but its not all bad – we still made a hefty profit out of it. just not as much as we had planned to make if we had the money to do all the renos we had planned to do. we dont regret it though. we have another lil bubba girl so we cant be bitter about anything to do with her unexpected arrival
karen.
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@karen.
Join Date: 2009
Post Count: 196
July 25, 2010 - 11:42 am
wow good luck with the reno!!! i renovated a house a year back but it wasnt as intense as ur reno i look forward to following your progress!
karen.
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@karen.
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Post Count: 196
July 25, 2010 - 11:22 am
Moranbah, Central QLD ….. 2 hrs west of Mackay
karen.
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@karen.
Join Date: 2009
Post Count: 196
June 7, 2010 - 12:15 pm
k ta – cos someone i know is selling their house and they were telling me how they rented out underneith cos they put in a kitchenette etc. i was sceptical about the legals of it all. dodgey! musta been a cash in the hand rental.
karen.
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@karen.
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Post Count: 196
June 7, 2010 - 10:19 am
i dunno about the legals … but they sound like crappy tenants.
karen.
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@karen.
Join Date: 2009
Post Count: 196
May 26, 2010 - 9:58 am
yeah, but it still isnt enough to convince my hubby to jump back into finding another house. we had spoken about it and wanted to wait awhile. but then yesterday a beauty came on the market that i wanted to put an offer through for. i had a walk through this arvo and its already listed at an amazingly good price. the owner was out the back of the property so while the REA wasnt there i had a bit of a social chat to her and found out that she is selling cos she is flat broke and needs it gone ASAP. just what an prop invester needs to hear!
i have done the numbers tonight on it and rang hubby (he is out of town at the moment) and he basically slammed the phone down on me haha. said i ruined his state of origin night
im banned from talking investing for 4 months he reckons. cos he wants to be able to relax and enjoy not having so much debt for just a few months before i delve into it all again.
i personally think that he should just be thankful that my last little "project" made so much and trust me to try it again but oh well. the man of the house has spoken!!!
karen.
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@karen.
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May 26, 2010 - 6:49 am
our accountant plugged the numbers for us and we will walk away with $316k after settlement out of that $325k. thats after agent fees and CGT etc. we got our agent at a discounted rate because we used the company that also does our prop management. the CGT will be only $5k because I am unemployed and my husband isnt on a grand wage.
to buy the house it cost us the $250k, plus $8k renos, $7k stamp duty, $2k legals … but then some of that was claimed back on tax. im not sure exactly how much we got back from this IP specifically as obviously our tax refund included our other IP plus salary stuff.
so if u take the whole process into consideration from beginning to end will walk away with $50k in the hand, plus whatever tax benefits we had last year and this year. ive kept an up-to-date spreadsheet about the property since we bought it and it indicates the property was neutrally geared with us being in the black by about $1000 throughout the 09/10 tax year. it was rented the entire time (except the first week) for $340 p/w rent.
in effect we doubled our household's after-tax income for the year. with me not returning to work when planning to this has really helped.
karen.
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@karen.
Join Date: 2009
Post Count: 196
May 25, 2010 - 5:34 am
we were going to wait 6 months before buying again because im due to have another baby any day now (only 11 days til my due date) but with the contract now having all the signatures i know im gonna have a hard time not putting in offers once it settles. all that investment dosh sitting there in an offset account against our other IP. begging for me to invest it im sure my husband would understand ……
karen.
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@karen.
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May 25, 2010 - 4:42 am
yep. we are going to get a three bedroom brick house next that needs renos but no structural stuff.
karen.
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@karen.
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May 24, 2010 - 11:14 am
woohoo our counteroffer got accepted. contract signed tomorrow morning soooo happy!! only 2 weeks on the market.
karen.
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@karen.
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May 23, 2010 - 6:37 am
yeah thats the one.
karen.
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@karen.
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May 17, 2010 - 9:35 am
We have invested in Mackay also as we see alot of growth still to be made. We have two IPs although one is on the market so hopefully soon we will be down to one. Our reason for selling is a change in family income that was unforseen so we are offloading a property that no longer suits us, and once its gone we will be once again looking in Mackay for a different type of prop.
My areas of interest are Ooralea and Beaconsfield. But not the side of Beaconsfield near Eaglemount Heights, more the side that is just near the big roundabout heading onto Mount Pleasant. So like Beaconsifeld Road and the surrounding area. I like Ooralea cos of the TAFE going to be built out there. I havent done any major research into that project because we arent ready to buy there yet, but the last I heard was that there was a TAFE going out there. I also think that Slade Point is losing alot of its bad reputation. The prices are still low compared to other areas in Mackay. As long as you buy in the right area of SP.
Our rent at our other props hasnt gone up in probably 2 years if my memory is correct. Its been a long long time. But hopefully that will change soon so we can start seeing a bit more cashflow from those props.
The next 5 yrs will be very interesting in Mky we think
Good luck with your investing!
karen.
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@karen.
Join Date: 2009
Post Count: 196
May 10, 2010 - 6:13 am
yeah our tenants are fabulous. worlds best tenants i reckon. the house is always spotless and yard always mowed. gorgeous modern furniture. no clutter. and they have agreed to periodical payments so thats good we wont be losing them after their lease runs out
karen.
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@karen.
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April 22, 2010 - 5:43 am
nope – mining only. theres no tourism or farming or anything else. so if the mines close around here itll be a ghost town. but that being said the community is confident. my husband doesnt work for the mines, he is a computer techy, so i dont follow the mine activity but from what ive heard around town Moranbah still has least another 20 yrs in it. but i havent dont my own research so ud have to do ur own DD.
karen.
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@karen.
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April 21, 2010 - 9:58 am
ive lived in moranbah for the last 5 years and i loooooove it here!! if there was a title for Miss Moranbah id go for it cos im an avid ambassador for what a great little town it is. our plan was originally to live here for 1 or 2 yrs … now its been 5 with a plan to be here for at least the next 5 years also.
we live in a company house so we only pay $100 rent a week … my husband's work pays the other $1100 a week. it was built in the 1970s we estimate but its had extensive renovations inside. it recently sold for around $340k (we never found out the final contract amount), which is pretty sweet when you are getting $1200 a week rent. very low maintenance – we basically never have to contact the real estate to report stuff.
i think the other thing that is appealing about Moranbah is that its only 200kms from Mackay … and the whitsundays are only a little bit further away. so u can easily do weekend trips to the whitsunday islands or go into town to escape. just today i did a day-trip into mackay to go shopping and do other girly stuff. its so close and handy to a 'real' township that its appealing to families and stay at home mums.
karen.
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@karen.
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Post Count: 196
April 13, 2010 - 6:10 am
thanks for your advice that seems to suit our needs perfectly.
karen.
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@karen.
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Post Count: 196
April 13, 2010 - 5:54 am
our current property manager says to not renew their lease. if i want them out at the end of their current lease i have to give them 2 months notice, plus 2 days postage. which is next week.
if i sign on a new lease i cant kick them out for another 6 months after they sign their new lease – which is the end of December
but i hadnt previously thought of periodic tenancy. i just googled and apparently its the same – 2 months notice. so that could work! better than having it sit for 6 months empty if i have trouble moving it.
karen.
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@karen.
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April 13, 2010 - 5:31 am
D i was under the impression that when the lease was signed I couldnt move them on until after the lease expires?
but i just had a thought – how about getting rid of the lease and offering the tenants a periodical payments agreement where its not a lease but they pay fortnightly. that way if the new buyer wants a lease he can offer them a lease, otherwise they can kick them out.
karen.
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@karen.
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Post Count: 196
April 12, 2010 - 7:01 am
thanks guys the ball is rolling!!!! will go on the market in early May, instead of July … exciting!!!