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  • Profile photo of karen.karen.
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    @karen.
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    July 6, 2009 - 8:37 am

    thanks for clearing that all up :)

    i knew i didnt include all the other stuff, i just wasnt sure i understood how it all worked.

    ive heard the term discretionary trust but dont know anything about it all.  i guess i can just chalk that up as another avenue i should have explored before it was too late :)

    im getting all the paperwork together for our accountant this week to get our taxes sorted.  i havent used one before and i know we werent getting all the money back we were entitled to.

    my husband was doing our taxes up until the financial year just ended and he never knew about getting a quantity surveyor to work out the house value and getting deductions on the depreciation.  i knew even less and in my ignorance i was letting troy do all our finances.  a few months ago i read a book about money, got shocked at what a crap job troy was doing, and fired him from looking after our household finances :)  just as well he was so good about it, he didnt get offended.

    since then ive convinced him to leave our finances to people who know what they are doing (financial planner and accountant).  and ive completely done over the budget and he now isnt allowed to do anything without checking if it goes by the budget.

    anyways – looking forward to seeing what sort of return we get this year :)

    Profile photo of karen.karen.
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    July 6, 2009 - 7:34 am

    and i know its all "very approx"   :)    im more trying to figure out how it all works, not trying to pinpoint an amount of return.

    thanks!

    Profile photo of karen.karen.
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    July 6, 2009 - 7:32 am

    i thought all of the interest paid was tax deductable?  not just the loss between rental income and interest?

    rental return for the two properties is $29,510 a year combined.  interest payments are $16,250 combined.

    so halve the income:
    my income is $14,755 (rent return is my only income)
    troy's income is $14,755 (rent return) and $75,000 (normal job)

    so cos the interest payments were less than the rental return, does that mean we have no tax deduction from those payments?  gosh that sucks – i thought we would be getting a decent amount back at tax time.  at least i am finding out now instead of when i get the info back from the accountant.

    Profile photo of karen.karen.
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    @karen.
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    July 3, 2009 - 1:55 am

    this exact same thing happened to me a couple of weeks ago.  im with CUA and they dont handle their mortgage applications locally, they outsource them in brisbane.  So it wasnt the local branch, it was a procrastination problem in Brisbane where they didnt send my mortgage documents to me until the day before settlement.  I live 2 hours from town so there was no way it was going to get signed then back into town leaving five business days before settlement.  ridiculous.

    in the end it took 8 days in total, from when i sent them back to when it all got processed.

    it cost me just under $600 for those 8 days.

    the local branch manager has put forward a complaint on my behalf.  she actually offered to do it before i even had a chance to tell her how annoyed i was.  which was fabulous.  i havent heard back from her yet, but she was going to request for the fee to be covered by them in full.  she is even requesting they cover my solicitors extra fee for having to extend the settlement date – which was another $100 on top of the $600 default interest.

    you should definitely talk to the broker about it – especially seeing as they have accepted responsibility.  you shouldnt have to pay for their negligence.

    good luck.

    Profile photo of karen.karen.
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    June 16, 2009 - 9:41 am

    5 kids is perfectly fine – one of my best mates who is the same age as me (27) is just about to pop out baby #5.  they have an average wage of $90k a year.  they dont struggle.  its all about making wise money decisions.  besides … this is a property investment forum, not a parenting forum.  so how about yas cut him some slack when it comes to kids.

    Profile photo of karen.karen.
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    June 12, 2009 - 12:18 pm

    i forgot about this thread :) 

    the next builder reminded me that Mackay had really bad flooding lastyear in February, and he stated that the stumps survived that.  it was like the worst flooding in mackay's history.  So if it survives that, then they are in good enough condition.

    but, if i cant manage to purchase nextdoor ive decided to restump the house – but im going to leave it a year so its tax deductable.  the quote I got was $11,000 for the full restump.  and another $13,000 to replace the concrete flooring.

    and, if i do manage to get nextdoor's property then i wont restump cos i will develop instead.
    <br /:D” title=”>:D” class=”bbcode_smiley” />

    u are right adrien, i couldnt sleep if i wasnt planning on replacing them ever

    Profile photo of karen.karen.
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    June 12, 2009 - 5:53 am

    Im very new to investing – so dont feel confident enough to offer an opinion on this. 

    blueintrinsic wrote:
    We have family, friends and collegues telling us really good pros and cons for both…now we are confused!

    But I will say that ive learnt to NEVER ask family, friends and collegues their opinions ….. it just leads to more confusion.   :)  i dont even mention investing in property anymore to family and friends.  i get negative opinions of varying degrees.

    Good luck whichever way u go!  :D

    Profile photo of karen.karen.
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    June 7, 2009 - 10:15 pm

    yeah im familiar with that block of land even tho i dont live in mackay anymore.

    the land i just bought is zoned higher density residential as well.  we are planning on not doing any developing with the property at the moment, as it wouldnt suit our plan for what we are wanting to do.  the house is good, and by renting we are bringing in some more cashflow to prepare for the next step.  actually eyeing off the property nextdoor aswell because its also a big block, and the house is a dump.  its not for sale at the moment though.  but once this one settles on thursday this week ill start thinking strategically about making an offer on it – in case they are considering selling.  not putting too much thought into it yet.

    cos then ill have a 1600sqm block of land zoned higher density residential, that is literally 5 minutes walk to TAFE and the CBD.  if we get that prop then we would consider doing something with it all obviously.

    good luck with the prop near the hospital.  i go to mackay every month or so, so ill have to do a driveby a some stage and see how the townhouses are progressing.

    Profile photo of karen.karen.
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    June 1, 2009 - 6:01 am

    yeah we've already gone to bunnings and gotten it :)  we happened to be in town last weekend so dropped by

    Profile photo of karen.karen.
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    June 1, 2009 - 5:22 am

    What a rollercoaster!!!  Our contract finally went unconditional today :D

    we've been told that in the condition it is in currently itll rent for $330 a week.  They said after our renovations get completed itll rent for around $350 a week.  yay!  Our reno budget is small ($10k) as we are leaving the $11k restump for next year when its tax deductable.  The renos will take approx a week so we have requested early access before settlement.  The rental market here is pretty tight so im REALLY hoping I am able to get a tenant in within a week after settlement (as long as we get the early access).

    something is finally happening!!  yay!  now to await the responce to the request for early access …..

    Profile photo of karen.karen.
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    June 1, 2009 - 1:37 am

    wow sounds like an interesting property

    Profile photo of karen.karen.
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    May 28, 2009 - 8:57 pm

    nah they didnt charge me anything

    Profile photo of karen.karen.
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    May 28, 2009 - 11:30 am

    yeah we went with them because we had everything else with CUA and we are planning on refinancing this loan plus another of our mortgages later in the year to buy again.  we are going to refinance with another bank.   but because we werent ready yet we just stayed with CUA for the time being.  at least they waived all the loan application fees, even the valuation. 

    Profile photo of karen.karen.
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    May 28, 2009 - 10:44 am

    it does … but i dont twitter

    Profile photo of karen.karen.
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    May 28, 2009 - 6:58 am

    ok well i got a call 45 mins ago from CUA, they need more time.  gee it woulda been nice to know more than an hour before it was due.  no word back from the vendor about whether they accept an extention or not.  hopefully they do.  CUA said monday, i bet its at least wednesday.

    Profile photo of karen.karen.
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    May 26, 2009 - 3:04 am

    im not sure how much knowledge u have with financial matters – that would alter your reliance on other sources.  but as for me, im a stay-at-home-mum who has had no history with investing or even really planning for my financial future.  so i had very limited knowledge and it made complete sence to go see a financial planner.  I knew where I wanted to be, what goals I had.  But I had no idea about the best way to get there was.  so it was worth the money in my case

    for me i wanted more than "you go invest this much money", i wanted someone to look over every aspect of my finances – superannuation, savings, IP, whether i should get into the stockmarket, my insurances etc.  so i feel much more secure and knowledgable now :)

    and with 2 kids aged two and four, i have limited time to do my own research.  i still do, but not to the standard of being able to make my own educated financial decisions without the guidance of an expert.

    you have a great amount of equity and savings to get u starting with investing in property – so good luck whatever course u choose :)

    Profile photo of karen.karen.
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    May 25, 2009 - 10:16 am

    Thanks guys – Richard Ill get in contact with u later on in the year – about October.  i was going to ask you if you did that kind of service anyways.  Ive seen the way you help others here and how uve given me advice in the past. 

    We are wanting to get a house each year for the next 8 years (except for this year – two this year).  Buy and Hold most of them.  So want to get our current mortgages looked at and rearranged before we go purchasing another one.  We are so new to this we know we could do better with some advice and help from someone who has more knowledge than us.  The next time we were going to look at purchasing is about October onwards.

    Thanks for the advice Richard and Gibbo

    Profile photo of karen.karen.
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    May 25, 2009 - 9:17 am

    k thanks.  was curious as we are wanting to refinance our accounts at the end of the year when we get out next IP.  do they just help with new purchases or with current mortgages as well?

    Profile photo of karen.karen.
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    May 23, 2009 - 7:08 am

    k i was just curious cos i was reading a blog and they said they wanted to have 10 million dollars worth of RE.  and i wasnt sure if they meant owned outright or not.

    thanks :)

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    May 22, 2009 - 1:58 am

    can u start organising a pre-approval type loan application before signing?  cos they arent ready yet with a contract anyways.  get the ball rolling.  thats what we did with the property we are currently in the middle of purchasing.  we are financing with CUA and they ahve been great about it.

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