Forum Replies Created
Very Interesting….ahem! I have an appointment with them soon…all I want to know is this NRAS stuff…
For those that had their first meeting with them, were they helpful in understanding this NRAS ?Thanks
AAMI has to pay for all those "savings" ads they put up on TV…
Try EBM…(http://www.rentcover.com.au) They have a good Landlord cover together with Building and Contents….and compare well with RACV (here in Vic)…Good Luck
Try residex.com.au…but you will have to pay for what they claim to be 90% accurate forecast and growth figures!!!
ErikH wrote:KW I struggled with this one for quite while myself. We bought our first few IP's in our own name but have since started using multiple trusts (which in QLD can help you to avoid paying land tax). You need to consider what you want to achieve with your structure: asset protection, tax minimisation or estate planning or some combination of those and if it's a combination then which one is most important. Then you need to understand what you investment strategy is, i.e. buy and hold or buy, renovate and sell, positive or negatively geared or whatever. Then think about what your approach / attitude to risk is. Once you have that on paper, think through the structure options and then go and speak to some accountants and solicitors. I spoke to a handful and got different answers from each of them! That didn't help at first and I needed to do a lot of thinking to be clear about our priorities before I could decide on which way to go. Sorry, no clean cut answer… If you get to the point that you suffer from analysis paralysis and find a good deal just buy the first one in your own name and then sort out your structure later.Erik…many thanks for your advice….cheers KW
Hi all…
So much good advice there….many many thanks…
Ok, as Aphex says, I will have to go ahead and create a Company ….become the Director, and then the Company becomes the trustee of the Trust (is this a Unit Trust or a Property Investor Trust?).
And would this allow me to take advantage of the Neg Gearing initially ?
And would I need to create additional Trusts for every Inv Prop I decide to buy ? I plan on acquiring a couple at least if not more over the next 6 months….
Keep the advice going, mates….you wont believe how helpful all of you have been…
Cheers
KWCompany / Trust….I read about this from Chan and Naylor….
Simple background…so I know guys like Richard (who posted above and I found him to be very helpful with his comments for other subjects)…
I own my home, worth 500K…and have just created a Line of Credit on it (in my name) with a Bank for a limit of 400K. I also have a 100K that I can call upon to use…
I believe that I need some sort of protection….just in case…AND I am in the IP market for about 2 to 3 props over the next 18 months..one of which was (as per one of my earlier calls for help ..a habit forming….) is an off-the-plan one….
I dont have anybody other than the wife who will help…and I am the only income earner…with the highest Marginal Tax rate…
Am I moving in the right direction ? Where can I get more info on a Company / Trust ? Will my accountant help set this up or do I need another professional ?
And…to all those who go out of the way to comment and advise…sincere "thanks" !!!
KW
Many thanks Guys…you would have guessed, that I had an off-the-plan property in mind….though I am not sure if it is in a place that has high demand…
It certainly is in an area that has loads of building activity…and from the rentals (as viewed on Realestate.com.au.) these seem to be upwards of 250K…
Eventually there will be many houses to let, but at the same time, there will be a significant migrant move there too…
Thanks everybody….but if there are more thoughts and advise…keep it going…
Cheers
KWHey..that was good input….
The problem is…not so much good builders or not so good builders…it the brokers who hover around looking for a piece of my dollars !!
That itself, should persuade me to go after established places…
One question though….what about Depreciation…? Do you try and procure places that are fairly new ..to maximise dep or do you go out and renovate…I am not into renovating, which is why I was looking for off-the-plan…
Would appreciate your thoughts again…and thanks
KWMany thanks for your offer…
Again, I might be "new"…but after doing the rounds of people "offering" the "best" advice (which is usually based on what they promote!!)…I have decided to do most of my investing on my own…..with a "mentor"…who is not one individual, but a whole host of people, forums, education, etc. So I am a bit wary of people promoting themselves or their wares….
But thanks for the offer….
I know that there are people out there who are "reserving" their opinion…but guys…go on…give voice to your thoughts please…
I am no expert, but I have been doing my homework these past couple of months…(due dilligence..some would call it!!)
The price you pay for your property or the Rental income you get from it has NOTHING to do with Depreciation. The value of the building, as evaluated by a Quality Surveyor, whose jurisdicition I am yet to determine (I did say I am doing (present tense) my homework)…will suryvey the house..and in your case, might say that the Building is worth 175K and the land 175K. You get no depreciation on the land, and 2.5% annually on the building, provided it was built after 1985 (I think)…
So $4,375.00 is your depreciation you can claim, provided you owned the property for the full 12 months..if not, then you calculate it on a pro rata basis…
Of course, get somebody qualified to value you property when it was built…not what it is worth now!!
Hope this helps…and if somebody disagrees, I look forward to learning where I am wrong.
Cheers
KrisInvestment Detective wrote:Hi bruham Sorry you didn't have a good experience with ID, I have worked hard to create a program for the widest range of users, I don't recall getting an email from you about your problems. I would love to hear about the issues you had as every problem I hear about helps me make ID better. Also, if you are that unhappy with ID, please feel free to return it to the team here at PropertyInvesting.com and we would be happy to refund your purchase, no questions asked. It would also be greatly appreciated if you would keep the language toned down, if you have a problem, it's best to ask for help rather than calling someone names. Regards Philip Batey Investment Detective The best way to crunch the numbers and manage your portfolios https://www.propertyinvesting.com/resources/24.htmlHello ID,
I was wondering if somebody could help me "understand" a few variable….I am new to this, so please excuse my immature request.
a) Cash Receipts – Try as I did, with ID, I couldnt 'tally' my cash receipts….how is this figure calculated
b) What happens when I use ID in the "second" financial year after purchase of Property…would the "depreciation" figures fall ?
c) I am getting a Positive Cash Flow for a Property worth 220K, with returns of 240/week….according to the 11sec rule, this is not true…but ID shows a CF+ figure…how is the Net Flow calculated on IDWas wondering if I had further questions, could I come here and ask them ?
I am new, as I said, but am a "do-er"…I go out and "do" what I learn…I am very keen on getting onto the property defined above, but a bit sceptical of the figures…because (I am techy ..well, a bit!!) I cant seem to be able to compute them !!Help!!
Kris
