Forum Replies Created
look in the heads up area. titled next sydney meeting. i have not been but may be closer for you.
what area are you from? ive read there’s a group that meets at five dock. im near parramatta, this would be alot better.
also, if there are no beneficiaries that pay less than the highest margin of tax it may be worthwile to set up a company to be the trustee. the profits can then be distributed back into this company and pay tax at 30%.
you can be the director of the company so you control what the trust does. about $1000 to set up the company ive been told.Wentworthville. suburb of parramatta.
I went to steve’s seminar on the weekend and its made me realise that its alot easier to learn with imput from a group of people.
Is anyone getting together in the parramatta area at the moment. i seen a few posts from the kellyville area this would also be handy. please send me an email.Paul. [email protected]
i spoke to an accountant today and he said that the cgt discount will continue, will get more opinions soon. good point about the land tax. he also brought this up so its something to consider. to get to that 260k threshold do all your properties add up together or is it taken per property? does anyone know the amount charged as land tax then if it starts at the first dollar? example on 100k prop would be good.
this property is just an example isnt it? the one you mention earlier in FNQ sounds interesting. do some numbers on that without stamp duty, legal fees, and other buying costs and see how you go. should give some good figures. 12% yeild isnt it.
i got around $1400 per year repayments at 7% on borrowing $17500. did you calculate on borrowing more money? you dont want to include the stamp duty and legal fees in your numbers to work out yearly cash flow. these are one off costs that come out off your pocket at the start. without these it is more like $1082 per year or $20 per week. if you uesd a 20% deposit cashflow would be good.
if you think this property does not make enough money you could always pass on the details to me.
keep playing around with numbers with a deposit and see how you go.paul..
You can look in other posts to find the formula for the 11sec rule. the way i do it is take the purchase price and remove the three zeros {000} from the end. double that number and that is what your weekly rent should be. eg. 100,000 property.
100×2= 200. $200 is your aim for weekly rent. i think this works?? if im wrong please let me know..
im in a similar position to richman but i dont need to buy my own house. im thinking 4-5
80-100,000 properties with 20% deposit. will set up a trust soon aswell. might need to try commercial premises at this point in time. any other ideas would be appreciated..Im in a similar position to yourself and have been trying to read as much info on this site as possible, looking at real estate websites to find possible locations and making enquiries to see how much money i can borrow. Also about to see an accountant to talk about a trust setup, could be good in the long term. Im going to start with buy and holds for now until i get going and then look at wrap setups. Going to the area you buy in a few times to get a feel for the place would be a good idea. I think you can buy another book from this site to do with ‘buying a property in the next 30 days’ so that should help you out. Should be books available for about wraps aswell.
Paul
