Just Vic….. for now. Although NSW recently copped a vendor tax reaming recently which is similar.

Having property in different States seems to be one of the last ways left to minimise Land Tax as you get the threshold limits in both states.

Live, Learn and Grow

Lifexperience

I would suggest that the renovation approach would be more successful in capital growth areas (ie perth) BUT these would likely be negatively geared.

Try reading Peter Spann’s book 10 million in 10 years.

I have a job and do part time renovating at the moment to help grow my portfolio to a point where I can transition into full time renovating…[Read more]

Plain and simple as you seem not to have understood all of the above wise replies.

Choose Bankruptcy if that is what you want. But it will be a very very long time and much harder to ever become financially free or ever wealthy.

Choose Hard work and Determination now while you are still 30 young to claw back the $50,000 in debt (small in the…[Read more]

Why move this assett into a trust when you are likely going to increase your land tax bill by thousands! Watch out for Bracksy new 2006 rules.

http://businessnetwork.smh.com.au/articles/2005/07/21/2672.html

Live, Learn and Grow

Lifexperience

Michael,
I know you are a reasonable person and have much experience with Real Estate over the years and would like to agree with you that Trusts are still go in Vic. As I have just set up a trust for purchasing property myself. I don’t have a total land component above $900,000 yet myself and I doubt many investors would.

But are you telling me…[Read more]

caston,
don’t let a little thing like a change of employment dampen your enthusiasm.

You seem focused, and this will help you through the hiccups of life.

Good luck.

Live, Learn and Grow

Lifexperience

Heck, with an extra $12,ooo from the government (vic), she could buy her own place. Just live in it for 6 months, then rent it out. Thats $27,000 as a deposit.

Nothing stopping her getting some friends in to rent the other rooms. Perfect time frame to do a part time reno.

All legit.

Good luck.

Live, Learn and Grow

Lifexperience

be careful of just jumping on the back of a couple of share companies. They could easily drop in value in the short term. This could send a negative reaction your daughters way. It would be a gamble.

I would suggest a 5% savings account too, and some self education via books to open her eyes to different strategies and the risks and rewards of…[Read more]

I think a fundamental first lesson lies in learning how to save. Get a regular budget habit and know exactly where you are each week.

You must have some income, so then practise the basic wealth building principle of spending less than you earn. Saving 10% is a good start.

Avoid debt for junk that loses value (expensive cars, holidays,…[Read more]

I think the market opinion of the market is low in Vic, but the underlying market is actually strong.

Reasons: Melbourne has the highest immigration projections of all of Australia at present. These extra people need somewhere to live.

Melbourne is still way behind Sydney prices.

Commonwealth games next year will boost awareness of Melbs.

This…[Read more]

Great points all.

Interesting time for such a topic (and a few similar topics to appear on PI.com). mmmmmmm.

Oh, it’s tax returns time. ……….Money to spend. Guilt free holiday or next I.P.????

Personally, I am swinging from “all work/investing and no play ” to a happier compromise with a bit of a life.

Which is again interesting, that…[Read more]

I have realised over the last year the importance of time management.

Throwing all spare time possible into investing (and money too), resulted in a seriously out of balance lifestyle. Health, socialisation, exercise, entertainment and family all being put on the back burner.

What resulted was an inefficient and depressing investment scenario…[Read more]

oshen,
welcome to capitalism………. :o)

Join in with whatever ethics or ideals are important for you. This will identify you as a business person and others will react accordingly.

I personally stepped over the line of being too nice and too soft and got “taken advantage of”. (I AM NOT SUGGESTING THIS IS YOU, JUST STATING THAT I WAS)

I have…[Read more]

Even if the granny flat/ 1 br home is approved by council, I would doubt you could rent it out separately no matter whether you call it a spare room or a granny flat or an igloo.

I would seriously approach the council and plead ignorance or get a lawyer asap.

Live, Learn and Grow

Lifexperience

I’m not sure that you are legally allowed to rent out a granny flat separate to main residence. I’d double check on the consequences of being caught out if this is the case. There may be heavy legal penalties.

I would probably go to the council and talk personally with a town planner and explain what you have done. Explain that ideally you would…[Read more]

Gatsby,
Thats a sad story. I hope it all works out for you in the end.
If lifes hiccups don’t kill you, they should make you stronger.

I think it is worth spending a lot of effort talking to your partner about coming on board with investing. You should be able to at least get them to tolerate your investing.

Maybe Start a small portfolio and let…[Read more]

If you feel 15% is fair rent increase all things considered. I would do it in one hit. I wouldn’t sugar coat it with anything.

I’m pretty sure rent assistance would be half. Any complaining would probably be due to the person in question simply being of that temperment.

Just do it.

As a tenant in the past, I would probably be indignant at any…[Read more]

It is one of the cheapest major regional areas within 2 hours to melbourne CBD (compare geelong, bendigo, ballarat). recently updated train line for express service is due to be completed soon. 2 lane highway in excellent condition. number of major shoppping centres. Huge industrial infrastructure and support for any manufacturing business that…[Read more]

Legally you can’t sell a property title on terms if you don’t have it. But you could possibly issue an option to buy the property subject to approval.

you could possibly ask for deposits as expression of interest from prospective buyers subject to subdivision approval. say 1%-5% of the price.

Or if the problem is servicing the loan, you could…[Read more]

$5700 + $3848 = $9548
Even at the top tax bracket 0f 48.5%, this would only refund you cash back of $4630.78 pa. ($89.05 per week)

You are still about $37 negative geared, which will become even more negative geared as your depreciation claims reduce and your tax rate decreases.

(and remember depreciation isn’t all roses and cream when you…[Read more]