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  • Profile photo of MarkEMarkE
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    @marke
    Join Date: 2004
    Post Count: 17
    March 30, 2004 - 8:15 pm

    Thanks for the good replies,

    – Mark

    Profile photo of MarkEMarkE
    Member
    @marke
    Join Date: 2004
    Post Count: 17
    February 19, 2004 - 10:05 am

    Thanks Again Chan$,

    So much Investor Knowledge.

    When do your courses start?

    Sign me up.

    – Mark

    Profile photo of MarkEMarkE
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    @marke
    Join Date: 2004
    Post Count: 17
    February 18, 2004 - 10:12 am
    That’s my 2c. Ignore all if you wish, it’s my opinion only.[:)]

    Thanks for taking the time to answer.

    I am very new to IP so I don’t ignore any advice, there is a wealth of IP knowledge here.

    I have been out of work because the company I worked for closed down, and I wasn’t smart enough to take out income protection.

    Your advice is good:

    – If I sold the $70K would be cut down by the agent fees and CGT
    – LOC sounds like a good plan, I will look into it.
    – The +ve geared property helping to pay off the PPoR would be a great option.

    My number 1 dream is to pay off my own home, so the above points would help me achieve that.

    Thanks melbear and all who help us Learners.

    – Mark

    – Mark

    Profile photo of MarkEMarkE
    Member
    @marke
    Join Date: 2004
    Post Count: 17
    February 16, 2004 - 5:55 am

    Hi,

    I am still learning about PI, but would love to buy my first positive geared property in the next 12 months.

    I have been out of work for 4 months, so when I start work, check out loans then I will be looking around for good deals.

    Hopefully I will make a good choice.

    – Mark

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    @marke
    Join Date: 2004
    Post Count: 17
    February 16, 2004 - 5:51 am

    Hi Rooney,

    I have a “Private Agreement” with my daughters mother, which means we agree on what amount to pay in child support, I also help with school fees, clothes and other stuff.

    I also get an assessment with some stupid amount that they think I should pay, but because of this Private Agreement I don’t have to pay it.

    I don’t know if this helps you, and I didn’t go through a divorce, but if you had the Private Agreement then maybe you wouldn’t have some bastard in an office telling you what you should pay.

    You have my sympathy, if I was paying the money I am assessed to pay, I would be renting and could not afford to have my 2 kids. Child Support should be 50-50 not 90-10.

    I hope it all works out.

    – Mark

    Profile photo of MarkEMarkE
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    @marke
    Join Date: 2004
    Post Count: 17
    February 15, 2004 - 11:55 am

    Excellent, thanks NewGen.

    My wife and I are in the higher tax brackets, so the negative geared property is helping with tax.

    But the positive geared property sounds like a good return for you.

    I will investigate more.

    – Mark

    Profile photo of MarkEMarkE
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    @marke
    Join Date: 2004
    Post Count: 17
    February 15, 2004 - 11:52 am

    Hi,

    Chan$ I am from North Ryde, Sydney.

    Johngee yes I am getting some of that paralysis by analysis, it is just daunting jumping into your first investment. Mistakes when you are buying $100K + properties seem scary.

    Thanks,

    Mark

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    @marke
    Join Date: 2004
    Post Count: 17
    February 14, 2004 - 2:23 am

    Sorry guys, but I got my numbers wrong.

    I was looking at tax forms which include depreciation and other stuff.

    We are only about $5000 out of pocket each year, after tax back etc, so the capital gains is above this, which is a good start I guess.

    I am only just getting my head about this stuff, so i will find out more.

    Still positive gearing does sound more attractive.

    – Mark

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    @marke
    Join Date: 2004
    Post Count: 17
    February 14, 2004 - 2:20 am

    Sounds like a great start edgewise.

    Do you mind me asking, or others how you manage to juggle working and looking for these positive geared properties?

    I know you can find a lot out on the internet, but I would assume you took time off work to see those properties?

    Is it time consuming?

    – Mark

    Profile photo of MarkEMarkE
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    @marke
    Join Date: 2004
    Post Count: 17
    February 13, 2004 - 10:35 pm

    Thanks,

    The 3 things I have learnt are:

    1) Don’t trust anyone else
    2) Do your own research to back up their claims.
    3) Income Protection – I have been out of work for 4 months

    I assumed that everyone in property was doing the same thing, losing money to save tax.

    I am doing my research now on selling costs eg Agent costs, Capital Gains Tax, so I will know exactly what it will cost, I shouldn’t lose too much I am lucky.

    The main killer with this investment is the interest on the loan. I can’t see that we can increase rent in that area, lots of units, and we will never pay off that loan.

    My wife is on maternity leave, I have been out of work for 4 months and I can’t see the unit increasing in value to match the cost of the unit in the next year. So after I research the numbers selling sounds like a good option.

    Then I am keen to try something new. A unit that actually ‘makes money’. Sounds CRAZY!! :)

    THANKS!

    – Mark

    Profile photo of MarkEMarkE
    Member
    @marke
    Join Date: 2004
    Post Count: 17
    February 13, 2004 - 9:34 am

    Thanks for the response guys.

    I was too trusting and don’t have much faith in myself doing all the work to get an IP. Doing what you say not to do here.

    And I though that was what negative gearing was all about, losing money and saving tax.

    After I started ready Steves book and looking at this forum, I spent a lot of time looking at my situation and examining my finances more carefully.

    You guys are right, I am thinking of dumping the unit, focus on my PPoR, then look at positive geared properties like you guys are talking about.

    Thanks for the advice, and thanks for this forum educating me on smarter investing.

    There may be hope for me yet!

    – Mark

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