Chan$, do you want to come and do my paperwork? I haven’t yet done last year’s tax return[]

Cheers
Mel

Works for me.

Cheers
Mel

OK. Found my post

https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=7689

Hey Redwing

I’m still learning stuff from HK, as I’ve got all my notes, and a set of DVDs of all the seminars he has run – about 8 sets all up I think.

Basically, I guess you could say the main thing we learned was that we shouldn’t listen to a bank manager who…[Read more]

I did a long post on a lot of things I got out of it in response to a question from Redwing. I’ll see if I can find it.

Cheers
Mel

Originally posted by Ozboy:
As for the seminars, well yes there was alot to be gained. I will be using this information in future, as I am determined to make money out of property.
However, there were a couple of glaring lies, in my opinion. Henry kept pushing the fact that making money out of property is a ‘pushover’ or he at least IMPLIED this.…[Read more]

Lord of the Rings

Cheers
Mel

Guru why do you fly so much?

And I don’t see how you can be retired, you’ve done about 200 postings in the last few days – almost as many as Chan$ and SIS.

Cheers
Mel

Hey Westan, if you delete the thread, or your post, you don’t actually lose the number.

So you could post lots of answers to one thread, and then just go and delete them all. Voila – many more posts, but no evidence…..

Cheers
Mel

Chan$, one of the playing pieces in Monopoly is a little car. You push your car around the board as you throw the dice. As the aim is to buy up the ‘properties’ on the board, if you get all of one colour, you can then ‘build’ houses on them, and the rent goes up. So this guy obviously doesn’t have much money left, and when he lands on the…[Read more]

Lisa, is your accountant taking into account that you would have already paid tax on your earnt income?

For example, if you earn $20K, you pay tax of $2380 (roughly).

If you then add $12K in rent, less interest of $8K, and other expenses of $3K, your ‘profit’ is $1K. Add this to you taxable income, and you would only pay tax of $300, leaving…[Read more]

Hi madankumars

Yes, it’s a bummer that you didn’t do something while you were out here. I guess the first thing you need to do is to check out the FIRB website (but I don’t know what it is, sorry).

Then if all things are go, contact a Mortgage Broker who should be able to tell you whether or not/how much money you could borrow.

Cheers
Mel

Mark, I think you need to be struggling to pay for mandatory living expenses to access the super!!

Is your IP Interest Only? If not, look at that option. If you’ve paid any extra off your PPOR, see if you can redraw it. perhaps talk to the bank, and see if you can pay Interest Only for a few months on your PPOR as well.

If you have equity in…[Read more]

In your loan app you need to put the contact details of the agent. The bank valuer will contact them and go out and have a look. You don’t necessarily get told when they are doing it.

Cheers
Mel

Benedict, in the trust structure it doesn’t matter.

However, the trustee would best be the person who is less ‘at risk’ which sounds like it would be your partner. Trustee as an individual, or as a sole director of a company (preferred by most).

Cheers
Mel

BlackJack is right – it is monopoly.

Sorry to disappoint your Henry Kaye theory SIS[]

Cheers
Mel

Purchase Price = $460K
Deposit (cash deposit) = $92K + $20K costs
Loan = $368K @ 7%

Repayments = $495 per week.
Rent = $300 per week.

$200 input before any other costs!! That is huuuuugely negatively geared. Big income and tax breaks required to happily fund this one.

Cheers
Mel

And in fact, Bob Carr was unhappy that the Federal Government are ‘redistributing’ the GST, so NSW will get less. I thought they were supposed to get back what they raised, but it’s not to be.

Costello, or somebody in the Feds told him to increase stamp duty to make up the difference!! So much for it disappearing! Ha.

Cheers
Mel

I forgot to add, $200 pw is considered ‘cheap’ in Canberra, and my lowest is $180 (it’s a friend, and I haven’t yet worked out how to raise the rent[]), next is $240, then it goes up to $400+.

In today’s market, these rents are definitely a lot cheaper than it would cost to buy the same house.

Cheers
Mel

You must live in the house first – although maybe not (would need to research though).

When you move out I would definitely get a valuation done, for your recors, and as you may need it down the track when you do sell.

You then have 6 years to either move back in, or to lose the exemption from the CGT. If you buy another house which you live…[Read more]

Fearless and Chan$, for unrelated parties buying together the only trust I would use would be a unit trust. This keeps all entitlements in line with unit ownership. Any form of discretionary trust with unrelated parties is just asking for trouble.

Fearless, contact a mortgage broker regarding how to set it up. I’d say there are a couple of…[Read more]