Poor old JayJay. Don’t worry mate I wont pick on you. All we can hope is that all these MORALS getting tossed around in here might just rub off on you and me.
Don’t get me wrong guys, I’m not taking sides here, I’m quite happy sitting on the fence[]
One thing to consider though is that not everyone can afford $600 bucks or so to buy an educational CD pack.
At least Jayjay used some intitive went halves with a mate and bought the CD’s. Without going shares with his mate he probably would not have bought it at all.
No one here is perfect, everyone breaks the law at some stage. I believe speeding or drinking driving is far worse than copying a CD pack.
“Let he who is without sin strike the first blow”
So leave him alone you big bullies!!
PS. Oops, I think fell off my fence!
PPS. Steve please don’t be mad at me []
Personally I wouldn’t bother. If you are concerned about tenant peace of mind, I find that a medium quality alarm system does the trick. But make sure it has a keypad and not a remote. Don’t have have it monitored either!!
thanks shnook &risky they are all open lines of credit can pay more than the interest component which i do only to the tune of 15/ 20 $ per week each prop your ideas make a lot of sense will be seeing my a/c and lender very soon
cheers chris
Why have so many LOC’s, you only need one to take advantage of the concept. LOC generally attract a higher interest rate. Why not look into refinancing and see how much you can save.
So are you saying you are happy to move out to an area where +geared IP’s can be found (ie country area) and live there for a year. Or are you telling us porky pies.
Yeah, I remember a guy I knew trying to pull that one a number of years ago. He decided he would charge everyone else higher rent, and have a free ride himself. He didn’t let anyone else know he was getting free rent.
Hey nothing wrong with that! He wouldn’t have had any probs if he had been more upfront about it the whole affair. I think it would be a fair proposal considering he furnishes the living areas and he signed the lease agreement and is responsible for the property.
It was just wrong to try and hide things but that’s all!
A student in Brisbane currently leases several houses in Brisbane near Unis at say $250 per week, rents out the four bedrooms per week at $100 per room making $150 per house per week to pay for his own rent/house.
Gidday
Just thought I’d add in my two cents worth on this topic.
Firstly I’d like to say that I believe i have considerable experience with renting out rooms separately as I have 4 ip’s and sixteen tenants.
I believe that anyone considering doing this
be very cautious. It is very high risk and so many things can and do go wrong. Setup costs are high (eg household furniture) bills are a complete pain and collecting rent can really do your head in, and before you say it very few of this type of tenant can do direct debit. Maintenance is also high single room tenants simply dont care about lawns or gardens and if things don’t go their way they just leg it.
I don’t want to sound like a killjoy, just wanted to let you know it’s not for the faint hearted
Just a thought! How about buying the positively geared property and spend a few grand on maintenance before you head overseas, and make some money $$$. Add extra payments from job in the UK and you’ll be streets ahead of that silly old negatively (-) gear ip.
A couple of others things to think about when moving iP’s into trusts is that when applying for finance banks tend to treat the trust just like a person ie. they will only use 30% of the trust income (rent) to qualify for finance. So you may have to go guarantor for the trust in which case attracts an extra $300 to sign the extra paper work in the presence of a solicitor.
I don’t believe it would be benefical to use you personal income to go guarantor for a trust as it may restrict future opportunities.
Personally I plan on waiting until my ip’s are paid off or nearly paid off until I put them into a company/trust structure. My plan is to put high profit earning ip’s into the trust first and keep property with the most deductions in my name. The first house to go will be my ppor as I wont pay CGT.
Just some ideas
Mick INC
PS. I also found that my B(W)ank wouldn’t offer the basic loan package to the trust so you may have to pay slightly higher int rate.