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  • Profile photo of mike.12mike.12
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    @mike.12
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    April 25, 2012 - 11:47 am

    Hi Patcon,

    yes I have an accountant,who has experience  in property inves and member of Charted acc.

    send me a private email and i will forward details to you.

    mike

    Profile photo of mike.12mike.12
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    April 1, 2012 - 9:58 am

    I have an IP in wagga wagga – In Glendfield Park.No floods in that are.try there for your IP.if you wish.

    Profile photo of mike.12mike.12
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    March 16, 2012 - 7:52 pm

    Thanks guys for info.

    Profile photo of mike.12mike.12
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    March 3, 2012 - 4:32 am

    Thanks for the Info Richard.

    mike

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    March 3, 2012 - 12:32 am

    Hi sam,

    never heard of  instalment contract..Richard can you ple explain and what sort of structure should you have.

     

    Profile photo of mike.12mike.12
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    March 3, 2012 - 12:16 am

    Hi Nick,

    Check with NAB,getting 6.51% with 3 IP. Agree with Jamie,just call  and indicate you are leaving .
    You might get a better deal.
    cheers
    Mike.

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    December 27, 2011 - 10:10 pm

    Mayuran,I have already set it up and it works fine.Spoke to accountant,and like Terry has said that LOC should be only used for investment.As soon as you mix it for your personnal use then ATO will question you.

    you can send me an e-mail  and can foward you the structure which I have set up.

    Mike

    Profile photo of mike.12mike.12
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    April 1, 2011 - 11:40 am

    Yes ,I have looked at other rental property in that area its around $360 to $380 wk,perhaps I will have to drop the rent to $370.

    Thanks Guys for your views.It is indeed very encouraging to see that you are out there to help people with your advice.
    Once again thank you.

    Mike

    Profile photo of mike.12mike.12
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    April 1, 2011 - 9:30 am

    Thanks guys for your comments.

    I will try to get other agents view.Can you sign with another agent straight away as in my agents aggrement says i have to give them 2 months notice when i want to leave them.In between can i engage another agent.PLS your views.

    thanks
    mike.

    Profile photo of mike.12mike.12
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    February 26, 2011 - 10:07 am

    Thanks Terry.

    Profile photo of mike.12mike.12
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    February 26, 2011 - 9:36 am

    So,the way it is structured,do  I still have to ask for a ruling from ATO.Can you provide me some links pls.

    Mike.12

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    February 26, 2011 - 9:23 am

    Perhaps,The info I gave is not very clear.The setup is like this

    The saving acc is only linked to my principle home loan.As this is not Tax detecable.

    As for line of credit is set with the IP loan.For interest to be payed on IP,it will be take from the Portfolio acc ( a Limit is set on this),which will captialized.This is kept seperate for taxable claim.

    The salary, dividend and rental from IP will go into my saving acc,as this linked to 100% offset to my home loan thus reducing my home loan faster.

    I hope this make things bit clear.Appreciate your views on this.if you need any more info please let me know.

    Thanks
    mike.12

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    January 28, 2011 - 10:22 pm

    Thanks Scott

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    January 28, 2011 - 3:35 pm

    Is there a set amount of liters used before you charge the excess water used.

    Profile photo of mike.12mike.12
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    January 21, 2011 - 11:20 pm

     Karlm & mates,
    I have a offset acc with PROR and 1 IP,I am in a process of buying 2nd IP,and MBrooker suggested that you can  have both set up together ,off set and line of credit.
    Only difference is ,the salary,dividents, will go into offset acc.The rent will be detected in each IP,and any short fall in payment (taking into account IP is neg geared).
    The short fall will go into a account saying capitalizing ie line of credit.The only difference is the interest rate of line of credit is bit higher.
    I am with ST George.
    OFF SET Interest is 7% and line of Credit 7.1%.

     This is how i understood.How is your line of credit set up Karlm.

    I would like to get your views on this mate,I get confused on this.

    Thanks
    Mike

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    January 6, 2011 - 7:05 am

    ajay,
    I dont know that area,but I bought a property in glenfield park,and it is in mima st ,good area, positive cash flow.

    Profile photo of mike.12mike.12
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    December 3, 2010 - 10:09 am

    Thanks for the information,what about in calliope ,there is town house for sale,what sort of rent you will get and the strata levi,any one bought this,

    Profile photo of mike.12mike.12
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    December 3, 2010 - 5:47 am

    Hi jule,did you speak to the buyers agent Tony.any feed back to that pls.

    Profile photo of mike.12mike.12
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    December 3, 2010 - 5:43 am

    Hi ,interesting to read about Gladstone etc.I wanted to do investment,I am not sure, how about gracemere,is it good to buy land and home package.I found home and land,land 669msq and house 197msq, 4bed,2,2 for $364K.Its not build yet but will after I sing the contract.Its in Lucas street,gracemere.Any thoughts on this please.what about rental vacancy.

    Profile photo of mike.12mike.12
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    December 2, 2010 - 6:48 am

    Hi ,I think pretti real estate,in fairfield.I used to be their tenant, mind you they were carried out detail inspection.i do agree son of them are not that good.

    hope this helps.

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