mikeking replied to the topic Going backwards need advice in the forum Hi Steve,
Property only has 16 years, 9 months agoHi Steve,Property only has to be less than 20 years old to claim depreciation on the building. But for any property you can claim depreciation on items inside the property such as the water heater, curtains, blinds, carpet, oven, light fittings. The ATO has a list of over 1400 items that you can claim depreciation on.I don't propose to be an…[Read more]
mikeking replied to the topic Company or Trust? in the forum Help Needed! 16 years, 9 months ago
Hi Richard,On that note, can you refer a good property accountant?CheersMike
mikeking replied to the topic Going backwards need advice in the forum Help Needed! 16 years, 9 months ago
Hi Steve,Several tips for you.1. The housing cycle in Sydney is at the bottom (I believe), so now is probably the worst time to sell, when in a years time, you may have a decent capital gain, if you wanted to sell then.2. Make sure your loan is Interest Only – that will reduce your monthly repayments3. If you don't have a mortgage offset a…[Read more]
mikeking replied to the topic Anyone had Lasik or Laser Eye Surgery? Please share your experience in the forum Forum Frolic 16 years, 9 months ago
Hi,I had Lasik surgery done by Dr Rogers (Eye Institute) at Chatswood in Sydney 4 years ago. I'm 40 now. It cost me $4000 all up then. Was the best thing I have ever done. I had surgery at 1.30pm on a Friday, on Saturday morning I had 20/20 vision, and I haven't looked back since.I was told that I "might" need to wear reading glasses when I get…[Read more]
mikeking replied to the topic how did Steve McNight finance his properties? in the forum Finance 16 years, 9 months ago
Hi Steve,Thanks for lettings us know your situation. I certainly wish your wife all the best and hopes she's ok. Also wish you well, looking after everything.cheersmike
mikeking replied to the topic how did Steve McNight finance his properties? in the forum Finance 16 years, 9 months ago
Thanks for taking the time to reply Steve. Sorry for being sceptical, but I guess unless we know exactly how you did it, there's an "air" of incredulity about going from 0-130 (or 260+) with very little capital up front. From your **sigh**, I assume that many people are sceptical. I am only trying to understand the process you used,…[Read more]
mikeking replied to the topic how did Steve McNight finance his properties? in the forum Finance 16 years, 9 months ago
I tend to agree with you cattleya, I think the method that trakka describes above using various trusts to fund the investments is unethical. I also suspect that finding positively geared properties is almost impossible in today's world, unless you have the cash up front for a sizable deposit.