Forum Replies Created
Hi SIS,
I have done the best I could; the bill was originally much higher, and my tax agent managed to reduce it a further 25,000 more than my accountant whom I was paying 3 x more to to do the same thing !!! LOL
Cheers
Jo
My sincerest thanks to you [specool]
REDWING, DEREK, ELVES & GEORGE (and anyone else I may have overlooked [blink])For your kind words of wisdom, suggestions and above all, encouraging posts.
Yes my husband is quite the conservative investor, always fearful that “the bottom will fall out”; I on the other hand am a bit more of a “risk taker” and have ventured into other areas including shares (at one time). All in all, we work well together, albeit frustrating at times, he is the love of my life. [inlove]
I have gotten myself into my current financial position through careful planning and alot of research. I agree that there is much to be learnt from those (yourselves included) whom have had far more experience than I ever could, and although my road is a slow, it is a steady one.
I am 41 years old, own 3 properties outright, work part time (by choice) and have lots of time to research the market, and other activities. And I never miss the opportunity to learn more about my favourite pass-time REAL ESTATE !
This little hare will get there EVENTUALLY !!!
I have heard your opinions, and trust me, will take them on board.
Thank you again, and I will always look forward to reading your posts with eagerness. YOU ARE ALL SO HELPFUL….THANK YOU [thumbsupanim]
I WISH !!!!!!!!!! [blink]
Hey there DaisyGirl,
If you find a way to “deferr” CGT please please let me know ASAP; I am about to hand over a huge amount to the taxman in the next month or so! [glum][glum2] LOL
Cheers,
JO
I agree with you PISCES….LOL
I have NEVER been too much of a procrastinator, not sure if that is a good or a bad thing. I have made mistakes, been burnt (literally – tenants torched one of my IPs!!!) but I am here to tell the story….LOL
I am 41 years of age, own my own home and 3 other properties OUTRIGHT …. no procrastination there !!!
If I can do it…..ANYONE CAN !!!!
Get up and make the deal !!!
Hi Sati,
Let me get this right….your loan repayment is 2300-2400 per month (yes???) and the rent is what??? What you get? or are you paying off someone else’s mortgage???
Pls clear this up for me before I can begin to help answer your query.
JO
Too true Redwing [grad],
however, it also depends on the source of that DEPOSIT….is it borrowed, cash or equity from elsewhere?
As for balance….again, I AGREE completely, HOWEVER (again) it depends on one’s motive…wealth (and success) is measured differently by different folk….me personally; I am not too concerned with capital growth (although I do hope to gain some element of same) my main focus is Cash flow…so I can continue in the lifestyle that I currently enjoy (a healthy balance of work and leisure time with family & friends). [king] [thumbsup2]
Cheers
Jo [thumbsupanim]
Too true Redwing [grad],
however, it also depends on the source of that DEPOSIT….is it borrowed, cash or equity from elsewhere?
As for balance….again, I AGREE completely, HOWEVER (again) it depends on one’s motive…wealth (and success) is measured differently by different folk….me personally; I am not too concerned with capital growth (although I do hope to gain some element of same) my main focus is Cash flow…so I can continue in the lifestyle that I currently enjoy (a healthy balance of work and leisure time with family & friends). [king] [thumbsup2]
Cheers
Jo [thumbsupanim]
WHAT ARE YOU WAITING FOR????????
BUY IT !!!! lol
Seriously, sounds like you have done your homework! Good luck with your venture.
Jo
At the cost of regretting any “knee-jerk” reactions here Marissa; my advice is DITCH THEM BOTH (tenant and PM) !!! It is your money, sure and your mortgage which can be at stake here, but trust me, better to be a bit down on cash for a month (if need be) than have the tenants from hell.
I know…I had them (or their relatives anyway).
I had tenants who were ALWAYS LATE, until one day they just stopped paying, and to add insult to injury they invited outsiders to join them; they moved out, and more came along, my PM was unable to contact them…in the end, they the property was riddled with ferrals (virtually squatting, as no money was ever paid).
I tried to have them evicted (police involved) and out of anger and retaliation THEY TORCHED THE PROPERTY….YES, BURNT IT DOWN !!!
Get them out, fire the PM and re-lett the property.
Can’t say I have….only know one thing for certain; whatever they are promoting….if it sounds too good to be true….IT USUALLY IS.
Hi Rebecca,
As a property investor for many years, I have in my experience found, that when buying a property as an investment it is always more beneficial to HOLD ONTO IT FOR AT LEAST A YEAR. Markets change, prices fluctuate, but if you can…wait things out…why put it back on the market for 350 when waiting a bit longer may get you 400 !!!
If you are determined to sell; then please consider living in it first….will save you the cost of paying Capital Gains Tax.
Cheers,
JO
Thanks Redwing,
I should have mentioned, I have enough equity in the house I live in to cover the debts. My husband just doesn’t like the idea of “risking” the loss of our home if we ever run into hiccups with the IPs.
George, thank you again also….but one further question…
In today’s market how can you get a positive cash flow? I have that already with other property, but on the 2 new IPs – I will owe the total amount for each. Both properties will cost us 400,000 and the rental returns will equate to approx 5% per year….in my books, that is pretty good! We own our home plus 2 other IPs “outright” and now are looking at acquiring these 2 newbies. I’d call that POSITIVE…LOL [biggrin][biggrin][biggrin]
Jo
Thanx George,
I appreciate your advise/tips. I will keep the “overlapp” issue in mind – I agree, it can be a nuisance.
I have been buying (and reluctantly selling) for years, my husband is a bit more conservative and is fearful of “too much debt” which is why he would prefer to “wait” and build up funds a bit more first.
But I feel it is too great an opportunity to miss, and am willing to bite the bullet and buy both properties at once (I hate waiting….time costs!!!!) LOL
[biggrin]Regards
Jo
