I tried t oanswer your question but I have no idea what it is?

What are you entering info into?

At a guess I imagine that the rent is important…..

Simon Macks
Residential and Commercial Finance Broker
simon@mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment,…[Read more]

Originally posted by foundation:
Originally posted by TriggerL:
Is it too late for us or should we perhaps wait a little longer to see what the market is doing in the new year.

It’s never too late. All markets are ‘mean-reverting’. The Adelaide housing market is currently a long way above its long-term mean valuation by any measure – income/wages…[Read more]

Originally posted by ptn:
Thanks guys,

I don’t want to approach an accountant or a lawyer at it will cost me $$$ just to say hello.

Thanks TerryW, you’ve given me a bit more confident in buying the family trust.

Regards
ptn

I bet you that a mistake will cost you more.

I think you are focussing on small amounts of money and losing sight of…[Read more]

FULLDOC is a normal type of loan where you supply payslips, tax returns or other evidence of your income.

LODOC is a less stringent loan where you certify the amount you earn in a declaration. Some also need an accountants letter to support it. Originally designed for self employed people who’s tax admin isn’t complete. Usually restricted to…[Read more]

Paul,

I am a firm believer that often the best deals are in a local market that you know very well.

Qld has been experiencing strong growth, many commentators feel this has ended and that the lag effect will see Qld picking up again after Melb and Sydney do. That is the macro picture.

The micro picture is where most investors do best. By…[Read more]

Originally posted by JohnSmith:
Good advice there from Simon

just add the preferred way is to say the money within a mortgage, as it is more tax effective.

Regards
John

Inspired Finance
(02) 9944 7776

john@inspiredfinance.com.au
http://www.inspiredfinance.com.au

John,

My preferred way is to save it within an offset account. Should the…[Read more]

Originally posted by foundation:
“Lastly, I wasn’t prescribing a course of action for the author of the thread. Merely having him think a little bigger than the mentality of paying out a debt completely then buying another property. That action will limit him to 2-4 IPs in his lifetime. Perhaps less.”

One more question I would like you to answer…[Read more]

Originally posted by foundation:
In 20 years the debt will be negligible. A pretty big assumption there. On what do you base this claim?

18 years ago I bought a property for $52K. I see you’ve answered my question. You’re expecting the past to mirror the future…
Fair enough, so we can expect interest rates over the coming 30 years to mirror…[Read more]

Either can work mate.

Where I think you have made a huge error is your idea to focus on paying it off then buying the next one.

Try this idea – it works for most folks.

Pay nothing down on the property – just meet the interest payments. If it a PPOR then save another deposit in an offset account. If not then save it in an INGDirect account or…[Read more]

If you want to build wealth then use whatever time you have.

it is also considered by many to be a buyers market right now.

Do you own a home already? That might be your first step.

Many starting investors find that their partner is less enthusiastic. Usually they come around after reading and checking out properties.

You should meet with…[Read more]

Originally posted by Bo_D_:

I never knew you could/ thought of depreciating books etc when you eventually got the investment property mortgage hunter. Do you know this for sure?

When I was an Army Officer I depreciated a large library of Military History books that I needed for my continuing education. This was a few years back now.

Unless…[Read more]

Originally posted by Spanky:
Ah ha!
Thanks for that, just wasn’t sure whether it was worth holding off, or if it wouldn’t matter if I fixed up the few odds and ends now.

As for another idea of mine, what are the tax implications for significant cosmetic improvements? Currently, all the walls are exposed brick and I think a significant amount of…[Read more]

I know of no investors who use a company structure – and I know some pretty savvy property investors.

Other than your own name I find the next most common structure to be the HDT.

You need to speak to a specialised accountant. there are two I recommend regularly.

All the best

Simon Macks
Residential and Commercial Finance…[Read more]

Originally posted by celeste:
Hi Zaman

I pretty sure you can list it as education on your return, I have, lodged my return, the accountant did not say no, they all went thru.

Celeste!!!!!

Of course it went through. Everything you claim automatically goes through. It is later that you get into strife if you get audited! Luckily this is not…[Read more]

Neither.

A repair is classed as bringing a property back to the condition it was in when first rented out by the current owner.

So you are not repairing anything.

If you did these things after it has been tenanted for a reasonable time then they might be deductible. But only if caused by wear and tear due to the tenant.

Simon…[Read more]

I don’t think that lender was very accurate – I suspect they were just describing their own policy.

Dare I say that you find a decent broker with a number of lenders they access?

You can easily see what postcodes might cause you problems by using the postcode wizard at

http://www.pmigroup.com.au/LocationWizard.asp

All the best

Simon…[Read more]

There are brokers around that can help, like me [biggrin]

Regards
John

Inspired Finance
(02) 9944 7776

john@inspiredfinance.com.au
http://www.inspiredfinance.com.au

Are you a Financial Planner John?

Simon Macks
Residential and Commercial Finance Broker
simon@mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual…[Read more]

It looks as though you have a lot to learn. I reckon you should call Terry or another Mortgage broker and have a long talk about which name to use, how much to borrow and have an offset account explained to you.

I know when you are new the debt is scary but I also believe you should borrow $80 000 and keep some funds aside for another…[Read more]

Selling costs would possibly be similar to the SD.

Reconsider your goals before making a decision.

Cheers,

Simon Macks
Residential and Commercial Finance Broker
simon@mortgagehunter.com.au
0425 228 985

Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should…[Read more]

Because he is selling undeveloped land subdivided from his PPOR.

Should he build a home on it then it would be an IP and subject to CGT.

The only loophole would be that he may be exempt for 6 months under the provision that you can own two PPORS whilst one is being sold. Not 100% sure and he should seek professional taxation advice.

Simon…[Read more]