Forum Replies Created
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 Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
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 Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
There are brokers around that can help, like me [biggrin]Regards
JohnInspired Finance
(02) 9944 7776Are you a Financial Planner John?
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
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 purchase.
If you have a home loan then I reckon you should borrow the whole price of the new flat and put all your funds into an offset account against your home loan or even in your home loan.
But sit down and speak to an expert. There is so much to learn. It isn’t rocket science but getting the basics right is important.
All the best
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Selling costs would possibly be similar to the SD.
Reconsider your goals before making a decision.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
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 Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
It is neither real estate or a property. You would get a loan similar to a car loan.
This leasing arrangement is high priced and yields well. But don’t compare it to real estate – it is a whole different ball game. Treat it as a business proposition. In that case it seems expensive to me.
Good luck
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I don’t know where your friend gets his info from. Take any further advice with him with a grain of salt.
He is wrong in both cases.
You can offer your place to the rental market for as much as you like. The laws of supply and demand will come into effect.
However if you are claiming deductions against the property then you cannot offer it for less than market rent and claim full deductions. ie you cannot rent it to your mum for $30 pw and claim a huge negative gearing loss. But you can rent it to her for $1000 pw and declare all rent to the ATO….
You are able to lend money to anyone at whatever rate you like. I would be happy to borrow from you at a 0% rate to show you how it works.
I am good like that [biggrin]
Simon Macks
Residential and Commercial Finance Broker
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0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Comes out every year. I reckon it is just a reminder to everyone as they do their tax.
Nothing to worry about if you are above board.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
It was a gamble.
If your reno is substandard you could even be asked for compensation to restore it yourself.
This is a high risk strategy as you found out.
I hope it all works out for you.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by nsellar:was wondering if anyone has used a company called investor finance to help with investment loans and structuring of portfolio – i myself are not real sure if they are simply just a broking firm but have heard a fair bit about them recently.I live in outback SA and they are coming here soon for a information night.
hopefully someone can fill me in with what they are all aboutcheers
Never heard of them mate but that means nothing.
The single piece of advice I can give you is to leave your wallet at home and not make any decisions on the night regardless of the hype and promises they might offer.
This goes for any seminar.
Like to hear about your experiences here – both good and bad.
What are you actually after? That is something you need to know before attending so that you are not easily swayed into any attractive offers that may not fit your plan.
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Originally posted by lsn:Just be aware there are different regulations for broking in WA than the rest of the country. They will need to have a WA Brokers licence to write your loans. Occasionally i get the odd referral from clients in Perth, but i refer them on to a WA firm for this very reason.
Regards
Colin Kidd
Loan Saver Network
http://www.loansaver.com.au
m: 0404 362 262Good advice Colin. But the author of this thread is in SA.
Simon Macks
Residential and Commercial Finance Broker
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0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I invest for long term growth. But I must also admit to owning investments that yield quite well.
But the overall aim is long term wealth creation through capital growth.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Jason,
I think you read the initial post wrong. HPI is looking for a copy – not selling on.
Which Bn were you in?
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Body corp fees will cover a lot of things.
Structural insurances and PI insurance. Maintenance and repairs, running of facilities inc pools and lifts. Accounting and legal fees etc etc. Bigger complexes may even have employees.
So for a duplex if will be inexpensive but for a hirise with lifts, pool and gym etc etc it will be significantly higher.
As an owner you become part of the body corporate and get to atttend the meetings and vote.
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I have only ever known one proven Guru.
When my wife taught in Malaysia she had a work permit pasted into her Passport. The Malaysian word for teacher is, of course, Guru.
So she has it in her passport anytime she needs to prove her Guru status!
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Mark,
Keep sving and start looking at properties.
Contact a reputable broker who can check your CRA and advise you what impact, if any, that minor default will have.
If you don’t know anyone who can suggest a broker drop me an email and I will let you know if I know someone close to you.
Remember that everything can be done with the right attitude and team!
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
When you sell you need to calculate the total profit – less all costs incurred inc interest etc.
This figure is halved if you hold the land for more than 12 months.
You then add the profit to your taxable income and recalculate the total income tax paid.
There is no set figure. It all depends on your tax bracket. The profit may even push you up into a new bracket in which case some will be at one tax rate and the rest at the higher one.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
It is probably more important to have a larger deposit to make up for the damage caused by the CRA.
Have you actually seen your CRA?
Sit down with a broker or call or even email one and ask him/her to run some figures and give you some options. Things might not be a bad as they seem right now.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
ADSL is his problem not yours. What will he ask for next?
He can sign a plan that gives him a very low upfront cost if that is his problem.
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
