Forum Replies Created
Jessica,
If those two guys can’t do it then I suspect noone can.
Keep us posted.
All the best,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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 reidpg:Sound like a good solution Terry. I missed out on the FHOG because the first place I bought was an IP and it still hurts me. Have to think if the government is going to give you money to buy a property then “grab that cash with both hands and make a stash” – some old Pink Floyd lyrics there – ok i’m showing my age!
when did you buy it mate?
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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 recommend IO loans for all my clients buying investment properties and use them myself.
Good plan.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
If you have a low income spouse then a high yield account in their name would be effective also.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
Dave,
I would use it to reduce any non deductible debt or home loan debt.
Or I would use it to buy another investment. Perhaps some shares or managed funds or as a deposit on another IP.
Paying off deductible debt is my least favoured option.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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 penguinchick:I have townhouse in Brisbane leased by DHA for last 9 years. Last “Independent “market rent evaluation came at $270 p/w, other townhouses in the same complex are rented for $310. It would cost me $350 to object to their rent valuation. This was going on each year, valuer never included townhouses in this complex in his/her evaluation. I am very happy that lease expires next month. I hope that Westpack will get better return than I got: undervalued rent and 16.5% management fee….Iam looking forward to take my chances on open rent market.
This is a common complaint – DHA are slow to adjust rents upwards.
This is why I don’t believe this a great investment for sophisticated investors.
But I do stand by my thoughts that this might suit a person wanting a hands off property investment.
Great post mate
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
You can get the FHOG if you are buying a home. You need to occupy that home for 6 months starting within the first 12 months in order to qualify and keep the FHOG. You will also get a SD exemption in some cases.
If you rent the property out you can claim any repairs that keep the property at the standard it was when first rented. So if the HWS needs repair then that is deductible.
However renovations are seen as capital expense. Repainting in the first year is not seen as restoring the property to what it was when first rented but maybe after three years it might.
You need to do some reading so that you have a good grasp of what is a repair and what is an improvement.
If you aim at claiming as much as possible then it is probably wise to do all that work after it has been rented for some time.
Hope this helps
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
To turn it into a rental property is easy. Just start renting it out and keeping records.
If you renovate whilst you are living there you will not get any tax relief. When you sell the renovations costs may be used to offset CGT – if any. This is your home so will be CGT exempt for up to 6 years tenancy period.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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 raliruss:I TOTALLY agree with you were do these people get off. It is a fact of life that money makes the world go around . I have an Omegatrend business and I get paid for paying my bills,I also get paid to have a mortgage on my investment property(nice). I refer the savings to you and then you get paid for paying your bills this then produces a passive income that does not require a time for dollar ratio but I am slandered a pyramid seller and money obsessed mother! I say to you the highest moral person pay your mortgage with company A for a excellent rate and an extra $2000 a month on top of your normal income and if you refuse it doesnt make you happy it makes you ignorant! If you are poor and sitting having dinner and the electric company calls and says you need to pay your bill a reply such as “sorry I cant but I will share the love we have for each other with you” will that be an acceptable answer? No but if you earn enough money to not only pay your light bill but then say to the company” and I will also pay for my whole streets bills too “wont that make you happy… It will make you estatic!! and how do they feel?Over the moon My motto LEARN..EARN..and RETURN!! Feel sorry for those people because you offer a solution to their problem but the are not smart enough to take it!
russell.j.vayro
What rate does Citibank offer you as an OT member?
What fees do you pay?
How much would a $250 000 loan run through the OT offer add to your OT income per month?
Not asking for your details – just a generic model.
Ta
Simon
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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 philj:My company recently held the cleaning contract for defence homes and during this process I found out: management fees are 8%, homes are kept for 10 years then handed back after a full refurishment at no cost to the owner. Rentals are above the market average. I think this is potentially a good 10 year investment for around $300K investment.[grad]
P. Jewell
This is not the information that DHA provides. Leases are 6 or 9 years and management fees much higher in reality?
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
Point taken – sorry to jump to that conclusion [blush2]
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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 Wylie:We have a separate loan which we use if we need to top up our repayments on our negatively geared last purchase. Our broker said many clients do claim the interest. Our accountant said not to take the risk.
Wylie.
Your broker should not have given any advice let alone advise you to commit tax fraud.
Just because people claim stuff and get a refund doesn’t make it OK. They will be audited someday and at best they will need to repay it all. At worst it will cost a lot in interest and penalties let alone a criminal record.
You asked your accountant and he was the one qualified to give advice. Brokers are not.
Well done.
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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 crusher:By the way, how do you get the ‘originally posted by box to appear’ when replying to a specific post.
Todd,
Go to the bottom right corner of the post you wish to quote in your post – as I have done with yours above.
Select the quotation marks ” button.
Go from there.
What is best if if you delete out everything but the actual point you wish to quote. Saves space and makes your post more succinct rather that just quoting the lot.
Much as I have done with yours,
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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 brahms:isn’t michael76 one of jarrah’s alter ego’s? and therefore should be ignored.
cheers
brahms
Purveyor of Fine Finances
aka Mortgage Broker BrisbaneLighten up Brahms – these posts don’t do you any credit. You have a lot to give the forum so why not do so?
I checked IP addresses and they are certainly not coming from the same computer. Usually it is obvious to moderators when someone has multiple identities.
All the best,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
http://www.strategicwealthmanagement.com.au
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
Adrian,
I have some honest labouring I need doing in Newcastle – probably a weekends work and I can put you up here too.
Be great if you had your own jackhammer too….
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
Just renovate the empty ones and then get the higher rent. Renovate the others as they come empty then get higher rent.
Offer the tenants on low rent the opportunity to move into a renovated unit at market rent or stay where they are. If they take it good – if not renovate after they leave.
In NSW you must honour the existing lease as far as I am aware.
You are probably better to lease them one by one than have them all come available at once.
Cheers,
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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 is not much you can do and I question the value of chasing him through the legal system for the money.
Sometimes it is worth cutting your losses and moving on.
Lets look at how this happened.
Seems to me regular inspections would have made a big difference. If this had been picked up earlier and at a time when he wasn’t planning on moving out you would have had the upper hand – now he has. He is going anyway so he has nothing to lose. Especially after you told him you were kepping the bond any way – that removed any incentive for him to pay the back rent or clean up. Look at it from his perspective.
Sounds like a lot of the mess is fairly superficial. Spending some money on a cleaner will prob make a huge difference.
If you have a mnagaer I would change. Same advice if you self manage.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
As a result, the Sydney house is not exempt for the period it was used to produce income that exceeds the six-year period; that is, one year.
That is an excerpt from a long explanation found at:
http://ato.gov.au/individuals/content.asp?doc=/content/36887.htm
I am convinced you are only liable for the period exceeding the 6 years.
My accountant is not available for his advice this week either…
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
As soon as you have 5% in savings or equity growth you can go again (plus closing costs).
One idea might be to approach a lender with a history of strong vals – get it revalued and if the equity has “appeared” move the loan immediately and take a new one as well.
The more property you own before the next boom the bigger the effect! That how I work!
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
