Forum Replies Created
go to http://www.adprop.com.au and sign up as a member. You will receive newsletters and invites to Adelaides monthly investor meeting. They just had one yesterday.
George
Foundation, care to explain what you mean? What is your opinions on the individuals mentioned above?
George
Richard and Craig, your help is appreciated. Thankyou
George
I was under the impression that even if your offer is accepted your not legally bound to it as you have not signed a contract or paid a deposit. Sureley there is nothing wrong with saying "Sorry I have decided to retract my offer as i have found a better deal"
George
The reason it was valued too low was because it is in an ex housing trust area and most of the buildings were sold off cheap and demolished and are now being sold as empty blocks with H&L packages. So using past sales as a comparison, 180k is pretty fair even though most of the buildongs were maisonettes and this is a solid brick house on a large corner block.
Realistically though who would have an IP without Landlords insurance. Just make sure it will cover every scenario that could happen. $400-$500 should cover everything.
The problem with semi detached is you really don't have much room to move in terms of development. The area in Davoren Park you are talking about is pretty bad. Unmowed lawns, car bodies on front lawns etc….but good returns.
I went for a drive through there about 2 weeks ago to see what the homes look like. As i turned down a street I found myself in a brand new street with all brand new homes built on it. Some were still unfinished. These were literally one street over from the old run down homes. Behind these new homes was a train line so I drove around to the other side which was Elizabeth West and there were quite a few nice homes there. Totally different looking suburb to Davoren Park.
At the end of the day though I can't see a downside to buying there. Good Luck
I was thinking something very similar only a couple of days ago.
I don't think you can rent the townhouse to yourself and even if you could it would probably be pointless as the interest on the IP is tax deductible but the rent you pay isn't so it would cancel out.
I think the same would happen if you went with Marc's suggestion of renting to your company as the company can claim the rent as an expense. Then it goes to you as rental income where it is taxed and you use it to pay loan which is tax deductible.
I guess if it is allowed it would depend on the tax rates as to whether it is worth it. I'm not an accountant so I am just saying what I think
Thanks guys for your replies. Very informative and pointing me in the right direction.
Qlds007 wrote:I think you mean you will be buying the property as a PPOR rather than an IP and claiming the FHOG and stamp duty concessions.
Yeah thats what I mean Richard. Was a bit confused at the timeQlds007 wrote:Also you will be suprised how many clients i have that pay off their PPOR and then decide to rent it out and buy another PPOR and realise that under normal circumstances they are unable to claim the interest as a deduction.
I'm guessing this only applies if you completely pay off the first PPOR?
I'm also not sure if it would be a better idea to get an Investment Property Loan and save the
FHOG for later. If purchased as PPOR the interest is not tax deductible until property is converted to IP?Cheers
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