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  • Profile photo of N@thanN@than
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    @n-than
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    July 28, 2011 - 8:11 am

    Add another one to your bandwagon of followers! Very interested in your opinion of Gladstone after your time on the ground.

    Profile photo of N@thanN@than
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    @n-than
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    July 26, 2011 - 10:06 am

    I would personally recommend Jamie M who has commented on your post. He is based in canberra but with the internet and faxes it doesn't really matter where you live. He has helped me out quite a bit and I am in Queensland. Check out his website in his signature.

    Good luck with it all,

    Cheers,

    Nathan

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    June 27, 2011 - 8:06 am

    Well I will be steering well away from these guys then. Thanks for the heads up.

    Nathan

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    June 3, 2011 - 6:55 am

    "Someone is sitting in the shade today because someone planted a tree a long time ago"   Warren Buffet

    Profile photo of N@thanN@than
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    May 12, 2011 - 11:58 pm

    I don't have an Iphone (yet) but love this idea! All the more reason to get one!

    Profile photo of N@thanN@than
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    May 12, 2011 - 9:34 pm
    harryandlloyd wrote:

     After paying PPOR mortgage + personal loan

    Hi Kate,

    If you have a PPOR mortgage and a personal loan I would be putting any extra money that you have (assuming you go IO on your IP) and paying down that debt first as these are not tax deductible unlike your IP.
    I could be wrong but I dont see the point in reducing debt that is tax deductible via an offset account if you still have non tax deductible debt.
    Thats my opinion anyway.
    Good luck with it all,

    Nathan

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    May 12, 2011 - 4:19 am
    enlightened1990 wrote:

    Couple of questions:

    • How much per month did you save?
    • How long did you save for?
    • How much was your first property?
    • How much was the deposit for your first property?

    Thanks for the advice so far guys


    1. What I saved per month varied but I think I aimed for about 40 to 50% of my paycheck. I was still a teennager living at home for free so besides turning down trips away with friends and parties etc I didn't really have alot of expenses. If you set up a scheduled transfer on your payday so the money comes out before you even get to see it you just get used to that amount of money and eventually don't even miss it.

    2. I was taught to save when I got my first job at maccas at 15. But then I was saving up to buy a car so I bought my first car outright before I got my license which took every dollar of my savings. By then the saving habit had just become natural so I just kept saving. Didn't know what for though at that stage.

    3. I bought my first property for 324K a year ago.

    4. Had a 20% deposit and covered setup costs so I think it was about 70K. (My girlfriend had 10 grand to put towards this so I didnt save that much on my own)

    Profile photo of N@thanN@than
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    May 12, 2011 - 2:26 am

    Hi Corey,

    Even on only 40k you can make a start builing a deposit and at least getting the investor mindset and learning to spend less then you make. Start learning to pay yourself first and dont be tempted to touch the money! Also is it possible that you could chase more money?
    I was on under 40k a few years ago but kept saving as much as I could with the dream of one day entering the property market. Then I got a new job and went from 40K to 100K+ and bought 2 properties within that year before I turned 21. And I wouldn't have been able to do it if I hadn't started saving when I did even on the low wage. And if you teach yourself the right habits then they eventually stick. I am on 100K+ a year but still living like i make 40K and yet couldnt be happier. I would rather build my assets than waste my money away and have nothing to show for it.

    Anyway I was in exactly your position with people saying I was wasting my time but you have to start somewhere. Read Rich Dad Poor Dad if you haven't that helps get your mindset right.

    We have a big advantage on our hands… Time! I think the younger you start the better off you will be and have more room for error.

    It is good to see you are even thinking about investing… thats the first step. Keep it up

    All the best,

    Nathan

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    May 10, 2011 - 4:57 am
    dugsts wrote:
    The tax claiming I would like to know how that works as when I first spoke to my accoutant he said I could not claim anything til I have tenants in the property.

     

    In order to claim tax deductions the property must be held for an income producing purpose. A block of land doesn't classify as that however I am pretty sure if it is intended solely for investment purposes with the rental being built there is a way around it. I'm sure one of the more experienced people on here would know for sure.

    Profile photo of N@thanN@than
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    May 6, 2011 - 1:37 am

    Doesn't look like many QLDer's on this thread but I think Townsville, QLD is promising and you can get decent houses under $500 000. It has plenty of different Industries and was announced QLD's second Capital city with the aim to reduce the overcrowding on the South East Coast.

    Profile photo of N@thanN@than
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    May 5, 2011 - 10:37 am

    Mount Isa, QLD

    Profile photo of N@thanN@than
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    May 4, 2011 - 8:40 am

    As Warren Buffet once said; "Be fearful when others are greedy, and greedy when others are fearful."

    He was talking about the stock market but I think it applies to most investment options…

    Profile photo of N@thanN@than
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    April 23, 2011 - 6:57 am

    Hi wnorman,

    Yes normally mining towns are more risky hence the higher yeild. If you search through previous threads on here you will surely find plenty of information regarding mining towns.

    Nathan

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    April 9, 2011 - 12:43 am

    Hi Tylon020

    My understanding of  the following is:

    tylon020 wrote:

    1. If I have funds sitting in an offset account – does this reduce my tax deduction??

    Yes this will reduce your tax deduction as you said you have a P&I loan. So any money in your offset account is effectively money paid off your loan. Hence reducing the Principal amount which is not tax deductible.

    tylon020 wrote:

    2. Which is better tax minimisation or paying the loan off quicker??

    In my opinion this one depends on your goals and your situation. Personally I pay the minimum amount on my IP (IO loan) as I am better off using the extra money to reduce my PPOR loan as this is not tax deductible. If however your IP's are your only loans then it may work in your favour to reduce your loan amount to speed up the amount of equity you have available.
     

    tylon020 wrote:

    3. Since I dont have an offset account does the redraw work in the same way??? ( i have read in the forum that it has different tax implications i dont think i quite understood it)

    I am not sure about this question. Hopefully one of the more experienced guys on here can help you with that. I can't see what the difference would be so I am interested in what they about this one aswell.

    tylon020 wrote:

    4. what is the best loan structure??? because it seems to me if i aim to reduce the debt then i may be missing out on the tax deduction but if i aim for tax dedeuctions I'll have these loans forever!!

    Again this depends on your situation and future goals. Most people I think prefer IO loans on IP's as they only have to pay the bare minimum to hold it and are maximising their tax deduction. This allows them to use those extra funds elsewhere. (Investing of course :)). The aim is that over time the value of your property should increase as well as your rental income until the time comes that you are required to start paying off your principal. In which case you will have a far lower LVR and much higher rent.

    Yes it may seem like you will have these loans forever but as long as you are not having trouble with the repayments now then it should only get easier as time goes on.

    This is just my opinion anyway, I'm sure others on here could give you more of an idea.

    Hope this helps,

    Cheers,

    Nathan
     

    Profile photo of N@thanN@than
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    April 7, 2011 - 12:14 pm
    Jamie M wrote:
    Terri Scheer are good (but won't insure if you self manage). I think they also require annual fees paid upfront (not in installments).

    Yes both true… May not suit some people.

    Nathan

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    April 7, 2011 - 12:09 pm

    Yeah I couldn't believe this sort of information is just open to the public. Definitely will be using it in the future!

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    April 7, 2011 - 10:41 am

    Hi Lefty,

    I use Terri Scheer and have found them to be good and quite cheap I reckon. Their only product is Landlord insurance as far as I know so this is their only interest. I am happy with them anyway.

    Nathan

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    April 6, 2011 - 7:38 am

    Hi Saybalebay,

    If it is purely an income that you are after maybe check out the link below:

    http://www.ownyourownatm.com.au/

    I am not recommending it as I havent really looked into it much myself however I seen an add in one of my property magazines and it may suit your situation.
    Obviously do your research first though.
    My understanding is it will supply you with a minimum 20% return however I dont think there is any capital growth involved.
    I could be wrong though as I only had a quick look over the website.
    Hope it all works out for you anyway.

    Cheers,

    Nathan

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    April 6, 2011 - 12:34 am
    Jamie M wrote:
    Shape wrote:
    You were featured in API??? Regards Michael

    Haha, get on the API bandwagon Michael! I'll be in the May edition (was in YIP last year). My numbers aren't quite as impressive as Richard's – but I haven't had as much time :) Check out the young guns section in May 2011 when it comes out. PS – ask Richard for a copy of the article, it's very impressive. Cheers Jamie

    Richard,

    Would you be able to send me a copy of your article if you dont mind. My email address is [email protected].
    I am just starting out with property investing and find other peoples stories and journeys very inspiring.
    Have already read Jamie's…

    Thanks,

    Nathan

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    April 4, 2011 - 3:38 am

    No worries.

    Here is another link I just recieved in an email from Herron Todd White.
    Pg. 28 has a little bit of information regarding Townsville.

    http://www.htw.com.au/Month_in_Review/Month-In-Review-April-2011.pdf

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