Forum Replies Created
Creative Investment CoachParticipant@nickcreativeinvestmentsolutions-com-auJoin Date: 2017Post Count: 6Hi Investor101,
each state has its own regulated forms which are free to use. In regards to property management, if you are not confident in doing it yourself (I certainly don’t) I suggest you pay for professional management. By using an experience property manager you reduce your risk of poor tenants/property damage/unpaid rent etc. As an investor I want to deal with professionals, not face to face with tenants that want unnecessary maintenance or an extension on the rent etc. All fees associated with the property management are fully tax deductible and in my mind well worth the cost.
Creative Investment Coach | Creative Investment Solutions
http://www.creativeinvestmentsolutions.com.au
Email MeCreative Investment Solutions - The First Choice For Property Investors
Creative Investment CoachParticipant@nickcreativeinvestmentsolutions-com-auJoin Date: 2017Post Count: 6Hi Steven,
I totally agree that for those people starting out on their investment journey it can be overwhelming the amount of information/strategies available. When I started out I read forums like this one and took particular notice of topics and threads that were specific to my needs/goals and experiences. Everyone has a different story and approach to property investment whereas the end goal for most is the same………$$$.
In your proposed example above, in Step 1 you identify your budget and then try to fit that to a location. I would advocate that somewhere in Step 1 you need to identify your desired outcome. Once you know what you want to achieve you can start to identify what type of investment strategy can get you there. This process will then point you to a location/region for further analysis.
Sorry its not the checklist you are after but I have found every investor to have different needs.
Creative Investment Coach | Creative Investment Solutions
http://www.creativeinvestmentsolutions.com.au
Email MeCreative Investment Solutions - The First Choice For Property Investors
Creative Investment CoachParticipant@nickcreativeinvestmentsolutions-com-auJoin Date: 2017Post Count: 6Hi Dean,
There are some great options out there for investors especially if you are below 80% LVR. As Jamie mentioned before it always pays to ask your current lender for a better rate but in the current climate you may not like what you hear.
If your bank can’t help you out I suggest you use a mortgage broker that specializes in investment lending. Their services are free and will save you countless hours wasted trying to get a result from the banks. Our broker works mainly with property investors and has been achieving great results for clients.
Feel free to email me if you would like more info.
Creative Investment Coach | Creative Investment Solutions
http://www.creativeinvestmentsolutions.com.au
Email MeCreative Investment Solutions - The First Choice For Property Investors
Creative Investment CoachParticipant@nickcreativeinvestmentsolutions-com-auJoin Date: 2017Post Count: 6Hi Steven,
the reason that it suits many investors to pay IO is to reduce the monthly holding costs and ensure all outgoings are 100% tax deductible (principal payments are not tax deductible). If at the end of the 5 year IO period your lender will not extend (I know some of the larger banks are not extending at the moment due to the APRA restrictions) I would look to refinance with another lender. There are still great rates out there for IO loans.
If you are after specific advice relating to your situation please get in touch.
IO all the way!
Creative Investment Coach | Creative Investment Solutions
http://www.creativeinvestmentsolutions.com.au
Email MeCreative Investment Solutions - The First Choice For Property Investors
Creative Investment CoachParticipant@nickcreativeinvestmentsolutions-com-auJoin Date: 2017Post Count: 6Hi Heather,
its great to see you are planning for the future…..so many don’t!
Before drilling down for a location, I suggest you define your goals/priorities (rental cash flow, strong capital growth etc). Once you have a plan of what you want to achieve and over what time frame you are looking to invest you can start to look at different property options and locations.
With a budget in the $400s you will still find some great options in Brisbane or Melbourne. I would steer clear of regional areas as if you are already retired any correction in the local market could take many years to recover whereas the capital cities are less exposed to these fluctuations in your price bracket.
I hope this helps?
Creative Investment Coach | Creative Investment Solutions
http://www.creativeinvestmentsolutions.com.au
Email MeCreative Investment Solutions - The First Choice For Property Investors
Creative Investment CoachParticipant@nickcreativeinvestmentsolutions-com-auJoin Date: 2017Post Count: 6Hi Steven,
it sounds like the $50k you may spend renovating would be a capital cost and apportioned to your depreciation schedule. A small part of it may be able to be deducted in the first year but b=very unlikely the entire $50k.
Also on the dual occupancy dwellings, if hopefully making a few extra dollars each week is your investment strategy then great, but if you are after long term growth and cashing in on re-sale, your only potential buyers are other investors (mainly) which reduces the pool of potential buyers competing to drive up the sale price. More people are out each week in the market in SEQLD looking for detached dwellings. Just a thought.
Good luck with your search.
Creative Investment Coach | Creative Investment Solutions
http://www.creativeinvestmentsolutions.com.au
Email MeCreative Investment Solutions - The First Choice For Property Investors
