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Hi sis,
You may not tell them but I will
(and already have … if they would only use that search button…).Pin
P.S: Hmmm, OK you are right there are one or two things I wouldn’t tell but not so that I “can keep an edge” but for other reasons…
Let me leave you with this thought… You can give the absolute BEST info to people serve it in gold, diamonds and ivory… but only less that 1% actually listen to what you have to say… (this is so true it is not funny!)
I actually wrote a bit about this before… I even said that when I find a great spot to invest in I would let people know.. actually Cairns is one of them… but you know what… it is not going to make a bit of difference… I guess you will experience this with time…
I give great info to people I meet, but if they don’t ask questions and have an inquisitive mind I don’t shove it down their throat… no use wasting time, but if they do… I let them mine to their hearts content!
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General Investing Forum for the Best FREE general investment information.Hi Shaun,
as for running through the numbers… why not!
what do you need to know?Hmmm, actually it would be a bit too personal … I guess you could give us “dummy” numbers… Actually it would be too involved … I will leave it for your accountant to do
it may not be worth it, cause everytime i came back from oversea’s i was dumping anything from 5k – 20k into the loan (i paid it off in three years)Was that your PPOR loan or an IP loan?
Hi Pinit,
In your quote above, you say that having an offset account on your PPOR is not advantageous, but having one on your IP is. Why is that? I would have thought you are better off having a offset account over your PPOR as the interest isn’t deductible, therefore every dollar you put in there completely offsets against the interest.*****
OK, let me clarify… An offset account is only really useful for an IP loan ONCE you have fully repaid your PPOR loan!
*****OK so let’s say you have fully repaid your PPOR loan and you now have a IP loan ($100,000)… with an offset account… You come back from overseas with an extra 20K and dump it into your offset account. (so you only pay interest on 80K) Then you decide to go on holidays with your family and say it will cost you 20K (yea, I know …) well if you take it out of your offset account you then pay interest on the 100K BUT it is all tax deductable….
Let’s say you didn’t have the offset account… and put the money straight into your IP loan and then decided to go on holidays… well this means that since you have used 20K for personal use, the interest on that 20K is no longer tax deductable! So you can only claim the interest on the 80K and not the whole 100K if you had the offset account…
Hope this clarifies things…
Pin
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General Investing Forum for the Best FREE general investment information.These are just general comments ….
Some of you have mentioned loosing your “job” as a bad thing… might be a good thing [
].What I said is you must make sure you have a “secure income stream” this does NOT mean you must have a secure job… definitely NOT!!!
Let me give you an example… If you have 10 properties with equity of over $100,000 in each then you would only have to sell one property every year to get $100,000 a year for the next 10 years… Now obviously you reinvest some of that and keep the ball rolling… This is a very powerful concept I will leave you to think about…
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Please!!!
The more you pay the taxman, the more money you make.STOP saying that!!! I know what you are trying to say but I honeslty hope you don’t actually believe that!
balance your portfolio with a few negative gear positive cashflow properties…
melbear is exactly right when she says (I will quote it because it is worth reading again
):
Shaun, don’t focus so much on individual properties. Look at the overall portfolio!If you refinance your PPOR, then use all of that money to buy +ve properties. Then you may have some -ve properties, and some +ve properties, but when you add them all together, you should come out +ve.
I’ve got some of each, and don’t worry particularly about any particular, but as I said, I add them all together, and assess what I need to do from that vantage point.
And I might add “you should come out +ve” AND pay less tax!
Pin
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General Investing Forum for the Best FREE general investment information.Hello,
back to the initial topic:
How to find +CFP’s in Australia??You don’t find the best deals … you create them… please stop and think about that…
I think that trying to constrain yourself to the sub $100,000 might actually be a hindrance…
s.i.s – Thanks for your reply also, seems you have some ‘secret’ methods that you are using. Are these methods working for you?There are no secret methods and they have all been discussed on this forum and elsewhere… just use the search button!
*******
Rugbyfan,so do you have an IP or not? [xx(]
******
Trust are the ONLY way to go IF you are serious… and want to save money in the future…
Pin
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General Investing Forum for the Best FREE general investment information.Yes this is correct.
Even though you can’t have an infinite amount of properties they generally are in higher growth areas .
The only disadvantage is that you must have a secure income stream.But how many properties do you really want? and will you have the time to look after all of them … (trust me something ALWAYS goes wrong… the more you have the higher the risk too
)Pin
P.S: When doing calculations you must use your income NOT your tax bracket as the more -ve geread +ve cashflow you have will change your tax bracket…
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General Investing Forum for the Best FREE general investment information.
ALL welcome!WOW!!! this topic has been swamped…
OK where to start…
Oh yes, sorry I thought you already had an IP… Having an offest account on your PPOR is not that advantageous… (but worth having on your IP loans..)
Yes, the interest on your PPOR is NOT tax deductable. I alredy said that, if you re-read my first post… (I am guilty of the same!!)
Rugbyfan,
You do have heaps of lazy money in your house … you just can’t see it yet…
All you have to do is use the equity in your PPOR to purchase other properties…If you are going to buy 1M worth of properties I would seriously consider using trusts..
And then again be very careful what you buy as things are slwoing down considerably…
Talk to as many professionals as you can to get a good understanding of what it is you REALLY want to achieve.
I think the rest have covered the other major points.
Cheers,
Pin
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General Investing Forum for the Best FREE general investment information.
ALL welcome!Hmmmm, good point WayneL…
I think the post is irrelevant since we can’t discuss shares anymore…
I would say that property has worked very well for me, but at the same time I think that shares (if you know what you are doing) have their place… I am still learing though… or should I say: I sitll have A LOT to learn though
Will leave it at that…
Pin
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General Investing Forum for Best FREE general investment information.
ALL welcome!
(and already have … if they would only use that search button…).
].
