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Rich1
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@rich1
Join Date: 2003
Post Count: 5
August 26, 2003 - 5:50 am
Hi Teylu
The best people to talk to about this is the State Revenue Office (at least it is in Victoria anyway).
However my understanding is that the property you purchase is irrelevant as long as you can demonstrate that you have lived in it within the first 12 months of purchase. However the rules are a little hazy on how long you must live in the property. I am of the understanding that the length of time requested is up to the discression of the SRO.
Once again I would check with teh State Revenue Office.
Hope that this helps
Richard
“In life we often think if we dream it, we have to make huge steps towards it. We will get to our dreams when we make little steps.”
Rich1
Member
@rich1
Join Date: 2003
Post Count: 5
August 26, 2003 - 5:44 am
Hi
I am no expert in property investing (not yet anyway) however I have started and my wife and I hve two IP’s in Melbourne.
Both of them are units and one brings +ve cashflow whilst the other one (for the last financial year) broke even for us.
However they are bothy units within body corps and we have come to realise that body corp fees and all of the incidental stuff that gets charged to us as owners (eg: waste removal when tenants of other units leave and dump their old furniture on teh nature strip, painting of handrails etc etc etc) really cuts into the cashflow.
After reading Steve’s book my wife and I are really focusing on +ve CF now and as such will try and steer clear of anything that has a body corp as part of the property as it does reduce your autonomy in monitoring how much money you can generate.
Hope this helps
Richard
“In life we often think if we dream it, we have to make huge steps towards it. We will get to our dreams when we make little steps.”
Rich1
Member
@rich1
Join Date: 2003
Post Count: 5
August 24, 2003 - 12:41 am
HI SlumLord
Reading your post (and the short time frame in which you have achieved what you have) is very encouraging.
My wife and I have 2 IP’s (and we rent ourselves) of which one is +ve CF (through no real planning of mine I must admit I bought just before the big boom in Melb. and have been able to cash in rent wise) and one is -ve CF. Both are in Melbourne eastern siuburbs.
The light has turned on for me after reading Steve’s book – I always knew that we did not have quite the right strategy (ie: -ve and neutral geared) as we have been finding it tough to get money together for deposits.
However we will be financially free in 5 years (my 35th birthday!!). And I will have bought a +ve CF (my first of 10 by Christmas) property within the next 30 days as I want to prove to myself that procrastination is the thief of time…. and in ourcase the thief of our freedom.
Keep you posted on my short term goal
Rich
“In life we often think if we dream it, we have to make huge steps towards it. We will get to our dreams when we make little steps.”
Rich1
Member
@rich1
Join Date: 2003
Post Count: 5
August 22, 2003 - 4:19 am
Good idea!
The general discussion forum is pretty long and covers a huge range of topics.
By putting a number of sub categories under the general discussion forum you would assist those scanning through the posts in filtering to their particlar interest/needs
Rich1
Member
@rich1
Join Date: 2003
Post Count: 5
August 22, 2003 - 3:54 am
Quote:
Hi Bulldog
Another newbie here reading through the many (so much infomration its fantastic) posts on the site.
Look at page three of the general discussion – “Top ten country towns for investing” as the threads gave me 19 places in regional Vitoria that are worth considering.[]