Forum Replies Created
Haven sent and received several emails from bill, i can vouch for his integrity. He has done nothing but help me with every question and doubt i’ve had.
Bill – will get you the information you’re after this week. I have to get to the national library tomorrow.I have emailed bill a couple of times and find him vey genuine in his concern for others. Its amazing what you can pick up from him. I’m very gratefull that he’s helping me
Bill- I will get that info you need to you soonquote:
Pin,
Speak and I will listen,
Every time i learn something i find there is more to learn. I am always happy to learn.
Lucky Phil, I agree with everything you’ve said.
go get em!
shaunI agree! I bought my first property in Queanbeyan 4 years ago. it was pos geared but i didnt know it! books will only teach you enough to know what to do next, not “how to”. Stop bleating about books not teaching you everything. I’ve found after each deal either sucessfully or not (more often not) i write down what went right or wrong and amend my strategy as i go along. This way i’m not making the same mistake twice (i hope).
remember Fortune favours the bold.It was good to see you all. at least now i can put a face to the name’s on here.
Have you tried to load the software yet?? do you think its any good?
if you have any problems with it, just let me know.
[
]I understand you’re confusion, its a bit hard at first. i have done exactly the same as you. firstly the person who told you it would confuse your accountant, do they invest? do they have a LOC account set up, probably not.
What i have found out before setting it up myself is, keep all receipts, and i mean everything you think you may claim. start a filing system, one for the equity in your house and the other for the investment property, keep these seperate so the accountant is not confused.
for some idea on what you can claim
go tohttp://www.ato.gov.au/individuals/content.asp?doc=/content/31258.htm&page=1#P19_325
this will give you some idea what you can claim.
ensure you have a good accountant. this can not be stressed enough, without a good team around you, your accountant, rather than knowing about real estate investment tax will fob you off with excuses. they do this because they dont know and its too hard for them to find out.
The equity in your house that you are using, only money that you have used to purchase a property is tax deductable, all other stuff like day to day living is not, hence keeping all your receipts.
If you are still confused, speak to your accountant, he/she should know what is required
good luck
shaunI totally understand what you’re saying. I have software that works it all out for me before i even put a bid in. This give me a fairly accurate account of how much i will get a week. I still have to crunch the numbers everynight but the 100 – 10 – 3 – 1 rule still applies. (where you crunch the numbers on 100 properties, 10 get you interested in them, 3 you will put a bid on and if your lucky you end up buying one. I dont know what problems there are with this. so anyone out there who could enlighten me would be great. Although i have been told not to build my wealth base on this strategy, but to do it until the market levels or drops, then go in with plenty of cash and clean up using the 11second rule.
well thats my two bobs worth anyway.I dont like the sounds of “we will still be there when you finish work at 6”, damn will have to cab it there. I wont bring the laptop, i wont be in any fit state to breath little less look after it. will see you all there.
I’m happy to go wherever everyone is going to be.
I will see you all at Olims saturday. I will have a briefcase with me, as i would like your opinion on some software i got.I mostly use the internet, but with a twist.
I am currently looking in wagga (NSW) for property. and i look for houses and units with my selection. Usually they have an asking price which i check against the Residex that i bought for wagga. so if they ask 88k for a 62k house (which happens alot on the net) i know that when i ring, whether they are genuine or not.
I also get alot of emails from real estate agents telling me of auctions coming up etc, again i use the residex and the 11s rule to find the property. and only visit the property if it agrees with my criteria.Damn! the map I used must be out of date! dont you hate that.
Thanks for everything guys, i do believe you when you say the uni’s not there anymore. Its my own fault for not doing further due diligence, rather than relying on a online map!
I rang Elder’s up there today to find out whats happening with the house market, and they told me its gone up around 7% last quarter. I was also told that my place is in the right area but on the wrong side of the street to justify a higher rent return. will just have to wait it out. I’m expecting once the train and oil line start operating the media will get on to it, hence more exposure, which should drive the prices up.
what do you guys think?God i hope you’re wrong about the Uni!
here is a web page (whereis.com.au)
which shows houston St (where i bought)as for area’s i’d not go near, i agree with erika.
though i would add ludmilla to the list as there is an aborginal camp right next to it. No offence meant to any one on this but you would have to see this camp to believe it.I actually went to their seminar in August (cost a small fortune). I learnt alot, but yes you could learn it all from books and other people, but at the time I didnt know much about real estate. It was basically a crash course in real estate, got onto some great contacts (for those of you here in the ACT) like accountants and bank managers who actually invest themselves, these people have saved me from myself more times than i care to admit.
I have their software in which you crunch all the numbers including depreciation so you’re negative geared but positive cashflow. Though now having read steves book I’m thinking maybe a couple of positive geared houses just to diversify.How do you know if its a mortgagee auction?
I’m assuming that they would advertise it as such, but is this always the case?
If not how do you find out, ie can you get on a notification list or something to find out?The agents werent abusive, they were just less than polite about the offer’s i had put in. This was mostly LJ hooker up there, by the sounds of her she was some old lady having a bad day.
as for the Uni heres their web page
http://www.ntu.edu.au/
So yes there still is a Uni up there!
As for management fees, what agents were offering them? I couldnt find one that would offer that low, although after putting the guilt trip on the agent i did buy from, he lowered his fee to 8.25This is your lucky day!! i have just finished purchasing my first IP property in darwin.
there are good area’s and bad, its pretty hard to explain unless you’ve been there.
Plenty of high cashflow properties as long as you stick to the 11s rule.
be aware though that management fees are 10 to 12 percent. I tried negotiating it lower with little luck.
for depreciation contact Rider Hunt (in Darwin) on 08 89412262
Be aware that these real estate agents and businesses run things a little slow so it can be annoying. so expect it.
Alot of houses are being sold as people are moving out of the CBD area, out to the outer suburbs. i offered around 10% below what they were asking with quite a few abusive phone calls but eventually prevailed. I bought a place in Larrakeyah which is a block from the main street, block from the University and a golf course across the road. the problem is now that developers have gotten in there, there is alot of high rise development in the area. It is being rented at 265 a week and the agent that manages it, has told me due to the wet season (now in place) to up the rent would leave the place vacant till feb next year.
any questions, just drop a line.
leave your email and i will send you all the links i have on darwinDisregard, I have spoken to the bank manager and i do have a redraw facility. The reason for such high % rate is due that i have to pay mortgage insurance for 2 years before they will set me up as a professional investor.
Thanks to everyone who answered my questions. I guess i just got confused with all the numbers i had.I am happy to go anywhere, anytime.
I’m a public servant with 20 hours of flex time up so I can do lunch on a weekday, or drinks on a weekend, whatever you guys and gals decide I can make it.
I have some great software (not steves) that is great for calculating depreciation etc (cost me a fortune) would like to show you all and tell me what you think.
look forward to meeting you allwill get back to you once i sort this out with the mortgage broker i went through. It was my understanding that i could pay this 36k out and then use redraw facilities. will let you know.
If (as i suspect) she has loaned me too much money then i wont care about the cost of paying it out as i dont want to have people handling my money that i have to triple check their work.
will let you knowquote:
I dont really care where i live at this moment, I would be happy to live in a cardboard box if i could get away with it!
I am assuming PPOR is purchase property (is the one i live in)
to pay it out would leave me with little savings to purchase another IP and i was thinking with a couple of IP +ve cashflow, i could easily pay out the owners equity debt in 2 years time (when it reverts to 6% variable)
]
