Another thing to, too remember, if you are claiming depreciation, on furniture and fixtures, make sure you right off the rest of the claim, when replacing the tiles.(This also applies to everything that is going to be fully replaced, dont just replace it, but right it off and claim it all)
In so doing this, you can save more dollars and recieve in more after tax dollars too.
Thanks for your reply and kind words, though i am very happy to help people on this board and answer as many questions that i can and try to give the best appropriate answer or advice. Thanks for those who have supported me on the forum and for the many of those who give me new learnings and advice, that i can share.
Dont feel parnoid, but feel iffy, it the vendor does seem willining enough to offer or wants to dicuss about renting back the property to you, after the intial date of settlement.
If an offer is made like this, maybe best to further do some more due dilligence or ask many of the locals what they feel and think the future the area your investing holds.
Though,
I wouldnt be too worried, property has one beautiful thing about it. When you sign the contract, make sure their is a clause or subject to “Approval of Finance”.
The Reason being for this is, that if the financial lender does not want to approve the finance, whether it be the whole amount or most the intended borrowed amount, this shows that there could be some significant or near future problems in, investing in that area.
Think of it like a safety net, a safety margin, that the banks are providing you, in doing so remember, that if they dont approve it, then dont take the risk of investing there, unless otherwise.
Nah thats fine, i reread the post that i was going to post and deleted it. Though i do see, that im at some fault here and i will stop.
Sorry about this argument and i will leave it as it is.
Thanks again Richmond, must be tough being a moderator, but i have to give it to you, i was going to post a nasty post, but i will let it be and forget about it.
Good to see your back and hear about your success.
Well if you want a boast session here, im happy to challenge you on this.
Let me paste the link here for you to see, and just one other thing, i just recieved a contract then, just about to sign which means i still beat you, Bruce good intentions though, at all odds i still beat you, im 21 and still in school at the same time.
Rather than pay rent, would you rather be interested in purchasing a PPOR for yourself.
Caculated on $750 a week Loan Repayment that would equal the affordability to pay such principle and interest loans at:
At 6% over 30 years – A loan value of $501,000 dollars
At 7% over 30 years – A loan value of $452,000 dollars
At 8% over 30 years – A loan value of $410,000 dollars
Maybe a bit hard to find a house at that price, but should not be hard to find a 3bdrm or even 4 bdrm Unit/Appartment at those figures.
Finding a property that is currnetly tenanted, is a much better buy in my eyes, though there are a few ifs and but, but do you think the vendor before hand would be stupid enough to get a bad tenant for their investment property.
I very much doubt so, unless they are the desperate kind of property investors, or new at the game.
Worst Case senario, you always have insurance….
Many of the contracts i sign, and once the vendor signs, i will organise insurance immediately. Doing this, in effect protects you, and gives you immediate cover.
Remember like mentioned by Melbear, you can always change the current PM if you dont like the current PM the existing landlord is using.
Currently looking in the Sydney Inner West Martket for a PPOR, but trying to find the “hottest deal of a life time” No luck yet, though will be looking at getting this PPOR and turning it into a IP at a later date, though if possible, will love to turn it into a +ve geared, but main aim is to pay it down as much as possilbe, then gear it, but offset it against any profits, if the property is still running at a loss.
Hybrid Trust – is similar to most other trust, the real basics are that it gives Asset Protection, and some Major Tax benfits to your Assets, via the correct use and distribution to the beneaficeries.
When you first started did you use the help of your parents? – I Had my mum go guarantor for me, in the begining.
How much money did you have or need to have to get started or did your parents finance the whole thing? – I had a fair bit saved up(been saving and investing from an early age of about 13), but i was also in debt at the same time, the major problems were that i had moved out of home so i had many expenses and hurdles to calm down. In doing so this forced me to work fulltime and work 7 days a week for about 6 months, on top of my studies, eventually i got into control and no longer had to work 7 days. (though i did go a little wild, with the amount of finance that was approved and this is really what caused me to work hard and long for that 6 months period, i had sorta over committed myself, to too many investment properties)
Also who did you speak to? Before i turned 18 i use to go with my mother to the bank, shes also a professional property investor(and professional accountant), but due to my mum, she was able to get me in contact with her bank manager who does all her dealings, and that sorta led from there. Yet back when i was 18 i didnt feel quite ready for property investing, and when the time came and i was ready…. i just went all for it.
Is it hard to start up How long does it take to set up? – Setting up finance and organising people, isnt really hard, its just your attidute towards, how serious you are. For me i was able to purchase when i was 18, yet i was not yet confident as, i had been failing school and the fear of not getting into uni or getting a good job, held me back.
Who helped you find the deals? – This is a good question, hard to believe, but it was me, but with some approval first by mum, she would tell me why, it was either no good or good, investment purchase to get, though before all this, i would useta travel with my mother, when she would look at investment properties, organise finance, going back and forth to her solicitor. (Very Similar to Rich Dad, Poor Dads, growing up)
Who did you get a loan with? – All my loans are with Commonwealth Bank.
What areas did you look in? – In the begining, i mainly bought, in the surrounding suburbs of Brisbane, this is were i use to live. (now live in Sydney).
Are all your real estates investments locally? – Only 2 are local to my Brisbane residence, though the rest are scattered else where.
Thanks for the questions, hope this helps you.
cheers
s.i.s
Good to see, that you have read many books and have a hunger for property investing. I know that you can purchase property under the age of 18, via trustes and all. If you are opting for this way, best way would be to setup a Hybrid Trust,
though, back when i was your age and long before i started my own property investing. I would instead invest my earnings and money saved into shares, term deposits and managed funds.
The banks wont laugh at you, as long as you can show them, exactly what they want to hear and see, they will be more than happy to help you.
Good to see that you have a good working/saving pattern happening, though you might need to get your first place guarnateed by your parents, to help you and kick start your property investing career.
In the mean time, if its not long till you turn 18, organise and get everything ready for a pre approval loan, this too will help kick start your property investing portfolio.
Better check with Steve and the administration here about, advertising your properties on here, no offence or anything, but they might take down your post.
Cheers and Welcome to Property Investing Forum,
s.i.s
$10 over 52 weeks = $520 dollars, im still not sure how he worked this out, but if it does add that much value, i will be definietly adding some air conditioners.