Forum Replies Created
Sis
Sorry for the wrong info on my last post. I was unaware of this, but I suppose that is why i come, to learn new stuff from the more experienced people.
Scott
“Together we combine our strengths and eliminate our weaknesses”
Hello
Please add me to your growing list as I would also like a copy.
strw (at) westnet.com.au
I dont know about your email provider but some will host a webpage for you for free. If you can do this next time you might find it easier tjust to upload it and post a link and everybody can get it from there. Saves you from getting rsi and sitting at your computer till 4am trying to help people like me out.
Thanks
Scott
“Together we combine our strengths and eliminate our weaknesses”
quote:
Moora……..beware the flood watersHello All
I have to agree with procrastenator. Last year or the one before that, I forget, Moora had two major floods wich devistated the town within about 4 months of each other. Now with the hospital not being upgraded I would not recomend buying up there. I found it funny that the local police had to round up the people from town and have a little chat to them because after the hospital work was called off everyone was collecting the bricks from the failing hospital walls and having them delivered to Geoff Gallops house.
Scott
“Together we combine our strengths and eliminate our weaknesses”
Hello
Isnt there some webpage or office that you can ring to find out the date a property was last sold and for how much. I remember reading about it once, this would make a great research tool. Does anybody know the place I am talking about and how to contact them?
Scott
“Together we combine our strengths and eliminate our weaknesses”
quote:
WA is lovely though. Investing in Mandurah and around there could be very good though, it’s going to be awesome, they are building a train line finished in 2007 and it will take 48minutes to perth – it also has lots more going for it, like the top regional area for employment, fast growing, etc etcHello Mini
Investing in Mandurah may be a good idea but it depends on your stratergy. i have recently built in Mandurah and prices have sky rocketed with several suburbs including mine recording more than 30% growths in house prices. This is great if you had got in early but now I think people will have alot of trouble trying to find a +cf property in Mandurah, as it is not the sleepy holiday town it used to be. If you want a -cf property with good capital gains then by all means invest here but for +cf returns people might be better looking in the surrounding areas like Pinjarra or dwellingup but I think prices are on the rise there as well..
Scott
“Together we combine our strengths and eliminate our weaknesses”
Hello SIS
No. thats why it is called the first home owners grant, not the first ppor grant.
Scott
“Together we combine our strengths and eliminate our weaknesses”
Hello Xenia
Following on from S.I.S. Robert also sells kids and adult board games that teach people how to invest and make money. I have never played these games but have heard they are good. They are a little on the expensive side at around $100-$300 but thats not much really for a good head start. I dont have his web address in front of me right now but Im sure if you do a google search you will have no trouble in finding it.
Scott
“Together we combine our strengths and eliminate our weaknesses”
Hello All
Depending on the vendor you need to be very carefull when writing subject to finance. If that is all you have written and you get knocked back before settlement is due I think the vendor has the right to make you continue looking for finance with other lending companies until the due date. It is better to write subject to finance from “bank Name” at “branch”. This way if you are knocked back for finance from this bank you can either legaly pull out of the deal or just continue trying to get finance from other banks. If in doubt speak to a lawer. On the other issue if you just decide to pull out of the deal you lose your deposit, If your finance is rejected you should get your deposit back.
Scott
“Together we combine our strengths and eliminate our weaknesses”
quote:
This would then mean we’d have to pay more rent (although, we would then get some of that difference back in rent assistance).Allan
Be careful I dont know your situation properly but I am under the impression that if you buy your own house you are no longer entitled to rent assistance as you are now a property owner. Something to keep in mind.
Scott
“Together we combine our strengths and eliminate our weaknesses”
Here are some of the terms we use to describe blokes at work
Lanterns
Not very bright and need to be carriedMetamucil
Slow to act and gives everyone the s.hitsMorphine
Slow working dopeScott
“Together we combine our strengths and eliminate our weaknesses”
Allan
If the +cf from you ip on top of your pension took you over the tax free threshold then yes you would have to pay tax on it. In regards to your other question I think you can only get back as much tax as what you have paid out, and after that amount you get back tax credits. If you dont pay any tax at all at the moment you must be careful not to spend all your money from any +cf ip in case your circumstances change and you get hit wiith a tax bill.
Scott
“Together we combine our strengths and eliminate our weaknesses”
quote:
8. If you are above ground today…..its a good day for you. Stop……smell the roses…..jump in puddles…..go pantyless to work…live out your biggest fantasy (yes mine is naked men and all the chocolate in the world!!)..enjoy today!! Tomorrow just might not make it here.
Hello
Were do you work and Ill bring the chocolate.
Merry Christmas
Scott
“Together we combine our strengths and eliminate our weaknesses”
Hey Benno
Myself, PeterP and a few others have been briefly talking about Gero on one of the other pages, check it out if you want to it may help a bit.
https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=6098
Scott
“Together we combine our strengths and eliminate our weaknesses”
Hey Peterp
That east/west thing is generally right with the exception of Mt Tarccola and Seascapes(a new suburb), which are on the east side of the highway. As for Geraldton in regard to growth i know it had seemed to be pretty stagnent to the point of going backwards before I left with a lot of shops empty. As you mentioned previously they are doing a lot of city improvements and the place is starting to look a lot nicer, but to me it will always be the same town. The main problem to me is the locals and that is the best way I can put it without comming off the wrong way because that is not what I am like. I think the town will definetly expand if there is a boost in industry up there. The original Oakajee project (iron ore plant) fell through but they are trying to get another one under way, when or if it ever eventuates who knows. I am of the opinion that there is a risk in investing there, but without risk there is no reward so I will be keeping my eye out for the right property.
Scott
“Together we combine our strenghts and eliminate our weaknesses”
quote:
Now, if you continued this way unchanged, for the full duration of the loan – say 25 years – would that mean your total loan repayments will have only been $150,000 – that is, the same as your initial purchase price because the tax dept. effectively paid your interest?No. All the money you pay on interst is not just refunded to you. It comes of you taxable income at the end of the year.
Say you made $60k a year and paid $10k interest on your ip you dont just get the $10k back. They take your $60k wages minus the $10k interst to give you a new balance of $50k wages. Now you have paid tax for $60k so the difference between the tax you have paid and the tax you should have paid on $50k is refunded. The problem you will also have is that you are +cf so the $50k is inceased by what ever returns you get from the ip. If you are negative or nuetral gearing and pay enough interest on enough properties (considering what you pay in interest you recieve back in rent so you are not actually out of pocket) you can reduce your income to $0 and recieve all your tax back or in some cases be credited by the ATO. Being credited is good so if you do decide to sell your properties down the track you use your credits to pay less capital gains tax. If you want to read a book concerning tax try “born free, taxed to death” by rory orouke, he is a real estate agent in Perth. I think all this info is correct and Im sure if Im wrong someone will jump in and tell me. Hope this makes things easyier for you.Scott
“Together we combine our strenghts and eliminate our weaknessess”
Hello Benno
It depends on your stratergy as to were you should buy but I will give you a brief discription of some of the locations.
Bad Areas
Rangeway/Utakarra and Spalding
There is the chance of getting +cf here but this area is full of homeswest housing, has a high a crime rate, full of unsavoury people and houses and cars get trashed on a regular basis. My wife worked in Rangeway and it was a regular occurence for someone to have their head smacked in with a pipe by friends or family evry couple of days.Ok areas
Wonthella, Piont Moore/Beachlands and Beresford
These areas are ok, the houses are mostly fibro or wood with some brick ones. Possibility of getting +cf here. I am told that Point Moore is on land leases but you will need to check this out yourself.Good areas
Tarcoola, Mt Tarcoola, Sunset, Mahomets and Bluff Point
These areas are nice but little chance of getting +cf. If you want a nice house this is were I would buy, but Geraldton is not famous for capital gains either. +cf might be possible in some of the older areas of Bluff point or Sunset.Hope I helped
Scott
“Together we combine our strenghts and eliminate our weaknessess”
Hey Steve
Congratulations on becoming a parent. Now that your book has come out and you have a lot more exposure will you finally becoming to Perth to do a live seminar? I know there is a lot of interest in this and if you have already answered this Im sorry to bring it up again.
Scott
“Together we combine our strengths and eliminate our weaknesses”
Hello Shawn
Thanks for that its good to know. I hadnt actuall kept my recipts for my books but I will from now on.
Scott
“Together we combine our strenghts and eliminate our weakness”
Hello M Spec
I think it depends on what strategy your using as to wether you want to use io or p+i.
When positive gearing you may find it better to use p+i because over time your repayments will get lower and thus increasing your positive return. After 25 years you will get to own the property but the downside to this is over time you decrease your interest and can claim less back at tax time.
When negative gearing and capital gains are your concern I would use io. This way you your repayments are slightly lower and you will always be paying the same amount of interest and claiming the same each year when you do your tax. The downside to this stratergy is you will never own the property and the main gains are made when you sell, although you can still borrow against the equity to finance you next ip
My personal stratergy will be to use a combination of both these styles were the property making the positive return but low captial gains balances the negative property making high capital gains.
In the end what you do is up to you and whatever suits your personal investing statergy. Maybe speaking to an accountant who knows your personal situation is a sensible idea.
Hope I helped
Scott
“Together we combine our strenghts and eliminate our weakness”
Hello Allan
As far as I know that is OK. I emailed the people from my local FHOG department about a year ago to find out how long you had to stay in a property for to be eligible and they basically told me that it didnt matter how long you were in there for as long as it was within the first year. This fact you should double check with your local office as I would hate to give you bad advice. With claiming the interest you would only be able to do this for the time you have rented it out not the initial month when you liveed there. This info is correct as far as I know but your other post regarding Anita Bells book you are reading has me wondering. Hope I helped in some way
Scott
“Together we combine our strenghts and eliminate our weakness”
