Forum Replies Created
Thanks for help. I thought that was the case. If it is just an IP only then a redraw is enough as it is tax deductible. But moving in making it a PROR is better coming from an offsett account so you have the most money in the PROR as it is not tax detuctiable. Thats rights isn’t it?
Is this the best way to buy another Ip. Buy using an offset account (on another IP) for a new IP deposit.?
Was thinking it could be a good idea if you want to put down a really large deposit on a new Ip with the idea of moving in when the new IP loan has reduced. Any thoughts?
I have also been looking for a small business for at least 6 months now. I am in the lower price range and it seems that all the businesses i have looked at have only been operating for 1 year or so. And not making much or any money. It is a very dissapointing process.
This is a very interesting question. I was wondering although not quite related to the above topic. As a single who holds a couple of properties and other assets is there a way of protecting these from any future partnership spilts (or being sued). They are currently held in my name but in the future i would like to protect my assets and all my hard work.If possible?
Thanks for advice i am going to get a quanity surveryer done as the property is 1930’s.
I didn’t know about a quanity surveyor until i joined this site i will look into it thanks for the advice. I was just leaving it to my accountant (although he is very good.)
Just a question on paying down a loan on an Ip so you can then get more equity to service more IP loans.
I thought this was the best way……eg.
When i took out my last IP loan I chose a Prinicple and interesst loan… I chose this so i could build more equity and then eventually be able to take out more loans and buy more properties.
I borrowed my MAX but it is down to currently 45% debt(am thinking i can borrow more now in a IO loan) The problem with me is I have equity but they say that my income can’t service the debt. Which is why i was putting money into to reducing the principle of my IP so then i could service more debt. is this good?
I was thinking of approching the bank soon and applying for a Interest only loan on another IP I would just pay the interest of the new IP and then continue to put my remaining money in my first IP paying down the loan as much as possible.
What is everyones thoughts on that strategy. I own my own PROR. I would like to eventually have as many IP’s as possible![cap]
I think you have to take a bit of risk.. I had my PPOR paid off by mid 2000 but didn’t do anything else until 2003 a lot of wasted time. And even more wasted time in a booming market.
Just a question for Debtdog if you have taken someone to court and the court has ordered them to pay you the outstanding amount can you get these funds out of the person?? Even if they never have any money etc?
i think i will have a look around the houses beachside of the neapen highway need a lot of work but great location. Not keen on north frankston but frankston central isn’t as bad
I thought it was called long island around I think it is Gould street and those surrounding streets. There is a tennis court on the corner of Gould Street called long island tennis centre. Thanks for the links.!!! They are fantastic! I also beleive with alot of development the area may become more popular i will do some more research.[biggrin]
Thanks Yack and Geo i have just finished Peter Spann’s book how you could build 10 million property. Great read!! I suppose there is no right or wrong way in property investment some people prefering positive cashflow and some CG.(both would be good!) In Peters book he wasn’t paying off the properties just fixing the loans and paying the interest. What do you think about trying to pay down a loan on a Ip. I thought this was good before reading peters book as then you would eventually have more equity and then be able to serice more loans in the future.
I have always been with CGU, the PM should make some suggestions to you as well.
[biggrin] That is great!! I suppose that is 40,000$ they beleived they had.
Can you tell me the name of peter spanns book i think i will go and check this out now?
Not suffering love my job just hate wasting money. And i want to be in the best finanical position that is possible for me. Thanks to you both for the advice[biggrin]
I have read both the NZ version and australian version of jan somers. It was very good and actually got me out there to buy this investment property. It is a good bayside area. I think maybe a mix of both would be great my next property will be Positive cashflow and i will work hard paying down my loan. this peter span book i have notice has come up a lot on this website will have to check it out.
I was to beleive a lot of invested pushed up the prices there a couple of years ago when positive cashflow was high. I would do your homework if a lot of these investors start selling and buying elsewhere prices may fall. just an opinion.
I am sure inner city bayside apartments have dropped a bit from 18 months ago. I was just looking(for fun) around elwood and they were abuot 320,000 older style by the beach and there seems to be a few on the market for high 200’s. They did predict Melbourne would drop it was going mad. Is anyone still buying? I am keen on an outer bayside suburb but i suppose you would have to be very carful to buy right in this marker.
I was thinking that would be the best to do have been looking on the web to see what it around
From my backpacking days it was almost garunteed that the backpacker running the place would still money from the till and then move on. So owner ocupied would be better. Also backpackers theses days are really 5 star with pools and all the mod cons.
