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Viewing 20 posts - 41 through 60 (of 343 total)
  • Profile photo of Tony FlemingTony Fleming
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    @the-dark-knight
    Join Date: 2008
    Post Count: 396

    1) That is 100% NOT tax deductible! Where did you read that?
    2) I was in a similar position savings wise when I first started investing, I was a pizza delivery driver and managed to get 14 properties. The key is to save hard and invest harder, make sure the investment property is below value, create sweat equity and have strong cash flow.

    I’d look at taking advantage of LMI. Less money down and what you would have used as the deposit put into an offset account against the loan. Makes it easier to save for the 2nd, 3rd etc deposits.

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

    Profile photo of Tony FlemingTony Fleming
    Participant
    @the-dark-knight
    Join Date: 2008
    Post Count: 396

    Before you do anything I’d chat to a broker and a accountant. No point using equity from your house if you have no serviceability to keep moving forward and a accountant will help with bitty gritty tax issues that will arise.

    There are other options if you want to make your IP’s positive and keep buying. Are the properties in the best condition they can be? Any minor improvements to boost rent? Are you allowing pets? Utilizing offset accounts? Are your rents at market value?

    As Benny said I would have a good think about your options and talk to some professionals about your goals and the best way to proceed.

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

    Profile photo of Tony FlemingTony Fleming
    Participant
    @the-dark-knight
    Join Date: 2008
    Post Count: 396

    You need council approval for both cabins and shipping containers which can be difficult. A lot of councils don’t like shipping containers and the remaining don’t let them be visible from street view. The main issues are not many tenants would want to stay in a shipping container or the quality of tenant you would attract.

    For that effort you might as well get a regional property. Safer option and probably lower vacancy and better return.

    • This reply was modified 7 years, 11 months ago by Profile photo of Tony Fleming Tony Fleming.

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

    Profile photo of Tony FlemingTony Fleming
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    @the-dark-knight
    Join Date: 2008
    Post Count: 396

    Wouldn’t you rather pay tax on profit than save tax on a negative cash flow asset? As others have said I’d do some more thorough research before proceeding. Good luck with it all.

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

    Profile photo of Tony FlemingTony Fleming
    Participant
    @the-dark-knight
    Join Date: 2008
    Post Count: 396

    Thanks Tony, looking forward to it!

    Excellent I’ll let you know when I have a date.

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

    Profile photo of Tony FlemingTony Fleming
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    @the-dark-knight
    Join Date: 2008
    Post Count: 396

    Just be careful of those towns for investments. Some of them rely heavily on mining and have already seen there day.

    That’s right it needs to be heavy on the cash flow. You can do that if it suits your strategy. That’s where a broker can help massively.

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

    Profile photo of Tony FlemingTony Fleming
    Participant
    @the-dark-knight
    Join Date: 2008
    Post Count: 396

    Thanks Tony,
    I really appreciate the feedback.
    If you feel that flipping property is risky, do you feel that a buy/hold positively geared strategy can help me achieve my goal?
    Also, what mediums are the best in order to do research for growth suburbs?
    Cheers,

    Buy/renovate/hold is a strategy I used which helped me build my portfolio. It’s an effective strategy as it creates equity, lowers vacancy rates and boosts rental returns.

    If you are looking for growth suburbs its best to look at planned infrastructure, job growth, market trends, past cycles and talking to investors on the ground in the suburb. Did you have any areas in mind?

    • This reply was modified 7 years, 11 months ago by Profile photo of Tony Fleming Tony Fleming.

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

    Profile photo of Tony FlemingTony Fleming
    Participant
    @the-dark-knight
    Join Date: 2008
    Post Count: 396

    Hi Tom and welcome to the forum. So your current plan is to buy residential property and flip it to than buy commercial property as a buy and hold long term strategy?

    Flipping residential property is very risky in the current market, so be careful if that is your main plan.

    Your best bet would be to see a financial advisor(make sure he is pro property) and let him help you create a strategic plan to get there. Talk to a broker(plenty on this forum) work out how much you can borrow and than begin researching the areas for the growth/cash flow you want.

    Plenty of information on this forum. Keep us updated with your progress and happy to help if you have any questions.

    • This reply was modified 7 years, 11 months ago by Profile photo of Tony Fleming Tony Fleming.
    • This reply was modified 7 years, 11 months ago by Profile photo of Tony Fleming Tony Fleming.

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

    Profile photo of Tony FlemingTony Fleming
    Participant
    @the-dark-knight
    Join Date: 2008
    Post Count: 396

    Hi Anthony,

    There is a western Sydney meet up every second month normally in Rooty Hill. I’ll let you know the date hen its announced.

    Thanks Tony

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

    Profile photo of Tony FlemingTony Fleming
    Participant
    @the-dark-knight
    Join Date: 2008
    Post Count: 396

    Options are limited. You could try flipping with regional properties, to just get some chunks of passive income until your borrowing power gets better than start buying, renovating and holding.

    Have you talked to a broker?

    I’d be wary of JV they normally don’t end well. People have different goals and circumstances. Plenty of horror stories out there about people doing well and than one has a baby on the way or a divorce and it unravels quickly.

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

    Profile photo of Tony FlemingTony Fleming
    Participant
    @the-dark-knight
    Join Date: 2008
    Post Count: 396

    Where are you located? Most libraries have a magazine section, maybe see if you could find some there.

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

    Profile photo of Tony FlemingTony Fleming
    Participant
    @the-dark-knight
    Join Date: 2008
    Post Count: 396

    Congrats on starting so young. I guess with it been two years old probably not much sweat equity you could create. Any features you could add to boost the rent? Any future infrastructure plans for the suburb? I’d talk to a broker at least to see if you have any options available to refinance or restructure the loan etc.

    For future properties you don’t need 20% deposit I’d take advantage of LMI as much as possible. You just need to make sure you are buying cash flow+ properties. With interest rates low at the moment it’s never been easier.

    If you plan to build a large portfolio you will probably have to start thinking about trusts sooner than later. As for your age goal why not aim earlier. I had enough passive income to retire from the rat race at 28 and I started at 20 as well :)

    Best of luck with it all.

    Tony

    • This reply was modified 7 years, 11 months ago by Profile photo of Tony Fleming Tony Fleming.

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

    Profile photo of Tony FlemingTony Fleming
    Participant
    @the-dark-knight
    Join Date: 2008
    Post Count: 396

    Hi Sally and welcome to the forum.

    Most mortgage brokers don’t charge as they get commission from the banks. There is a large number on this forum if you head over to the finance section Corey Batt, Jamie Moore, Terry W and Ethan are some of the regulars who would be able to help.

    Each state and territory has different First home owner grants. Check to see if you are eligible for NSW here http://www.osr.nsw.gov.au/grants/complete/fhog

    The process will really depend on how you approach it. Have you already chosen the suburbs you would like to buy in? Do you know how much you can borrow already? What type of property are you after?

    I’m a little bias as I’m a buyers agent but a buyers agent service would be able to help with the process. Apart from that this forum is a great source of information so any questions big or small don’t hesitate to ask.

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

    Profile photo of Tony FlemingTony Fleming
    Participant
    @the-dark-knight
    Join Date: 2008
    Post Count: 396

    Sorry for your loss. It really depends on your end goals? Do you want passive income each week or would you really like a better PPOR? I will say however that buying units in Sydney wouldn’t be the best option at the moment. Yields are low, massive over supply of units and much better places to invest in. Regional NSW/Blue Mountains, Adelaide and select parts of Brisbane would be some areas to consider.

    Hope this helps.

    Hi guys,
    I am very new to property and would love to learn more!
    My father recently passed away and I am about to inherit approx $500-$600k. I currently have a mortgage on a property in Sydney that I bought earlier this year. It is worth approx $700k with an outstanding balance under $600k.
    My question is. . . what would be the best option for me to do with my inheritance money??? Do I buy a couple of units in Sydney and rent them out as investments? Do I buy “the big house” for me and the wife to live in? Do I stay where I am and put it all against my current mortgage?
    Any help/advice would be greatly appreciated!
    Thanks, Kev

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

    Profile photo of Tony FlemingTony Fleming
    Participant
    @the-dark-knight
    Join Date: 2008
    Post Count: 396

    Terry has nailed it. Don’t forgot that your end goal should take inflation into account. A mixture of both cash flow positive and capital growth properties will get you there. Just need to find the strategy that fits your goals and timeframe. With such a high income you could achieve your goal relatively easily.

    I’d start assembling a team of experts for the right structuring, tax and strategy etc that way you can hit the ground running.

    Good luck

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

    Profile photo of Tony FlemingTony Fleming
    Participant
    @the-dark-knight
    Join Date: 2008
    Post Count: 396

    Looking forward to it :)

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

    Profile photo of Tony FlemingTony Fleming
    Participant
    @the-dark-knight
    Join Date: 2008
    Post Count: 396

    It sounds like you may be suffering from analysis paralysis. What are your end investment goals? Do you want passive income from rental properties or sell down and live off the equity you created?

    Finding positive cash flow property is easy at the moment, thanks to interest rates at the moment. It’s just making sure it’s a sound investment long term. As you said you want capital growth and low vacancy. Plenty of good markets to invest in just find the one that suits your goals.

    You’ve pretty much got it covered in the research aspect. I’d just talk to local residents, other selling agents, property managers and other local investors to get the best knowledge of the area. Look at infrastructure projects, job growth and tourism expansion.

    Hope this helps!

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

    Profile photo of Tony FlemingTony Fleming
    Participant
    @the-dark-knight
    Join Date: 2008
    Post Count: 396

    You can have both capital growth and yield. 10%+ per annum is pushing it especially with most of the markets in Australia at the moment. If you want strong yields and equity from the get go. I’d be looking for a buy renovate and hold strategy.

    Thanks Tony

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

    Profile photo of Tony FlemingTony Fleming
    Participant
    @the-dark-knight
    Join Date: 2008
    Post Count: 396

    I would take any prediction reports with a grain of salt, especially the ones selling their services. There are better services RP data, pricefinder etc. Need to pay but you have access to some very important data.

    There are services kind of like this but more based on cash flow properties. I’d personally prefer the old search yourself method to make sure you don’t miss a bargain.

    Hope this helps.

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

    Profile photo of Tony FlemingTony Fleming
    Participant
    @the-dark-knight
    Join Date: 2008
    Post Count: 396

    Hi Tim welcome to the forum.

    Probably best to work out your end goals and than work your way back to where you are now. I find this is the easiest way to create a plan on what you want to achieve. You’ve got a very strong position with equity and income so financing won’t be an issue but you should probably make contact with a broker to establish your borrowing power. It will help with mapping out your plans.

    There are a number of strong markets in Australia at the moment Adelaide, Brisbane and Regional NSW. My strategy was to buy lower end properties, renovate and rent out to have a strong cash flow position. I was on a low income and that strategy suited me but since you have a much higher income I’d recommend sticking to blue chip properties.

    Hope this helps.

    Tony

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

Viewing 20 posts - 41 through 60 (of 343 total)