hello…i’m really new at this and I just got a job (as physician)…contract for 300thousand dollars a year…when i make partner…i’m looking at earning about 500-600K a year.
I’m interested in property investment as a way of having a significant passive income so i can reduce the amount of work hours i put in. What should i do?
G’day Jmskim
Congratulations…
As of Friday the 7th Nov. it is now legal to capitalise the interest on Investment Property.
If you have a Mortgage on your Private Residence you can direct all payments to your Personal mortgage. This does two things.. it rapidly reduces the term of your personal home mortgage and capitalises the interest and increases the tax deduction on any Investment.
A word of caution… I would not rush out to negative gear just yet… the R/E Market has had it’s day for a little while… be patient.. or consider other avenues.
If I have lost you, feel free to email or call me…. 0419 636 449
Cheers
Bill
Bill O’Mara
Real Estate,Mortgages,Share Market Strategies.
[email protected]Hi Jmskim,
What type of physician are you and where in the states are you located? I would presume you would look more to investing back home (US) before venturing into foregn investments(AUS).
C2
“Is it true the more you owe the more you grow until the bank steps in?”Hi, I’m a retina surgeon located in the DC/virginia area and am hoping to settle down here or in california. I just did a search on internet about investments and this is the first good site that i ran into.
Thanks for any direction you could give me. I am still searching for a primary residence and being fresh out of retina fellowship, I’m not used to the large amount of income…don’t want to waste it on a porsche…(at least not yet anyway)
Hi Jmskim
I would suggest you do a bit of reading (in the States there seem to be millions of books on how to buy property), and perhaps attend a course or two (john burley, robert kiyosaki, robert allen are a couple who spring to ming).
Also talk to some accountants (www.sageintl.com) regarding how best to be structured. With the number of lawsuits in your country, I would suggest that you could be a target, not only as a physician, but just because you will be seen to have money, and I’ve seen that one of the easiest ways to become a millionaire in your country is to sue someone who has a couple of million.
Congratulations on graduating, and good luck with your career. I’m sure that one of your major debts is now your school loan, so maybe look to pay that off as soon as you can.
Cheers
MelHi jmskin[
]Investing in Australia by a citizen of another country is governed by the Foreign Investment Reveiw Board, their web site is http://www.firb.gov.au and is worth a look as you have to abide with their rules. Basically you will not find them to be too restrictive as suitable investment prperties can be located for you that fit the criteria.
As tax rules are different in the USA in regard to negative gearing, where losses in some circumstances are carried forward and deducted from future profits,it would be better to look at pozitive cashflow investments.
The FIRB require property to be new or off the plan and you will be able to claim a depreciation in the US of 3.64% PA on the building and 20% on the fittings.
I hope the above information is of assistance to you and specific assistance can be given offline by contacting me at [email protected] due to privacy issues.Regards
Bryce Inglis
Hi all, jmskim
It might be just me, but I’m guessing that jmskim stopped by this site, not thinking that it was an Aussie site, and not with the intention to invest in Oz. The .com, rather than .com.au has given us a few Americans/Canadians in the past who thought this was an American site.
If I’m wrong, then please correct me jmskim.
Cheers
MelHi Mel[
]
On a closer examination you may be right.When I posted my reply I may have miread the situation.Regards
bryce[]Hi Mel and Bryce,
If you read my post you would have noticed I asked him what part of the States he was from. His terminology for his occupation gave that part a way, but the word job is not common in the States. So a little confusing.
Jmskim,
What is your approximate time frame before you become a partner? Where did you do your fellowship? As you’re from DC, do you know J. Chase?
C2
“Is it true the more you owe the more you grow until the bank steps in?”what is the terminologies used in australia? All i know is “good day mate”
Hi Jmskim,
I also recommend you read everything you can on real estate investment and possibly a good idea would be to invest in three of Robert Kyosaki’s books, Rich Dad Poor Dad; Retire Young and Retire Rich; and Guide to Investing. They’re a great start and really motivating. You might even catch one of his seminars in the US.
Also pick up all the real estate listings you can by calling into the real estate offices. Take their free brochures of listings and you will have
a guide of prices of properties in the areas you are looking at. We spent a little time in the US and Canada a few years ago as two of our kids were living over there, one in Seattle and one in Calgary. We did a lot of travelling and I’ve still got the real estate magazines I brought back to Australia.Good luck with your work and investing.
Anna
It’s pronounced “G’day Mate” Jmskim! [
]Hi C2, yes I did read your post, and noted your questions. I did not know that ‘job’ was not a oft used word in America, as every American I have worked with/spoken to/listened to (like the Kiyosakis etc.) have all said job.
My post was more to clarify with jmskim that we are in fact mainly Aussies, mainly buying here (and of course our sad NZ cousins too – due to the Rugby), and to others that are immediately assuming that he wishes to purchase in Aust.
Cheers
MelJmskim
we also have the following terms
blokes – men
sheila’s – young women
and wankers – (this one might be an interesting
topic)Hi Mel
I lived and worked in the US. 90% of the time the question was “What’s your line of work/occupation/speciality” Then again I was mainly in NY at NYUMd. This why I also asked where he/she did their fellowship. I don’t want to offend anyone but the posting lacked a certain credibility to it.
Also why our “sad NZ cousins too”? Are you refering to the rugby?
C2
“Is it true the more you owe the more you grow until the bank steps in?”Yes, definitely a reference to the rugby. Although it does date quite quickly doesn’t it?
Cheers
Mel
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