It’s good to hear your wife is following her heart and isn’t letting the paypacket decide what she wants to do. great stuff!
Bit of an update people, Cremin and I have bought our first investment property!! WOohoo!! And a d’oh and well… It is a lot more than we had anticipated but for all intensive purposes, it will become our PPOR in a year or twos time and we won’t be moving from there for a bloody long time!!
Figures.. um… $246K for a 5×2 with an office in Sunset Beach Geraldton. As the name suggests, it’s 300m from the beach and 200m from the river. Awesome area as we’ve rented there before. The plan is to rent that house out for around the $300p/week mark (Mates of our rented a house for $275 one street away for a 4×2) so it will still be -geared, but we go and see tax accountant today to see what deductions we can get. We gonna live in our cheaper home and keep renovating it. Quite nice too, new kitchen!
We had a big think about it all and I really want kids and wanna stay home with them so we had to bite the bullet and buy a place that we could set up a family daycare at. we can certainly do that!! Just feel a little overwhelmed as we are now a statistic. 2 properties but hopefully we can increase that in a year or twos time.
We happy about it. It’s a home not a house…
Have a great day!!
Steph.Michael you have a good way of looking at things. And your lifestyle sounds very pleasant!
InezScremin,
Congratulations on the first IP! That’s one more than me. [blink] You’re on your way now, well done.
Inez, thanks… [blush2] and welcome!
Cheers,
Michael.thanks michael. WE are a little nervous but we going to see accountant now to sort our finances. All very exciting too.
Gotta go!
Steph.[blink]Success is 1% inspiration and 99% perspiration.
Originally posted by Scremin:It’s good to hear your wife is following her heart and isn’t letting the paypacket decide what she wants to do. great stuff!
Bit of an update people, Cremin and I have bought our first investment property!! WOohoo!! And a d’oh and well… It is a lot more than we had anticipated but for all intensive purposes, it will become our PPOR in a year or twos time and we won’t be moving from there for a bloody long time!!
Figures.. um… $246K for a 5×2 with an office in Sunset Beach Geraldton. As the name suggests, it’s 300m from the beach and 200m from the river. Awesome area as we’ve rented there before. The plan is to rent that house out for around the $300p/week mark (Mates of our rented a house for $275 one street away for a 4×2) so it will still be -geared, but we go and see tax accountant today to see what deductions we can get. We gonna live in our cheaper home and keep renovating it. Quite nice too, new kitchen!
We had a big think about it all and I really want kids and wanna stay home with them so we had to bite the bullet and buy a place that we could set up a family daycare at. we can certainly do that!! Just feel a little overwhelmed as we are now a statistic. 2 properties but hopefully we can increase that in a year or twos time.
We happy about it. It’s a home not a house…
Have a great day!!
Steph.Congrats Steph,
I know geraldton well as Mrs.WayneL comes from there.
Sunset Beach is a bloody nice spot and sounds like you have bought well…and I reckon Geraldton is going ahead.
What school you at? We have a couple of friends in the dept up there. (Tarcoola & Bluff Point)
Cheers
me not public. Me private… School run by nuns, that’s all I’ll say…
Success is 1% inspiration and 99% perspiration.
Originally posted by Scremin:me not public. Me private… School run by nuns, that’s all I’ll say…
Success is 1% inspiration and 99% perspiration.
I know it
Don’t know any nuns though. I have to agree. A bloody top spot to buy a house. Wht more would you want. Ocean, river and a highway 1km away on your doorstep. Not to mention the new shopping complex going up down the road. A very cool area.
We loved it when we were renting there so that’s why we chose to look around there for our PPOR when we have kiddies. Wonthella will do for the moment, but I am looking forward to a bigger house…Plus walking to the beach again… Sigh… I love this life style up here. Bugger the city. I can honestly say, I don’t think I wanna live in the city again.
My choice of course…
Originally posted by Scremin:walking to the beach again… Sigh… I love this life style up here. Bugger the city. I can honestly say, I don’t think I wanna live in the city again.
My choice of course…
I couldn’t agree more!!!
We were going to head back there to live too…But we are looking at something in the UK…Gloucestershire area…looks like we going there instead.
No beach, but the cotswolds are nice…the missus has me lined up for the cheese roll already
http://www.bbc.co.uk/gloucestershire/focus/2004/05/cheese_rolling.shtml
Looks like you’ll have the place all to yourself
Cheers
We do quite well on what we earn and manage to keep a $350-400K house quite nicely – we also have kids.
The reason we don’t struggle is because we don’t incur credit card debt – and we don’t work regular jobs. If you work for someone else then you are limited to what you can earn – if you are a wage earner then you don’t get the tax breaks that a corp or business can provide. How many workers can claim GST and have the balance deducted from their PAYG witholding?There are lots of ways to do it – you just have to get creative. I started by hitting the bookshop and reading everything business I could get my hands on and if I can do it – believe me – anyone with half a brain and a dose of organisation can:)
P
WA Princess,
Good for you! (Love the mnemonic by the way)…
I think the debt avoidance is probably the biggest key to your success. Couple this with your ability to minimise tax on your income, then you’re well positioned to service your mortgage.
I am an employee of a large firm and as such “work for the man”. But, I too minimise my tax wherever legally possible. This doesn’t mean I invest in Emu farms or any other one of those tax dodge kind of investments as these are a mugs game. But, I do minimise wherever possible.
If you can keep the outgoings down (consumerism) and the incomings up (tax minimisation) then you’re on your way. You’ve now got good cash flow to service investments or the procurement of your PPOR.
Sometimes the simple answers are the best ones. [biggrin]
Cheers,
Michael.Michael, how can you compare dismal ol’ england to Sunny Geraldton?? I hated living in UK. It again was our choice, and we learnt lots from it, but we still hated living with the crappy weather.
I think I’ll take 300 days of sun a year over 300 days of gloom anyday… Plus we have inbuilt air conditioners every afternoon which saves us heaps on air con!!! HEe hee, winds aren’t that bad up here. You get used to them.
Just went and applied for finance on the new house. Can’t wait for it to come through. Cross my fingers…
STeph.Success is 1% inspiration and 99% perspiration.
Originally posted by Scremin:how can you compare dismal ol’ england to Sunny Geraldton?? I hated living in UK. It again was our choice, and we learnt lots from it, but we still hated living with the crappy weather.
Well, firstly, we aren’t going to be anywhere near London…a plus.
Secondly, the family company over there needs an M.D.
Thirdly, rural England has a lot to offer…just not sun LOL…not the least of which is cheese rolling Haha.
It IS a tough choice, but now that its made I’m looking forward to it…and we do happen to have some IP’s over there.
Cheers
Don’t know any nuns though. 
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