Hi everyone,
I was on this forum a couple of years ago and you were all great help. I have Steve’s book so my question is probably different to what you are doing with your property portfolios but I still need advice if anyone can help.
My husband and I would like to buy a rural property -land only and want to know if we can buy it as an investment property. It will be big enough to run agistment or plant trees so that would count as income although obviously there would be no rent from a house. So can we do it? I am looking to offset my tax as I am on a high salary. Also looking at IO loan.
Thanks
Gemma
I would suggest this sound to be more of a business than an investment, but might prove a good investment in the long run adding value to you rural property.
I would suggest you talk to a good accountant who has experience with rural property, as well as many people that can advise you tha may have similart rural properties to what you are planning.
Research and take you time to gather all the fact before getting in.
It took me about 18 months before I took my property investing to the next level, but patience does pay off in my opinion as well as keeping an open mind to both the negatives and positives of any venture or investment.
Nothing is always rosy, but hard work, dedication and a never say die attitude equiped with knowledge and good professionsals around you has done me well
All the best
Cheers
Simon CThanks for your reply Simon.
It is really good advice, I wonder if there are any Professionals or people in rural property on this site?
I was thinking to agist or make money from the land to use as an income to offset the interest and negative gear.
I am having trouble finding anything on the Net even from the ATO on this topic. Thanks again.
If you are trying to find the right accountant try the CPA web site and go to the “find a cpa” link at http://www.cpaaustralia.com.au
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