Hi PI peeps,
I currently live in Adelaide so I'm wondering what options I have, other than spending a lot of my hard earned savings to travel there, do i have to check out houses in my target suburbs in Qld? How do other Property Investors do it? I'd love your feedback.
I'm almost thinking it's a case of having your deposit amount in one account then put together another account for travel amounts. Is anything tax deductible when researching PI options interstate?
Cheers all.
Hi Mikal
You'd need to check with your accountant but you might find you cannot claim travel unless you are already an active investor.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Hi Mikal
As JacM quite correctly states regretfully you cannot claim travel expenses to go and look at property area you are thinking of investing in.
Not sure why you would spend considerable dollars to go on a road trip half way across the country to an area where you are unfamiliar with as there is a limited amount of information you can get in a weekend.
In my opinion you are better of engaging the services of a Professional more local to the area in which you are looking at and getting them to source the property for you.
Done properly the cost can be Tax deductible from day 1 rather than being added to the cost base of the property when you sell as is the case with a buyers agent.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
I am an active investor. I have 2 IP's in South Australia already.
Are there any suggestions of who to contact and chat to then about properties interstate?
Hi Mikal
While you might already be an active investor, you don't yet have an investment "in that area". Different story if you already had another IP in the same town that you needed to visit for some reason. Perhaps you need to swing by to check some damage with your own eyes and authorize your Property Manager to arrange tradies to fix it, for instance.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Let me know what you are after might be able to help further.
I am based in Western suburbs but have properties all over Brisbane.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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