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19-01-2012, 03:28 PM | #61 | |||
Adapt or perish...
Join Date: Jan 2005
Location: Dip!@#$
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19-01-2012, 03:30 PM | #62 | |||
FF.Com.Au Hardcore
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although it did pay pown my Woree mortage + pay for my deposit on my Leumeah property so i was happy. |
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19-01-2012, 03:39 PM | #63 | ||
FF.Com.Au Hardcore
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Depends where you are greatly...we bought in Bundaberg back in 2000, for a pretty average price of $70,000 in a good suburb. Now our house is only worth about $180,000 to $200,000...we're putting $175,000 on it just to get rid of it so we can shift it quickly, but even fully renovated houses in that are are only going for $200,000.
Move a couple of hours up the coast to Gladstone and you're lucky to find anything under $350,000 for a hovel. We'll be buying a place down in Rocky once we shift the Bundy house...you can still get good houses in Rocky for well under $300,000...as long as you check the council flood map first to see if the place you are looking at should really have a boat mooring attached to the roof guttering... After that it's just a matter of discipline I suppose...pouring money into bricks and mortar and paying off the family home is the most important thing you can do with your pay packet...everything else comes a distant second. |
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19-01-2012, 03:42 PM | #64 | |||
Adapt or perish...
Join Date: Jan 2005
Location: Dip!@#$
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All about circumstance I think and where you need/want to put your money
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19-01-2012, 03:43 PM | #65 | |||
FF.Com.Au Hardcore
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19-01-2012, 03:43 PM | #66 | ||
Punch it baby, punch it.
Join Date: Oct 2005
Location: Working hard. If you work hard you get the goodies.
Posts: 581
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Hulk EF, you are positively geared, so you will probably have to pay tax on that income above your interest expense. You may also have capital gains tax to allow for when you sell, for the capital growth over the investment period of your ownership. A good accountant should set you straight. You are definitely doing the right thing by having the investment property though.
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19-01-2012, 03:50 PM | #67 | |||
FF.Com.Au Hardcore
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sunnybank would be wrth way more than what i got for the sale selling it when i did compared to todays value of that area. Although my leumeah property is worth more now too si if i was to buy Leumeah today that would require a larger deposit. Also it would majorly SUCk if i owed the full =initail loan amount of $188 thousand on a property that was now only valued at $150 thousand after 6.5 years of ownership negativly geared and costing a bomb in repairs and maintanence + the stress of worrying about, -employment/ -tourism $$$ drop -macro economy - mass exodus of owners thhus flooding the market with property forsale.. + my F'd bodycorporate letting debt soar so far all maintance and insurance had to cease... |
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19-01-2012, 03:55 PM | #68 | |||
FF.Com.Au Hardcore
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Woree RENT= $600 PM after managment fee's MORTGAGE =$1015 PM INT/PI currently a high 7.01% and trying to lower it. Leumeah RENT= $1380 PM after Management fee's Mortage WAS $1850 now reduced to $1411 PM. INT only. at 6.52% on $260,000 owing. |
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19-01-2012, 03:58 PM | #69 | ||
FF.Com.Au Hardcore
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I/you will always have to pay capital gains tax for a rental property assuming that i/you have used it as a rental for a certain amount of time. also assuming that you are now selling this property for an amount ABOVE what you paid for it.
Think of it a another grubby way for the goverment to get their hands on your cash tah tyou worked to buy/own. |
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19-01-2012, 04:02 PM | #70 | |||
Adapt or perish...
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Location: Dip!@#$
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See my comment re: circumstance. You needed to make the move then.
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19-01-2012, 04:02 PM | #71 | ||
FF.Com.Au Hardcore
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france is a crappy place
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19-01-2012, 04:07 PM | #72 | ||
FF.Com.Au Hardcore
Join Date: Feb 2005
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wathched some news segment a week ago of aussie investors buying up big in america. -3 certain hotspots for decent rent however rock bottom buy in's to the area's. making a fortune positivly geared. -and yes. obviously you would be taxed on "being positivly geared"..
8-10 american houses for the price of one AVERAGE sydney house of mid $500's.. |
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19-01-2012, 04:08 PM | #73 | |||
FF.Com.Au Hardcore
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19-01-2012, 04:13 PM | #74 | |||
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Location: Brisbane
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19-01-2012, 04:20 PM | #75 | ||
FF.Com.Au Hardcore
Join Date: Jan 2009
Posts: 2,146
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Great thread. Well done to the OP. Still very doable out here (granite belt)
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19-01-2012, 04:30 PM | #76 | ||
Punch it baby, punch it.
Join Date: Oct 2005
Location: Working hard. If you work hard you get the goodies.
Posts: 581
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Hulk EF, was thinking the Leumeah scenario, but missed it by that much! Maybe take some equity from Leumeah and put it off your mortgage. It will reduce the interest you have to pay tax on for your home, and increase the deduction for the investment property. The tax man could help pay off your home.
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19-01-2012, 04:38 PM | #77 | ||
FF.Com.Au Hardcore
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pressuming (wrong i know) Woree was sold for $150,000 thou not taking into account selling fee's. with a purchase price of $188,000 thou back in 06, I will be inline for a decent size "Capital loss" and with that a tax break of some sort.
been mention of a tax return with a "tax back" accrued from the "capital loss and also mention of ANY "Capital loss" is minussed away from any future "Capital gains" so in other words "one cancels out the other" and AGIn the GRUBBY governments hand NEVEr hand back money on "Capital losses only TAKE"S it when there's a "Capital gain" GGGRRR!!!! |
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19-01-2012, 04:41 PM | #78 | ||
FF.Com.Au Hardcore
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not sure who's right? - do i get a tax refund at tax time on a capital loss? OR is the Capital loss ONLY taken off a future capital gain apon selling other rentals? Woree is a Queensland suburb im selling in. -while living in Sydney as a landlord.
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19-01-2012, 04:56 PM | #79 | |||
FF.Com.Au Hardcore
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19-01-2012, 05:01 PM | #80 | ||
Banned
Join Date: Apr 2009
Posts: 598
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EDmanual,
you are a winner. Now have some kids and watch it all evaporate... |
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19-01-2012, 05:52 PM | #81 | ||
Whipper Snappa
Join Date: Feb 2007
Location: SA
Posts: 1,192
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Investing in residential housing and flipping them later on is all well and good, but make sure you're not the one left holding the bag like so many Americans were in 2007/2008.
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19-01-2012, 06:01 PM | #82 | |||
FF.Com.Au Hardcore
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Quote:
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19-01-2012, 08:05 PM | #83 | |||
Whipper Snappa
Join Date: Feb 2007
Location: SA
Posts: 1,192
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The biggest defender of the loans during the bubble were the bleeding hearts that thought they were charity, and then when it bursts they turn around and blame "greed" and "capitalism". Nothing capitalist about it, no sir. The only reason why the prices are holding up as well as they are in the US is because the government/federal reserve effectively nationalized the losses incured by the banks. Bank of America for instance just pawned a whole lot of worthless ownership of this stuff over to Freddie for hundreds of BILLIONS of dollars. This isn't to mention the 16 Trillion given out interest free to keep the merry go round...keep going around...in 2008. Housing prices will stagnate and collapse down to historical levels within this decade.
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20-01-2012, 11:41 AM | #84 | ||
Regular Member
Join Date: Feb 2011
Posts: 102
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have you thought about renting the property rather than selling it.
borrow the money against the investment property and all interest paid on the loan will be tax deductable. Rent on a 330k house would pretty much cover the repayments also. |
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20-01-2012, 06:11 PM | #85 | ||
If it ain't broke........
Join Date: Dec 2007
Location: Sunshine Coast Qld
Posts: 18,715
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Visitors welcome Relatives by appointment only |
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20-01-2012, 07:59 PM | #86 | |||
FF.Com.Au Hardcore
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Quote:
Also consider the people who bought houses 15-20 years ago for next to nothing compared to today's prices, and how much those exact same houses are worth today. If the original poster had some magical formula for purchasing a house, and paying it off.. well, that would be a different story. |
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20-01-2012, 08:19 PM | #87 | ||
GT
Join Date: Apr 2005
Location: SYDNEY
Posts: 9,205
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congrats to the op , and anyone else who can tolerate such a stressfull decision and committment/s . well done to you , but as with anything , some win some lose at the end of the day it all balances out . me i'm neither a winner or loser , and i hope i have suffered less worry , however , reading this thread i'm in ore of anyone who has/had the balls to do it . well done !!
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20-01-2012, 08:30 PM | #88 | ||
FF.Com.Au Hardcore
Join Date: Jun 2005
Posts: 5,193
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Did the OP manage to sell. The original post said it was on the market but there was no update?
Just saying.. |
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22-01-2012, 12:17 AM | #89 | |||
FF.Com.Au Hardcore
Join Date: Feb 2005
Posts: 2,063
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Quote:
Woree = rented out at $220 PW X 4= $880PM - agent fee's = $$795 My mortgage on this is $1015 PM P and I. 7.01% $143 K owing. share a house/mortgage/bills on the property we now live in in colyton. -all has to come out my pay alone.. ATm i cannot take on another roperty unless i sell one as too much money divide'd up over negativly geared property. |
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23-01-2012, 03:54 PM | #90 | ||
Lyminge, Shepway, Kent
Join Date: Oct 2008
Location: Geelong - Go Cats
Posts: 3,197
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Well done, it is not about how much you earn but how much you spend.
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