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the property investment thread

If u don't have enough deposit for a property your mum can "gift " u the amount out of her equity she has now. That way the property is in your name. But u can both go in togetheras well.

I did an evaluation on my recent property yesterday to buy another property. The bank valued it at 500k .. I bought it for $405 1.5 years ago. Banks Always give a lower than market value for their estimates.

That 80k equity leaves me with an option to buy 2 more properties. Hence duplication. Or use it to open a gym :p

God I'm rambling on again what was the question again
 
lol theres companies out there that will do that for you . Just gotta give em money.. :o


Im far from rich compared to a few of the guys on this forum who are worth millions .. Most are just modest when it comes to their possessions..
 
Thanks for the help Trent. I just need some income but I would like to do it with my mum for her sake as much as mine.
 
My mother in law was like that.. She had 800k in equity and not much in super before she retires. Always too afraid of the unknown .. I advised her to buy 2 neutral geared properties where she only paid $400 ($100 a week) to maintain both.
The first steps are always the hardest once your in.. it just all fits together.

Now she has a nest egg that when she retires in 10 years will net her close to $500k if all things go well.

This is more than an average persons superannuation over their lifetime of working (25 years)
 
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ceffo said:
lol theres companies out there that will do that for you . Just gotta give em money.. :o


Im far from rich compared to a few of the guys on this forum who are worth millions .. Most are just modest when it comes to their possessions..
Click to expand...

yeah but i hate dealing with companys, much prefer dealing with individuals that arent so likely to rip me off. and maybe "rich" isnt the right word, just "well off".

ceffo does your wife have an interest in your investment/finances or do you do it all yourself? im having trouble getting mine interested in improving our finances, im looking at improving my position (i.e purchase some machinery & vehicle) as a flooring subcontractor which is guaranteed to make me extra cash but she still doesnt seem to have the urgency that i do to make things happen.
 
If u want to talk about property investing msg me your mobile number hyjak i can go through your situation and see if the numbers stack up for you to invest.
Seeing as though your a long time member on here its all free advice :P .. Some banks charge $100 just for one initial meeting.

My wife has her own cosmetics company she runs on the side as her day job.But she is very supportive of my decisions in the property investing process.
In life from what ive seen alot of people are fine to stay in their safety nest.
Im not saying anything is wrong with doing that. My parents did it and their happy but they did not ever get a chance to do alot of the things they wanted due to money restrictions.

Having a small business that makes u however much money is GREAT combined with property investing. There are tax benefits and also bank lending positives that banks look for. Which i cant go into details as i would need to write a very long post. :p
 
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That's it mate. I respect my mum more than anyone, but I would like to see her bump up the finances a bit and be able to do the travelling I know she wants to do in retirement.
 
dicko10 said:
Bump

Ok gurus got a hypothetical for you again. Sounded my mum out again for investing she is warming to the idea.

Another scenario:

Looking at 2013 start for this. Why? Final yr uni now, will mainly spend $ on holiday next year.
I expect 60-70K income, Mum will be 70-80K. Mum owns paid off 600K house.

What are the options for buying an investment property with Mum?
-Tenants in common? Joint tenants?
- rent out? However, Mum is pretty keen to move out of our current place (go to a smaller place).
-would i be able to take advantage of any 'first home owner' benefits if im buying with her?

If anyone could throw some ideas around for this it would be much appreciated...

cheers,
Dicko
Click to expand...

Hey mate, Are you in NSW? If so you can still get most of the FHO benefits with your mum as part of the deal. Two examples from Aug last year, don't think there are any changes:

Myself and girlfriend just bought our first "home", I had a few investment properties.
No issues getting the $7G FHOG as was the first "home", but stamp duty exemption was different. So had us 50/50 on the home so able to get a 50% exemption of stamp duty for her share, believe the legislation states that as long as the "entitled person" has a 50% or more interest in the property you can get the exemption.

Second case: Mate and his girlfriend bought a home together, he had his own home already so bought it 95/5 with his girlfriend (who fronted the deposit), full benefits, legislation states the entitled person must have a minimum 95% interest in this

Check out the OSR website and if you ring them up dont trust everything they say, had 2 people tell me i wasn't entitled and my girlfriend was my spouse and all this crap, read the legislation, hadn't lived with my girlfriend before so not defined as spouse, spoke to more senior OSR people, get them to email you any decisions they make so you have it in writing.
 
Tubz said:
Hey mate, Are you in NSW? If so you can still get most of the FHO benefits with your mum as part of the deal. Two examples from Aug last year, don't think there are any changes:

Myself and girlfriend just bought our first "home", I had a few investment properties.
No issues getting the $7G FHOG as was the first "home", but stamp duty exemption was different. So had us 50/50 on the home so able to get a 50% exemption of stamp duty for her share, believe the legislation states that as long as the "entitled person" has a 50% or more interest in the property you can get the exemption.

Second case: Mate and his girlfriend bought a home together, he had his own home already so bought it 95/5 with his girlfriend (who fronted the deposit), full benefits, legislation states the entitled person must have a minimum 95% interest in this

Check out the OSR website and if you ring them up dont trust everything they say, had 2 people tell me i wasn't entitled and my girlfriend was my spouse and all this crap, read the legislation, hadn't lived with my girlfriend before so not defined as spouse, spoke to more senior OSR people, get them to email you any decisions they make so you have it in writing.
Click to expand...
I'm in WA but when the time comes closer I'll make sure I read the fine print so I could get as much of the FHO benefits as possible.
Thanks foe the example mate, really appreciate it.
 
Someone somewhere told me that they used their house as their super. Does anyone know how that works? Is that something that can happen in Australia or is that for some other country. I know different countries do things a little differently...
 
Brand new to this site but I must say
Best Forum Post/Discussion, Ive read anywhere :)

Much Appreciated
 
ceffo said:
If u want to talk about property investing msg me your mobile number hyjak i can go through your situation and see if the numbers stack up for you to invest.
Seeing as though your a long time member on here its all free advice :P .. Some banks charge $100 just for one initial meeting.

My wife has her own cosmetics company she runs on the side as her day job.But she is very supportive of my decisions in the property investing process.
In life from what ive seen alot of people are fine to stay in their safety nest.
Im not saying anything is wrong with doing that. My parents did it and their happy but they did not ever get a chance to do alot of the things they wanted due to money restrictions.

Having a small business that makes u however much money is GREAT combined with property investing. There are tax benefits and also bank lending positives that banks look for. Which i cant go into details as i would need to write a very long post. :p
Click to expand...

thanks mate, i just gotta sort a few small things financially and then i'll pm you. :cool:
 
hyjak said:
yeah but i hate dealing with companys, much prefer dealing with individuals that arent so likely to rip me off. and maybe "rich" isnt the right word, just "well off".

ceffo does your wife have an interest in your investment/finances or do you do it all yourself? im having trouble getting mine interested in improving our finances, im looking at improving my position (i.e purchase some machinery & vehicle) as a flooring subcontractor which is guaranteed to make me extra cash but she still doesnt seem to have the urgency that i do to make things happen.
Click to expand...

my wife was completely uninterested in property several years ago. i read everything i could get my hands on, spoke to other investors, went to opens, auctions, etc and then finally bought a property. She started to see how it works, and is probably more committed to it now than i am - she found the last one.
 
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