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Currently moved to cgu they cover for flood in all its forms. E. TsunAmi. Investors in brissy got caught out when the floods came. Some have lost huge by it.
Purchasing costs - Stamps/legals.
Management fee which I'd assume would be a bit higher in Tas.
Maintenance costs, which could be anything, depending on the property.
If you're not struggling for cashflow, I would have thought you'd be aiming more CG rather than yield, to take advantage of negative gearing on your high salary.
Ok I forgot my figures above was principal and interest
Reading the maths again inc stamp duty and lawyers fees
Total to borrow is 190k conservative
Interest repayment on 190k is $1068 month or $12816 year
Rent is $1104 month (agents 5% fee included)
Leaving $68
Minus council and water leaves me $2 ROFL
I've decided to buy some neutral or positive geared ones as I dont seem to get the tax breaks I should be getting. Even though your right about negative gearing and high incomes.
The area is Clarendon vale and risdon vale. Ex housing commission houses.
Both are 10km from hobart. So capital growth is there. If they decide to sell parts off to private investors and they make it a "trendy" suburb I foresee the property hitting 500k in 10 years time.
If you're not struggling for cashflow, I would have thought you'd be aiming more CG rather than yield, to take advantage of negative gearing on your high salary.
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...