If you own many properties it is also good to put your council/water/ insurance rates on the credit card to get the points.... bit harder for accountant but can be done...
This is super informative! Thanks for another short but detailed video. I’m amazed at how fast you released this video, it was requested a few days ago on your Facebook page and now it’s here.
YOU NEED INSURANCE 👏Unfortunately over my many years in the industry i see landlords not having insurance or not having the correct insurance. When things on the off chance go pear shaped, its heart breaking! From bad tenancies, to the neighbors trampoline coming over the fence in a storm.
99.9% of lenders now require insurance and usually a minimum of $505,000 and that's just for the property....add in things like contents, suburb location, flood and fire levies and restricted lending suburbs which lenders would tell you about until right before settlement when they do their final checks. There's so much money bled out to hangers on based off risk....if you don't do it you're screwed, but it's not offered as part of the costs already involved. For example...shouldn't the seller have a pest and structural inspection done within three months of settlement for an established property or the developer for a new property? Imagine how much money is going to these companies inspecting the same property...way to go to protect an industry/cartel income.
Not, agent cost for new purchase is capitalised and increases cost base. However, there are perfectly legal ways to account for the same payment, ask your financial adviser or accountant.
Hey Ravi, would love to know for your example property how those ongoing expenses translate to weekly out of pocket expenses. I.e is the rent covering all the costs in our current high interest environment, or does it need to be topped up, and if so, how much? Thanks.
So Ravi, I have an IP in Townsville and insurance is through the roof. In excess of $300pm and no doubt rising. Everything else though is ok. 100k equity. I'm in Sydney. Keep or sell? I'm not loving having and IP so far away. I did live up there at one stage.
Great video Ravi. Love the emphasis on having a good property manager. We've had a terrible experience in the past with poor property managers, where we would pay them a monthly fee, except they didn't exactly manage our property. Unpaid council and water rates, and a hole in the shed that we ended up fixing ourselves because it was there for 6 weeks. We're now managing the property ourselves as it's just down the road from where we live, but dream of finding a great manager one day when we scale up to our 2nd investment
Seeking Ideas 💡 Opinions💡 I'm Single & Late in life & selling my Home for approx $900k I'm on a pension & have No Mortgage.I (own outright) After selling, I'm considering buying a small number of very cheap rural homes in regional QLD & to hopefully live in one and rent the others out to generate some cash flow. I lead a simple life. Possibly 2 or 3 rentals and one Principal place of residence. Less concerned about capital growth & more concerned about Cash Flow. Is this Viable? or Would I be better off taking a different approach? Any advice and opinions are welcomed.
As an investing enthusiast, I often wonder how top level investors are able to become millionaires off investing. I do have about $700k amount of capital to start up but I have no idea what strategies and direction I need to approach to help me make decent returns
How do I get in touch with you? I have money and every broker I’ve spoken to so far is full of empty promises after I chase them up for MONTHS to get nothing in return.
So..in short..yes you need to be rich to begin with, you need a minimum of $100,000....no other debts, no dependants and you're going to have to come to terms with the fact that you're one of the lucky wealthy few that have created the housing price crisis. Try being a family of 5 with two parents working full time, a mortgage, car loan, three kids expenses, bills, rates, food, fuel etc etc and saving up $75,000 minimum plus all the extra costs on top AND then pay $15,000 to a buyers agent !!! What a scam that is....I'm in the wrong game, how easy is it to network and make connections with real estate agents, send the details to the buyer and get paid $15,000 when they find a house they like. All you have to do is email the listing and pictures from the agents, get them to do the pest and structural inspection and you cash in for bugger all work !!😂😂😂😂😂😂😂
@@olivedrabgarage6243 We all get ripped off one way or another.. government tolls, misused taxes, insurance, banks... hell.. cafes charging $1 for soy milk lol.. but sounds like you have a personal issue with buyers agents ha ha
@sijigs never dealt with them, I don't see rhe point. Do the research yourself...this is just a get rich quick scheme for lazy rich people by opportunists.
Don't forget land tax and council rates. Then you do renos and they're capital costs that are deprecated.
If you own many properties it is also good to put your council/water/ insurance rates on the credit card to get the points.... bit harder for accountant but can be done...
They don't count towards points
This is super informative! Thanks for another short but detailed video. I’m amazed at how fast you released this video, it was requested a few days ago on your Facebook page and now it’s here.
YOU NEED INSURANCE 👏Unfortunately over my many years in the industry i see landlords not having insurance or not having the correct insurance. When things on the off chance go pear shaped, its heart breaking! From bad tenancies, to the neighbors trampoline coming over the fence in a storm.
99.9% of lenders now require insurance and usually a minimum of $505,000 and that's just for the property....add in things like contents, suburb location, flood and fire levies and restricted lending suburbs which lenders would tell you about until right before settlement when they do their final checks. There's so much money bled out to hangers on based off risk....if you don't do it you're screwed, but it's not offered as part of the costs already involved. For example...shouldn't the seller have a pest and structural inspection done within three months of settlement for an established property or the developer for a new property? Imagine how much money is going to these companies inspecting the same property...way to go to protect an industry/cartel income.
Great video ravi 👏🏼
Very informative. Thanks Ravi!
Is the buyers agent fee tax deductible?
Only if you're positively geared i believe
Not, agent cost for new purchase is capitalised and increases cost base.
However, there are perfectly legal ways to account for the same payment, ask your financial adviser or accountant.
Hey Ravi, would love to know for your example property how those ongoing expenses translate to weekly out of pocket expenses. I.e is the rent covering all the costs in our current high interest environment, or does it need to be topped up, and if so, how much? Thanks.
Awesome video Ravi. Thank you!
Thank you for the support!
So Ravi, I have an IP in Townsville and insurance is through the roof. In excess of $300pm and no doubt rising. Everything else though is ok. 100k equity. I'm in Sydney. Keep or sell? I'm not loving having and IP so far away. I did live up there at one stage.
who are you with? that seems abnormal
@@roaryscott Suncorp was the cheapest. Other's were $450pm. It is because of the cyclone's and monsoons in the past. Not that my house was affected.
thanks for this. what are my initial costs as a first home buyer for investment with a 10% deposit? First home buyers grant etc?
Great video Ravi. Love the emphasis on having a good property manager. We've had a terrible experience in the past with poor property managers, where we would pay them a monthly fee, except they didn't exactly manage our property. Unpaid council and water rates, and a hole in the shed that we ended up fixing ourselves because it was there for 6 weeks. We're now managing the property ourselves as it's just down the road from where we live, but dream of finding a great manager one day when we scale up to our 2nd investment
Isnt buyer fee 15k? So technically it wss 20 percent deposit?
Thanks for great video
Great video!
What about SMSF investment. Is it still 10% deposit or has it changed to 20% deposit?
You forgot about all the deductions you can now claim on a property as a landlord.
how about land tax
Thanks Ravi, so is this property now negatively geared? Or was the mortgage interest only?
Seeking Ideas 💡 Opinions💡
I'm Single & Late in life & selling my Home for approx $900k
I'm on a pension & have No Mortgage.I (own outright)
After selling,
I'm considering buying a small number of very cheap rural homes in regional QLD
& to hopefully live in one and rent the others out to generate some cash flow.
I lead a simple life.
Possibly 2 or 3 rentals and one Principal place of residence. Less concerned about capital growth & more concerned about Cash Flow.
Is this Viable?
or Would I be better off taking a different approach?
Any advice and opinions are welcomed.
Land tax?
Cool video bro
Of course you can.. but should you?
As an investing enthusiast, I often wonder how top level investors are able to become millionaires off investing. I do have about $700k amount of capital to start up but I have no idea what strategies and direction I need to approach to help me make decent returns
Awesome 👌
Hate the fact that so many property investors are keeping first home buyers out.
I'm a first home buyer and watching this to figure out how I can do it seems easier than buying to live in
How do I get in touch with you? I have money and every broker I’ve spoken to so far is full of empty promises after I chase them up for MONTHS to get nothing in return.
Ravi@searchpropertyau.com.au
🤔
So..in short..yes you need to be rich to begin with, you need a minimum of $100,000....no other debts, no dependants and you're going to have to come to terms with the fact that you're one of the lucky wealthy few that have created the housing price crisis.
Try being a family of 5 with two parents working full time, a mortgage, car loan, three kids expenses, bills, rates, food, fuel etc etc and saving up $75,000 minimum plus all the extra costs on top AND then pay $15,000 to a buyers agent !!! What a scam that is....I'm in the wrong game, how easy is it to network and make connections with real estate agents, send the details to the buyer and get paid $15,000 when they find a house they like. All you have to do is email the listing and pictures from the agents, get them to do the pest and structural inspection and you cash in for bugger all work !!😂😂😂😂😂😂😂
So why don’t you do it?
@@sijigs do what..be a "buyers agent"? Because I'm not a soul sucking parasite that plays on people's emotions for a quick buck.
@@olivedrabgarage6243 We all get ripped off one way or another.. government tolls, misused taxes, insurance, banks... hell.. cafes charging $1 for soy milk lol.. but sounds like you have a personal issue with buyers agents ha ha
@sijigs never dealt with them, I don't see rhe point. Do the research yourself...this is just a get rich quick scheme for lazy rich people by opportunists.
Grrrrrr
Hi Ravi do you have a email ID as I need some advise
ravi@searchpropertyau.com.au