Beginner's Advice

Hi everyone,
I'm interested in getting into the property market but would like some general tips on steps to take when starting out. I have saved 300K, am a newly graduated doctor earning 77K pa which is due to increase at the rate of ~12.5K p.a. for the next 5 years, then increase at a faster rate depending on the specialty I end up in (difficult to estimate but likely ~400K pre-tax p.a.).
Only debt currently is HECs at 68K. I live in my husband's townhouse which he is paying off currently, we plan to live there for a few years and then turn it into an IP and upsize when we decide to have children (? 5 years). I've never owned a property and am interested in purchasing one to start off with and then eventually enough IPs/other forms of investments to provide me with an income so that I'll be working for enjoyment rather than money.

Thanks!

Beginner's Advice

West Footscray - good streets/areas?

Hi all,

just trying to get the lay of the land so to speak of West Footscray.
For those familiar with the area, what are the best streets/pockets to keep an eye on? and conversely, which areas would you avoid?

looking more at the stand-alone houses, cal bungs etc.
it doesn't seem like the suburb to have big block sizes like old ormond/bentleigh etc?

aware that this suburb might have already taken off so to speak, but still interested in the area none-the-less

thanks!

West Footscray - good streets/areas?

Electricity and gas still not disconnected?

Tenant left for about a month now, but the electricity and gas are still connected?

Is this normal?

Electricity and gas still not disconnected?

Help Needed: Calculating expenses to maintain IP

Hi folks,

I have been an avid fan of this forum and has finally joined today. :)

I've read somewhere that there are some tools/spreadsheet template which can help calculate the actual costs to hold an IP.

I need help in locating this link in the forum. For some reason I could not find it. I tried using the Search button but it directs me to threads.

Thanks in advance!

:)

Help Needed: Calculating expenses to maintain IP

Acid Sulfate Soils Overlay

Hi Guys I'm just wondering is this a concern when buying in around the Logan area. It seem a lot of the area has this overlay.

So to all the Logan area investors did you buy with this acid sulfate overlay or you avoided like the plague lol:)

Thanks in advance:)

Max

Acid Sulfate Soils Overlay

getting equity out

is there any difference between loans.. IO / P&I when trying to get equity out? etc is it harder to get equity out with a IO loan compared to a P&I?

using 80% lends

Cheers

getting equity out

Tax reality in Australia

Knowledge is important, but the right attitude and application of the knowledge separates the successful from the wannabees. A nugget of wisdom came from Kerry Packer:

"That's why in 1991, across the lounge rooms of Australia, we rose as one and cheered when Kerry Packer served it up to the Senate Inquiry.

He said:
'I am not evading tax in any way, shape or form. Now of course I am minimizing my tax and if anybody in this country doesn't minimize their tax they want their heads read because as a government I can tell you you're not spending it that well that we should be donating extra.'

Packer spoke on all our behalf."

The extract is taken from Verne Gowdie's article The Federal Budget: Get What You Can While You Can

The article well worth a read for those approaching retiring from a financial perspective.

Tax reality in Australia