17 y/o Interested In IP

[aliasforsydney]

Imagine you meet some babe who's really impressed that you own your own house so young and she comes home with you
You then open the door and your dad is standing there in his jocks and your mum yells out if you want to give your girl-friend a cup of Milo.
Hottie looks at you -
"Oh, I own a house, I just pay money for someone else to live in it, while I stay at home"

17 years old... anyone else thinking "shoe shine boy" ?

I dissagree. I recently turned 18 and I too am looking forward to purchasing my first property. I would LOVE the opportunity to have an IP and stay living with my parents, although due to complicated issues I do not believe I could and still be happy.

Therefore I would be very impressed that Infest is able to stay living with his family as well as owning his own house and staying happy. But hey! That's just me

 

[BayView]

Typing here because message was too short

yeah; can we get that changed? I want to be able to leave a short, smart ar*e reply once in a while;

My creative flare is being restricted by having to extrapolate more than necessary.

Less is more.

 

[Infest]

My next query is whether to buy or build a house. Land (In the Warner area) was going for ~$165,000 which I thought was awesome, as my parents said it's hard to get land in that area for under $200,000.

Talking to a couple of members they said that it would cost around $190,000 for a good house. Thought that was pretty good too.

Had a look on the CommBank website and if I can earn $800 a week, they will give me a $380,000 loan. This would more than cover both of these. Just wondering what you guys think. Nothing is definent yet, just thinking outloud.

Thanks!

 

[bailz66]

As an investment property

Land values go up
House values go down.

You might be able to get some good tax benefits with a new property and would also save on stamp duty but i would buy a older property in an area with good capital growth

 

[Infest]

As an investment property

Land values go up
House values go down.

You might be able to get some good tax benefits with a new property and would also save on stamp duty but i would buy a older property in an area with good capital growth

So could I just buy land then?

 

[skater]

You could, but the costs may not be tax deductable, as it needs to be income producing.

 

[steveadl]

Land won't provide you with any income, and therefore won't be tax deductible. Even if you paid cash for it, it would still have to rise a decent amount to cover holding costs, and still give you a nice return.

If you want to buy land, it may be an idea for you to buy an older IP where the majority of the value (ie. >80%) is in the land. This way the debt will still be deductible.

 

[Infest]

Probably will just go H+L package.. Is it better to build or buy is my next major question.

 

[Les]

G'day LA_Aussie,

yeah; can we get that changed? I want to be able to leave a short, smart ar*e reply once in a while;
My creative flare is being restricted by having to extrapolate more than necessary.

Less is more.

Hey mate, it's not THAT restrictive. TEN characters (including spaces).

Many use ".........." as a reply - you could choose
"Good work.." or "you jerk.." or "WTF......." or "Whatever.." or "Sheesh..!!" or "Get real!!" or...... (you can work it out).

Hardly an imposition is it?

Regards,