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From: Fedora Tarsitano
I have just finished reading Jan Somers "More Wealth from Residential Property". Not only was I excited and inspired but am very motivated to start straight away - before I talk to people who not having investments in IP's may 'advise' me that it wouldn't be a good idea!
That is why I am seeking help from all of you who have and are still investing in property and doing it successfully. I am sure that you have all sifted through all the good 'advise' already given.
My dilemma is this. Currently I am running my own business ( under my own name - not a company ) and am renting a commercial premises. I am not the sole breadwinner in the family. My business is Part Time and the returns reflect this. I already pay minimal tax. It's my husband's wage that needs some tax relief.
At this stage my rent is low and I do not know if my term will be extended as new owners have taken over and refuse to commit till March 2003.
I have contemplated in buying a residential property where I would run my business as I do not need main street exposure.
What are the tax implications of such a venture? Is it wiser to look for another rental premises (and pay double rent next year) or buy our first IP elsewhere with a REAL tenant? Can I have both? We have enough equity to do either or both.
I am very impressed with the generosity you all give towards this forum in concern with your time and knowledge. I hope someone can steer us in the right direction. The area I speak of is 'Coburg' Melbourne.
Also, does anyone know of an accountant who regularly deals with IP clients - in the Northern suburbs of Melbourne - as mine obviously 'has no idea!'
One more question if I may? I have a small amount in my private super which has remained stagnant for a while. Can I incorporate this money in any way towards my IP investments?
Thank you to everyone.
I have just finished reading Jan Somers "More Wealth from Residential Property". Not only was I excited and inspired but am very motivated to start straight away - before I talk to people who not having investments in IP's may 'advise' me that it wouldn't be a good idea!
That is why I am seeking help from all of you who have and are still investing in property and doing it successfully. I am sure that you have all sifted through all the good 'advise' already given.
My dilemma is this. Currently I am running my own business ( under my own name - not a company ) and am renting a commercial premises. I am not the sole breadwinner in the family. My business is Part Time and the returns reflect this. I already pay minimal tax. It's my husband's wage that needs some tax relief.
At this stage my rent is low and I do not know if my term will be extended as new owners have taken over and refuse to commit till March 2003.
I have contemplated in buying a residential property where I would run my business as I do not need main street exposure.
What are the tax implications of such a venture? Is it wiser to look for another rental premises (and pay double rent next year) or buy our first IP elsewhere with a REAL tenant? Can I have both? We have enough equity to do either or both.
I am very impressed with the generosity you all give towards this forum in concern with your time and knowledge. I hope someone can steer us in the right direction. The area I speak of is 'Coburg' Melbourne.
Also, does anyone know of an accountant who regularly deals with IP clients - in the Northern suburbs of Melbourne - as mine obviously 'has no idea!'
One more question if I may? I have a small amount in my private super which has remained stagnant for a while. Can I incorporate this money in any way towards my IP investments?
Thank you to everyone.
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