Buying multiple properties in one complex

Discussion in 'Investment Strategy' started by spider, 19th Feb, 2020.

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  1. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    I have turned off the PM feature and don't accept them. I will have a read of your example later
     
  2. Beano

    Beano Well-Known Member

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    If you PM your current situation and income you need to live off I will look at it.
    I still think it is crazy selling unecumbered properties in Australia with the massive clip by ATO, Stamp duty , agent fees ,legal fees and CG tax.
     
    Archaon likes this.
  3. spider

    spider Well-Known Member

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    I still think it is crazy selling unecumbered properties in Australia with the massive clip by ATO, Stamp duty , agent fees ,legal fees and CG tax.

    Thanks Beano, I bow to your property experience but in my particular circumstances I am well and truly over delayed gratification. I was never one to think of living off rental returns, one would certainly need a large portfolio to obtain sufficient income.....the amount I would like in retirement.
    The ATO will have their share due to CGT, we are retired so it will be minimalised. Stamp duty, agent fees et al will be 100 percent borrowed for the next property. With 7 properties it will be a 21 year cycle (if I live that long). I am 69 and go for a run every morning on a treadmill I have down the garage so I still have plenty of plans left to fulfill.
    Looking forward to getting approx $500K in today's $$$$ every 3 years. I can give some money to our daughters (that way I know what they do with it instead of them wasting it when we die), maybe go premium economy somewhere, live the dream.

    Anyway.............each individual's plans are different