As if I have no interest in ever flying to QLD ever ....there either wealthy or poor peasants NO in between
Odd you and another rave on about swimming be it in a 25m pool or the surf YET we have NEVER seen photos !
You will always be welcome at ANY of my houses RB. Whether it's Mount Isa, Mackay, Townsville, Brisbane or the Gold Coast, you will always be welcome to come and enjoy a nice meal, drinks and some quality banter. All in QLD, but you will be welcomed in with open arms.
Jim how are you going with land Tax? For me it's killing my cashflow the only benefit to me is the massive capital gain I've had over many years .
It sux and you just reminded me, I have to pay mine this year on the 11th of April. I am also fortunate that the capital gains I have made far outweighs the land tax I pay. But I just purchased that property in Mackay which has a $200K land value, so that will add to the land tax for 2024/2025. I will have to sell my ass next year just to pay the land tax. Give it 5 years or less, I won't be able to afford to keep any of these properties, the rates and insurance alone is nearing $50K each year for all of them, not including land tax. Unless I get a significant pay rise or the Wife actually finds a job paying the same as what she was earning here. In saying that, if Pap actually rented these properties for what the actual rental market is for them, I would be $50K in the hand better off each year. I've mentioned it before, I've always under-rented my properties as I am a fair man and it's benefited me as the tenants have treated these properties like it's their own home and all of them have been in these properties from 12 to 20 years. All long term tenants and my old timer work mate said to me the other day, "why would they leave when they are only paying 2/3rds of the actual rent they should be paying" and he also told me I'm the dumb **** that's under-renting them so they can live the good life in my properties while I am here working 7 days a week to make the monthly house repayments on all of them lol. Every year my house insurance for my investment properties alone was going up $800 to $1000 each year, religiously. So after 5 years, I never really noticed it every year, but after 5 years it had gone up nearly $5000 alone and I never lifted the rents. I haven't lifted the rents in my properties since 2012, not one cent. Come 2022, I saw that it had gone up the usual $800 to $1000 for the year and I had 'light bulb' moment and thought ****, this crap has gone up nearly $5000 alone in the last 5 years and now I'm paying $12,400 insurance for 4x investment properties just on that policy. I said bugger this, time to lift the rent and I justified this to my RE agents by showing them the screen shot of in my insurance costs and told them to lift the rent for 2022 and maybe one more time in 2023 and that will be it. I don't want to scare the tenants away with yearly rental increases as they have been amazing tenants, never missed payments or damaged anything etc. So 2x small rental increases in 2022 and 2023 and that was it I said. Fast forward to November 2023, I receive my latest insurance renewal, FFS! Gone up $2500 this year, so now I'm pay $14,900 this year. It may go up another $2500 this November, who knows. I have only made one insurance claim one one of my properties back in 2008 and it was a $50K repair bill for water damage from a cracked bathtub. But nothing before or since. So now I have to make the decision to lift the rents again this year as I can't keep taking the brunt of these insurance cost increases. And rates and water keep going up also, so I have been copping all of that. The new house I just purchased in Mackay, insurance is another $4200 pa for that one and rates are $6000. So there is another $10K pa that I don't have. Plus $25K pa for the kids new school. It's sending me broke, which is why I am working 7 days a week to cover my ass. But I think after 21 years in the game, it's no more Mr Nice Guy and I have to slowly, but surely keep lifting the rents on these properties so I can stop working 7 days a week so I can move to Mackay and spend time with my family lol Otherwise I will be stuck here for another 10 years doing this until these houses are all paid off. And I'll tell you something, I definitely can't sustain doing what I'm doing, it will put me in an early grave. If I lift these rents to where they should, the rents would cover the loan repayments and I will be positively geared which will do me at this point in my life. Then it's smooth sailing as I will be able to afford to pay the rates, insurance etc no worries then. It's a mugs game, but has made myself and millions before me a lot of money so I gotta tough it out.
