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MOVING FORWARD

THE WALSH & ASSOCIATES NEWSLETTER

“If you can’t fly then run, if you can’t
run then walk, if you can’t walk then
crawl, but whatever you do you have
to keep moving forward.”

June 21, 2024 | Latest News

It’s cold outside, time to warm up with the latest edition of Eagle Eye Property Insights courtesy of our own Mr Eagle…

1. Sometimes as a property investor you may want to withdraw some funds for personal use-usually from the sale of a property. Several clients I have worked with say they don’t understand how their shareholder current account works in a company. There can be income tax consequences from withdrawing personal funds from a company shareholders need to be aware of. Please speak to us before withdrawing funds in this situation.
 
2. I often hear from landlords who manage their own properties say that they keep the rent under market rent so they can keep a good long term tenant. Whilst I agree it’s important to keep a tenant who looks after your rental property you are not doing anyone any favors. If the tenant vacated the property they maybe faced with a large rent increase at their next property. For the landlord increased rates, insurance and maintenance costs all need to be funded from somewhere. Also, a long standing tenant doesn’t provide you with the opportunity to make improvements to the property and if you do they’re scared you’ll put the rent up anyway!
 
3. There has never been a better time to buy a house if you’re a first home buyer. This was highlighted by an article I read recently of a solo mother of two on a benefit who was able to purchase her first home in Dannevirke. Her income was boosted with buying and selling cars for a hobby.