ERROL PARKER | Editor-at-large | Contact
A seemingly quite lucky rentvestor from our town's hellish new-build estates of Betoota Heights has revealed plans never to sell an investment property he bought earlier this year, instead choosing to pass it down through the family like a priceless antique that also prints money.
In March, local man Tom McTavish settled on an apartment built in 2008. He hopes to never live there. The 29-year-old told The Advocate that he thought he got a good deal but the apartment quickly began to cost him.
"First it was the fucking dishwasher, then a clogged drain. Then my tenant got the sack and fell behind in rent. We got a super levy too, something about bringing the fire escapes up to code or something? Or something about the roof? Anyway, it's $14,500 per unit. So I'm fucked," he said.
"Well, I would've been if not for the generous, common sense concessions that previous governments have given people like me."
In a few months time, McTavish will invoice the Commonwealth for the running of his investment property. He says there is no question that he will be negatively gearing this property, considering the week apartment rental market in Western Queensland.
However, now that this government of career politicians, lifelong public servants and union thugs has taken away his other wealth creating mechanism in the Capital Gains Tax discount, he feels there's only one thing he can do.
"We can never sell this place now," he said.
"So now, I'm going to have to boot my tenant. Sorry, go shoot smack up your arm somewhere else, buddy. Renovate the apartment. Whole gambit. Jack the rent up. Then leverage the jumping blue Jesus out of it. Yes, my bank will let me lend against this money printer, in fact, have some more Tommy Boy,"
"If you sell a negatively geared shitbox apartment now, you ought to have your head read. Seriously. Go buy a new off-the-plan dogbox and try turn a buck on that. Good luck, champ-yon. My children and my children's children will be enjoying this shitbox. The McTavishes will hold it until the sun expands and we are all returned to the space dust in which we came from."
More to come.
