Thanks Steve.

Any guidance on what budget I should allow for this?

Donnie

Thanks guys. I will enquire about them.

You are correct RPI and your information was helpful as always. I am in Low Residential so therefore, I will have to talk to my property manager in getting one lease for my future tenants once my renovation has been completed.

Cheers,
Dao

Thank you. Interesting read indeed

Hi Sean,

What are the restrictions in regards to the maximum number of unrelated tenants allowed to live in the granny flat and main dwelling? Either in part or in whole?

Cheers,
Dao

Saz,

I have a good accountant that I use who is based in Robina if you'd like her details. She is also a property investor. PM me if you'd like her details and I'll pass it onto you.

Cheers,
Dao

Thanks wilko1. You are right, I had calculated my usable equity wrongly. Unfortunately FIFO is not an option for me as I have family responsibility requiring me to be based locally, however, as you have suggested, I am looking at expanding my yearly salary with local companies which do not require relocation.

In terms of moving forward, would you…[Read more]

Hi Saz,

I am also no accountant but from my experience, if the LMI is a result of purchasing an IP then it is tax claimable split over a period of 5years. LMI's are considered to be a "loan" in a sense so the repayments are tax claimable. I'd still advise you to see an accountant and double check this.

Cheers,
Dao

Hi Sean,

Could you please explain about the zoning required to do this? I.E What is the minimum zoning required? Also, what about power and water connections? Do you use one connection for both dwellings and have the tenants split the bill or do you put in place seperate meters?

Cheers,
Donnie

Hi guys,

I'm trying to figure this all out myself. What I'm having trouble finding information on is whether I'd be able to access the positive cashflow now or would I have to wait for retirement? What if I improve the property using my own money i.e. not out of the SMSF, where would the profits go when sold?

Thanks.

Thanks RPI

Do you guys have an estimate on how much town planning and surveying will cost per project?

Donnie

Thanks guys, would I need to setup the trust before going in for a contract? Or can  I do this at a later date after I have signed the contract under my name?

And how would this protect me if the deal turned sour financially? Could I liquidate the trust and be protected from banks etc in the sense that I did not put up the finance?

RPI…[Read more]

Hi guys,

Could someone please clarify for a beginner like myself whether you are able to restructure your P+I loan to IO? And also, what happens when you've paid of the interest and  your offset account balances out your loan eg. you have 300k in an offset account for a house with an initial 300k loan?

Cheers,
Donnie

Thanks Terry