Redwing – Just wondering, as I’m still on L plates. I understand re-having IPs revalued to determine how much equity you have in them.

But what do you mean when you say you’ll “top up loans and THEN access equity”?

Also, I gather that you and Derek are in Perth, where the market’s still rising. Are you waiting for it to plateau before…[Read more]

Thanks very much – sound advice which I’m going to follow today.

Interesting thread. I’m wondering – why aren’t people searching for foreclosures and pre-foreclosures here in Oz? Don’t we have people here who have to sell and want to preserve their credit rating?

And, if you were to do this, are they listed in the same way that they’re listed in the US?

Basically, what I’m try to find out is what’s so…[Read more]

Hi Xenia – you can send me one – gypsyjones20@yahoo.com

cheers,
Carlin

BIS has been predicting 9% interest rates in 2006 for the last 2-3 years. It’s been a VERY widely publicised prediction.

Their new prediction of a 6.5% rate for 2006 makes them look fools – I know I’m not the only one who HAS noticed that they’ve called it wrong by a long shot.

It certainly pays to follow these things over many years because I…[Read more]

Many thanks for all the advice, but what would you do in this situation? Neat and tidy Indian couple, just arrived in Oz, have confirmed their employment details and their IDs but, of-course, no rental history here in Aust.

It seems that what many of you are advising is that – if the person has no references from a previous landlord – then don’t…[Read more]

Julie, your tenant sounds worse than mine was! At least mine didn’t flout his non-payment in my face. He opted to take the endless broken promises route – some people sure do have lying down pat.

I’d take her on, even if it does end up being just an exercise in masochism.

By the way – what does TICA stand for? Is it national or just WA? I’ve…[Read more]

Yes, good one Marky Mark, except in my case the place is fully furnished so it’s MY stuff that’s at risk in a place with no doors.

Well, I’ve finally got my tenant from hell out and I didn’t have to resort to bailiffs. He still owes me, says he’s going to pay but I’m just about positive this one’s going to end up in court.

I have to say that…[Read more]

Thanks for the advice.

No, I’m not hiring a property manager. Too many stories about duds + I like to handle things myself so I know what’s what. I’m a firm believer that no-one looks after a property more than the owner.

Re-getting references from previous landlords – this guy who’s just caused me grief had been staying with friends. Claimed he…[Read more]

Hi guys,

Well, what a lot of fun (!) I’ve had since I last wrote.

Late on the afternoon of the day before the tribunal hearing I get a call from the tenant. He tells me he’s deposited a cheque into my account for the outstanding rent and that – as of Friday (tomorrow) – he’ll have an automatic debit system set up.

Given this guy’s track record…[Read more]

Hi all,

Thanks alot for all the advice and info.

Dr X – Yes, I’ve done everything by the SA Residential Tribunal book – Form 2, Form 7 – you name it, I’ve done it, and done it as quickly as I was allowed to. I realised immediately when he stopped paying as I check this account almost daily – I’ve heard of some landlords who haven’t realised the…[Read more]

You could set it up as a fully serviced apartment (or at least fully furnished and equipped, if you don’t want to be bothered with weekly cleaning and a linen service). Then get the agent to advertise it with companies that specialise in relocating people or providing short-term accommodation for travelling executives. These are often short-term…[Read more]

Hi again,

I agree it sounds too good to be true. I’m meeting with this accountant on Friday so hopefully all will be explained.
cheers,
Carlin

Hi Liz,

In our case, both our names are on the loan document but only my name is on the property’s title.

As I understand it, it’s the person who’s named on the title that is relevant for taxation purposes, not the person or people named on the loan document.

cheers,
Carlin

Good on you Lisa. The more you do it, the better you get – but you already seem to have it mastered.
We bought our home at auction back in 97 when the auction process was still rife with dummy bidding. We bid, then were beaten. Turned out to be a dummy bid, so agent came back to us and tried to get us to go up. We refused. A very tense 48 hours…[Read more]

forgot to add that I have signed the contract “my name and/or nominee”

thanks for all your help.

The contract is signed and we’re now in cooling off. It’s an excellent buy – we’ve been looking for 18 months!!!

Anyway, now can’t work out whose name the contract should be in.

Doing the sums with purchase price (+ costs) and expected rent (by the room), yield will be about 9.5%.

On our calculations, this will cover…[Read more]

I’m a novice, and I’m wondering – Terry or TMA – can you pls explain why having a LOC with an investment property would be “a disaster taxwise”?

thanks,
Carlin

Hi Mortgage Advisor – I admit I’m in a quandary what to do!! I will be on a low income as I will be working part-time in a year or two, so I could just put this place into my name and negative gear the first couple of years (while my income in highish) and then, by the time I go part-time this property will be close enough to positively…[Read more]

Damn! Well, if we get this one it will just have to be in my name. Knew I should have got on to this trust business quicker, but it’s taken me a while to get my head around it.

Still, will confirm with accountant that this is the situation in SA too.

thanks,
Carlin