In NSW.

We live in the house so we included water and electricity in the rent.

You can have them separately metered though. Or you could just pay the usage yourself. It’s only part of the bill and you can only claim it if you have the complying water taps etc. You can only charge usage if separately metered also.

If you had overflowing bins…[Read more]

Hi Kevin,
as others have said it’s critical to get the setup right and to do this you need someone with lots of experience.
getting your loans etc set up correctly is crucial.

Start by reading forums. Get recommendations and go from there. I’ve used a few recommendations off forums. Some have been great, others not so.
Everyone is different…[Read more]

welcome to the forum.
Hi, I’d start by reading a few books so you know some of the strategies out there. You need to decide what sounds good to you and suit your situation.
Everyone is different and wants different things from property. Some don’t mind negative edquity as they believe Capital Growth will win out. Others want Cashflow (like me).…[Read more]

$1000???

We decided not to get the extra bins and see how it went. As there are only 2 people in the house and 2 in the granny flat we didn’t need them. I think it was about $300py for the extra bins. Ask your council.

If you have separate water meters then you’ll have 2 water rate usages.

No other extra costs come to mind.

Everyone is time poor.

But at the end of the day we make time for what’s important. You know the saying- if you want something done give it to a busy person.

Financial security is pretty high on my list of what I’m prepared to sacrifice time for.

It’s taken a few years of endless time on the computer and looking at houses but I’ll be retired…[Read more]

Whether to furnish or not depends on a few things.

Demand- does the area demand it? (ask the RE agent).
How long will it take you to recoup the money? How much will it cost to furnish and how much extra rent will you get?

You may want to take out contents insurance to cover the furniture (I don’t bother).
But your landlord insurance will…[Read more]

Hi, where are you located? People can then recommend (or head you in the right direction) with some groups.

I’ve met a lot of people that have built portfolio’s very fast but none of them have done it without help.

I went to a few seminars that wanted to charge $5,000+ for mentoring etc but I did not feel comfortable with them. There are…[Read more]

Correct me if I’m wrong but Terry haven’t you in the past said you have to move in straight away in order to be able to use the 6 year rule?

Edit. Searched and found you can’t get the FULL exemption as you stated but can still use the rule.

Hi, you say you don’t want a PPOR. You do realise to get the grant you need to live in it right?
Calculate minimum 6 months of paying interest with no rent/

If you buy an IP you do not lose the First Home owner Privileges. Under the present rules you can still get it later if you own an IP now (as long as you have not lived in it).

Also if you…[Read more]

No!!
You can only claim the 6yr rule if you lived in it from the start. Sorry you can never use the 6yr rule for that house.

If you own it for 10 years and live in it for 7years you’ll pay CGT on 30% (but you get the 50% rebate so 15%.)

You can claim all costs associated with the property while it’s rented eg rates, insurance, maintenance)

Lots unanswered questions which make a HUGE difference to which way is best for you.

EG Where do you live? City.

What’s your current living arrangement (renting, living at home, sharing?)

If renting what suburb? Do you want to stay in that suburb? close to work?

Whether it is financially better to buy a PPOR or an IP depends on where you…[Read more]

Derek where are you located?

I’ve done many reno’s in Sydney. If you are in Sydney send me a message. I may be able to steer you in the right direction.

I’ve called out to see a few people’s properties just to give them ideas of where to start, order of reno etc.

You can’t just change the % ad hoc.

The % you choose when you buy is the % it is. Any change will mean paying stamp duty etc to change it.

It would be nice if you could do it but it’s called Tax Avoidance which is illegal.

The only difference therefore is if you want your other half not to get your half if you die.

Basics like- How do you know a site is suitable for development (size, slope, easements, sewer etc)?
What types of blocks should you avoid?
What type of areas are best?
Common mistakes new developers make?
What type of development is good to start with (for newby’s)?
Is there a…[Read more]

When you have an investment property Centerlink counts the rent but doesn’t take into account the outgoings.

Not sure about Child Support.

Common sense would be based on your taxable income but who knows. Then again if you are claiming depreciation etc your taxable income would be a lot lower than it actually is so not fair either.

Best to…[Read more]

Yes that’s correct but the bank won’t lend you 100% on your property (unless it’s tied to another property) so look at 80%.

So you have $180K usable equity.

If you buy aqnm IP get an 80% loan (or up to 90% if you don’t mind paying LMI) against it and use this equity for deposits (that way the properties are not crossed).

The land would have to be zoned for that type of development.

You’d be better speaking to council to see if it’s permitted.
You’d need appropriate insurance.
As for the carpark you’d have to get permission from the owner to use it as a thoroughfare. What would be the bnenefit to the carpark owner?

Have you researched as to whether this would…[Read more]

Yes, unfortunately, like most people, you are assuming the $50K is yours. It’s not. You paid it to the bank in extra payments and it now belongs to the bank. If you take it out you are reborrowing that $50K so you cannot claim it on the loan as deductable.

Pity. Lots of people fall into this trap. That’s the difference between a redraw and an offset.

It depends what your goal is.
Are you intending to do a reno and sell? keep?
How much money do you have to spend?

Your question is too broad for an answer.

There are millions of houses in NSW everywhere that need work.

RP data has the info you need. Ask a RE agent or someone with access.