It’s good that you are thinking of your end goal but- Are you aware of the differences in costs along the way?
There are differences in land tax exemptions and lots of other things.
You may end up paying a lot more in the first 10 years to “hopefully” have a postviely gearedd property at the end. You may not even keep the properties long term,…[Read more]

Hi, if you google company title you’ll find more.

You say the property is $40K under market value but I’m sure you’ll find it’s $40K under market value for a strata title unit, not a company title unit.
They are usually priced lower. Some of the reason is the inability to get finance. so when you sell your buyers will have the same problem so…[Read more]

You have to look at more than just tax deductions. eg if you don’t do the things mentioned, how much lower will the rent be?
Also you can’t paint when you have a tenant in.
I would at least paint and if furnishings are awful do that.

Does tenant need 2 AC’s?? If so do it now. If not maybe leave or do one.

The curtains and AC are…[Read more]

I ouldn’t want people in there without a tenancy agreement. Even though it’s sublet everyone should be on the agreement.
As you said- if the tenants moved out you don’t have much of a leg to stand on if the granny flat people stay.

So do the house tenants pay the full rent and get the extra money off the granny flat? Or is it 2 seperate amounts for each?

As Terry said the buyer is responsible. HE made the purchase without a backup.

When you buy a product that won’t be finished for 2 years NO-ONE can guarantee how much it will be worth. That is why the buyer must take care not to over extend themselves. The boker is there to set up the finance (and he did that). He can’t control the banks.

Small…[Read more]

How do you pay the credit card? If you are paying it out of the LOC it is contaminated and you will have difficulty claiming interest. Say for example you were claiming the interest then pulled money out to buy a car then put it back in, that amount is now no longer deductible.

I have a personal account that wages go into. I transact all personal…[Read more]

Yes of course it makes a difference. As Terry said you need to consider your future and decide what is best.
Everyone’s situation is different. Is it negatively geared? Are you looking to save tax? When you sell who’s name it is in will make a difference. If in the name of the high income earner, you’ll pay more CGT. LOTS of things to consider…[Read more]

I don’t have a property in North Tamworth but I’ve not had a problem with my Albury one. Had one tenant that moved out as they bought elsewhere. This one has been in since then. Never hear from him. Condition reports are great.

Talk is cheap. You haven’t even got finance approved so how can tyou convincingly say to the vendor that you can give a 30 day settlement?

If someone offered a 30 day settlement with no conditions THEN I’d be interested.

West Albury has some pockets where real Estate agents won'[t list properties for rtent so check that out before purchasing anywhere.

Of course there are lots of housing sommission areas but some are OK.

I have a property there in North Albury. It’s cash flow positive but hasn’t gone up in price in the last 4 years. Waiting. I’d like to offload it.

According to SEPP rules it cannot be at the front. I can’t find the link but you cant see noticable differences from the fron. It stipulates windows etc.

Here’s the basic pamphlet but it doesn’t have specifics about size…[Read more]

Rajs- Are they ALL cross collaterized or do you mean they are all with the same lender? They are not the same thing.

Are all properties listed on all loans as collateral?

Welcome. Sorry the Club hasn’t worked out for you. You aren’t alone going by threads about TIC I’ve read.

Property forums such as this one are worth their weight in gold. Stick around, ask questions and hopefully things work out with your current purchases so you can move forward.

In answer to your question regarding Property managers what are…[Read more]

Yes. The advantage is that you can put the rent up when you like (given the approriate notice of course).

The reason most people recommend a decent starting amount (I’ve heard minimum $100K) is the cost of the set up. For $50K its just not worth it.

Yes it’s best to have extra funds in an offset. But you don’t say which, if any, you will be living in. That makes a difference to what is deductible and what isn’t.

I’m pretty sure you would have to go to the dirt as a fire could take place on the left and get in under the right hand side.

The getting to the roof is the biggest pain. Some say it’s actually easier to split the house then put a brick wall between.

Put this into google site:somersoft.com “granny flat fire wall” There are quite a few…[Read more]

I”m a bit confused by your description.

Yes of course you can do it subject to council approval but to do it legally would be very expensive because of the large joining area.
I’m talking NSW (not sure about other states) but you need to put a fire rated wall between the 2 dwellings. On concrete you go from the concrete floor up to the roof…[Read more]

Better for you to live in it and rent the house. That way if you get injured you won’t sue yourself (as insurance will not cover you as you are in an unapproved dwelling).

I know a lot of people rent unaproved granny flats illegally and get away with it. But I wouldn’t be able to sleep at night. What if they get injured (or killed). You lose…[Read more]

These figures are confusing to me.
You said your properties are less than $200K mark and that you are netting $2800 a month from 3. That’s CLEARING $933 per property. Is that correct? $218 a week clear, after rates, insurance, property management etc? That’s a pretty impressive yield.

Are they all in the one state? What is your plan regarding…[Read more]