Hi Corey

They’re great yields. Are these in Adelaide or from your clients in SE QLd??

Cheers,

That is a really interesting question!

Could could be seen as a repair (replacing like for like), as long as the previous lawn was ‘in a state of disrepair’ or as an improvement since lawn may not be regarded as essential (although usually is).

A further question would be, could you scrap the old lawn (from a depreciation point of view). I have never seen lawn included in a depreciation schedule.

I would dare say the ATO only considers items inside the house, rather than the property in its entirety. But worth asking the question.

Hopefully one of the experienced legal and finance peoples out there can shed more light, but I would have assumed this bought you time, and locked in that rate for the 12 months worth of interest payments (great if the IR was looking to go north, but not as good if the IR was looking to go south).

Best to ask your accountant how they viewed it and the pros and cons of options.

• This reply was modified 9 years, 11 months ago by  ChrisA1.

Agree with Jamie

There would be many companies who project manage the development. The first step they would go through would be assessing if the project could be undertaken and costing the process.

Great comments by everyone above.

The only additional comments I would make is that it is best to separate the financials and the house hunting/buying processes. There are many great brokers on this forum who will step you through the refinance process, then when you are ready you can step through the buying process. There are also many great buyers agents on the forum who are experts in the areas they cover. The good thing about refinancing is that you keep the refinanced money against your PPOR mortgage until you need it, so it isn’t costing you anything until you need it.

Take it at your own pace, you need to be on top of your game to run with companies that take you through the whole refinance and buying process all at once (as Yale appears to be doing) (it is exciting yet draining each time you go through the process!).

I found this article (https://www.propertyinvesting.com/investing-rental-property/) a good little summary for rentals.

• This reply was modified 10 years ago by  ChrisA1. Reason: Added website link

David Hall wrote:

If you were to buy your dream home at the vines (or elsewhere), you can rent it out for 6 years, and still legally claim it as your PPOR for tax purposes. Given you have a company house this would be very advantageous.

Not sure this is correct. You need to live in the property first, then you can rent it out, as long as you don’t own another property as your PPOR at the same time. If you have a company house, then you wouldn’t buy more IPs and stay in the company house?

I agree with Benny’s comments/thoughts above.

• This reply was modified 10 years ago by  ChrisA1.

Great interview Engelo

Very American interview by the interviewers, but I’m glad you identified the difference between US and Australia and explained the principals – trusting others, building relationships, spending time yourself (your first reno). Good first question for REA – not many would spend time giving info without a guaranteed outcome, and those that are, are worth keeping!

mmm sounds like a broker situation so the broker can talk the bank’s language on your behalf.

Invest remotely, yep I agree, stepping out of the comfort zone but the Sydney market for me is just not fitting my criteria at the moment. The first few scare the bejeebers out of me then you understand your new comfort zone, and it expands.

As you say, plane tickets bring everything so much closer, including your goals.

Analysis paralysis is sending me insane, and frustrating my partner no ends…

superAndrew wrote:

Ask them for a list of properties they have sold in the last 6-12 months and check if they are similar to yours.
Then you can get an idea if they know how to sell/market your type of property.

Talk to at least 3 different agents.

+1
and ask them how they would market your property (btw do you know if you would market your property towards the owner occupier or investor market). In selling my IP, I interviewed 4 REA and also asked my partner to go to open houses to see how they interacted with prospective buyers, and how they ‘sold’ the house. The Open House inspections were quite telling for us as one of my shortlisted agents was quite negative about the property during the Open House, while the agent we have chosen had a slightly more difficult place to sell and was quite creative in how he sold the property. In interviewing the agents, I also nneded to know if I could work with them.

Oh, and if you’re asking about the first step (actually finding the agent), I browsed RE.com.au to see who was selling in the area, then went about interviewing agents (as above).

• This reply was modified 10 years, 3 months ago by  ChrisA1.