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  • Profile photo of eilatan28eilatan28
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    August 19, 2016 - 11:42 am

    Not yet Colin, I want / need a starting point to learn more about it so I can work out if its going to be worth looking into it further. Thanks for the tip on unit trusts and companies Terryw, I’ll check them out. Yep I know there would be lots of legalities to consider, but where there is a will there is a way ….

    Profile photo of eilatan28eilatan28
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    November 15, 2013 - 6:10 am

    Did unit 2 pay a weeks rent in advance ??  The difference is $30 which is about 8.5% of 1 weeks rent. My agent charges 7% of the total rent received by my tennant, so if they are in advance, the management fee changes from fortnight to fortnight

    Profile photo of eilatan28eilatan28
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    October 8, 2013 - 11:19 pm

    i second House of Wealth as a recommendation too!  Threy do most of their stuff online, or via skype now though, so their office is no longer in Bayswater. 

    Profile photo of eilatan28eilatan28
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    October 3, 2013 - 11:20 am

    thanks wilko, 

    Its not a real scenario, im just trying to get my head around it abit better.

    i guess im looking at it from the point of view of whether something like that would be an option in the future.  We have limited capital, and  I guess the aim of a joint venture would be so it still allows us to invest without having to contribute as much of our own funds. it would be for a reno/sell/ chunk deal that would allow us to increase our investing kitty.

    so will banks still only lend up to 90% (generalised, i know some will / wont go higher) of the value of the property that the loan is secured against ??

    ie /

     property 400k

       90%  lend $360k

    person A loan: $180k

    person B loan $180k

    or will banks that allow a second morgage let you borrow 100% of your half share ?? Or would that depend whether or not the JV partner had a loan secured against the property too ??

    hope that clears up my thinking :-)

    Profile photo of eilatan28eilatan28
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    July 29, 2013 - 6:09 am

    i would think that because losses count as income, you would be required to declare it. To me its  kinda the same as making cash on the side and not declaring it.  It would make you eligible for a FTB payment that you are not rightfully entitled to.  just my 2 cents worth. Interested to hear what centrelink / an accountant would say though.

    Profile photo of eilatan28eilatan28
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    May 31, 2013 - 8:56 am

    @chrisfromhastings, i highly recommend James and his team from 'House of wealth' in Bayswater.   Investors themselves, great knowledge, fast returns and reasonably priced. 

    Profile photo of eilatan28eilatan28
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    December 29, 2012 - 11:07 am

    Thanks for the replies guys, So the agent we select can organise the selling contract, but do i need to employ a solicitor or conveyencer ?? to look over it for me first ?? Or can a solicitor help me draw one up ?? Ive organised a couple of agents to come look at the place , so i guess i will go from there!  Still got my foot in the door with another property Richard, and hoping this move of selling this property will open up more opportunities for us !!

    Profile photo of eilatan28eilatan28
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    March 16, 2012 - 11:20 pm

    I am a renter (by choice) and i am forever grateful that our landlord gave us the chance to keep our chocolate lab when we moved in. She initially had a no pets clause. I wrote a letter stating he was a much loved member of our family, well behaved, regularly walked and an 'outside only dog'. We would have been devastated if she had said no.  She gave us a chance, and i have since given our tennants the same chance.

    I would definitely assess each application individually though. I'm not a cat lover and our council requires them them to be kept inside, which i don't like. But from my experience, people who care greatly for their pets, also care greatly for the house they live in. You just have to make sure you pick the right tennant !!

    Profile photo of eilatan28eilatan28
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    March 7, 2012 - 2:24 am

    Putting money in offset account would save $3200 per year (.064 x $50,000 = $3200)
    where $ in saving account would make only $2500 per year (.05 x $50,000 = $2500) but then you would loose a further $750 in tax (assuming 30% tax rate) (.30 x 2500 =$750)  only leaving you with $1750.

    offset account is a much better idea!!

    Profile photo of eilatan28eilatan28
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    February 23, 2012 - 2:33 am

    my understanding is any renovations done prior to it becoming an IP counts as capital expenses used in CGT calculations. I too thought it had to be a rental property first before any expenses could be depreciated ? im no expert though so i would be interested in clarification !

    Profile photo of eilatan28eilatan28
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    February 22, 2012 - 1:52 pm

    I don't think the borrowed funds would be tax deductible though ??? Isnt the new purchase going to be your PPOR ??

    Profile photo of eilatan28eilatan28
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    January 14, 2012 - 9:48 am

    out of interest Mike, what is the asking price for this land in Heathmont ??

    is it vacant land ? or is there currently a house on it ??

     

    Profile photo of eilatan28eilatan28
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    November 13, 2011 - 12:57 am

    thanks Terry. I was hoping you would respond.  I know there is a will in place.  Im already married, but my brother is not.  So transferring assets really just transfers the risk of loss to someone else too. So if the will stipulates it goes to my brother and I and the defacto was to challange, it would go to court,? (length of relationship etc / how much they had contributed would determine what % they got yeah ??  If the relationship were to break up (not end from a death) would they have to sue  my mum in order to claim ?? The whole '6month defacto' rule seems too short a period of time to be entitled to a claim  in a lifetimes worth of hard work !!!!
    I think im worried that if mum lost half of everything it would fall on me to support her financially. maybe thats a really selfish way to look at it, but i have my own family to think about.
    Would there be stamp duty payable ?? or would it just be title transfer / conveyencing / solicitors fees??
    Thanks

    Profile photo of eilatan28eilatan28
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    August 18, 2011 - 9:11 am

    Thanks heaps Josh!!!

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    August 18, 2011 - 7:46 am

    Are you sure catalyst ?? We are just about to commence construction on our investment property, and i was under the impression that the interest charged during construction was a tax deductible expense. My accountant never said otherwise when i was asking about my tax variation application for it. Can any accountants clarify please ??!!!!!!! 

    Profile photo of eilatan28eilatan28
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    May 24, 2011 - 8:46 am

    I'd fix it. The point of having a veradah /pergola, is to have a dry / undercover area. and it doesnt sound like it is that. Plus, its a safety issue. If you lived there, would you put up with it ?? 

    Profile photo of eilatan28eilatan28
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    May 24, 2011 - 8:27 am

    I do not work in the real estate industry, so cant really answer your question, but if i was the landlord i would be pretty annoyed the tennant (your friend) had moved out without giving the  proper notice, or organised a flatmate without getting prior approval.  But it sounds like you could be a better tennant than your friend was, however that should be up for the landlord to decide. Do they even know you are living there too ???

    You could try informing the agent of the situation, and explain that you wish to continue living there under a formal lease agreement, but you might run the risk of being evicted. I dont know if they can just ammend / add your name to the lease if they are happy to do that or whether the landlord wishes to formally (and legally) end the lease with your friend for breach of contract ?? and commence a new one with only you on it ?? A tricky situation!!
    Hopefully someone on here with some inside knowledge can advise you !!
    Goodluck!!

    Profile photo of eilatan28eilatan28
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    April 8, 2011 - 10:21 am

    thanks angel,
    yes, very true. i will never know if i dont ask.  Im new to this renting thing and just wasnt sure if this was a common practice of tennants ?? i dont want it to come across as being rude, and giving the impression that we think the house needs attention, but at the same time (being a landlord myself) i know repairs / maintence / improvements can add up, so i want to get across the message that we are prepared to care for and look after the place as if it is our own.
    thanks heaps for your time and comments
    xx natalie

    Profile photo of eilatan28eilatan28
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    April 7, 2011 - 11:48 am

    thanks cuteyoungchic,

    We have the money to do the renos outright, so it would free up another $50 /week. We have considered the 'putting in an offer to buy it ourselves' option, but keep coming back to the same conclusion that it just doesnt make financial sense to have a massive morgage that is not tax deductible. $450 a week is heaps cheaper per week than what we would have to pay in morgage repayments if we bought it. So it makes sense to keep renting, but yes i am frustrated by the 'oldness' of the place. -one of the sacrifices i am happy to make in these early days to get ahead. (Hence why i am looking for an alternative too)

    Your point about the taking 3-5 years top do renos is very valid though thanks. maybe a contract stating repairs would be completed by end of year 1 would be required ??

     

    Profile photo of eilatan28eilatan28
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    February 21, 2011 - 4:51 am

    thanks paul,

    i have a deposit available to use, im just trying to get my head around how it all works. if i have any luck il be in touch.
    thanks again
    natalie

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