Hello FlicCongratulations.  That was quick but with the great job you all did certainly no surprise. Looking forward to hearing the details after the contract is signed.CheersElka 

Hello h2h73Just to help with questions like yours adambc started a thread on just this topic. Here is a link to it.https://www.propertyinvesting.com/forums/property-investing/help-needed/22508happy readingElka

WOW. What a wealth of stuff out there that I didn't know about.. As you may have guessed I am an Excel dummy but am trying to remedy that. Thank you TerryCheersElka

Got it. Thank you both. Cheers  Elka

Congratulations on having reached the most exciting part on time  and within budget. The need for a second inspection certainly sounds very promising. Terrific.Can we have some bathroom photos please before you sell. Also a small summary of what you did in the bathroom would be great now that you have all that free time on your hands.Am I right…[Read more]

No. Australia has no tax on gifts of money, thank goodness.If part of your deposit will be from a gift your lender will probably require a stat dec  signed by whoever made you the gift declaring the money as a gift.CheersElka

Just had a look at the photo tour on the open2 view site. Great photos. Is there a reason as to why there are none of the bathroom?

Unless you're planning to manage the property yourself you forgot agents letting fee and commission which is about 3% and 7 % in Melbourne. I know it differs in different places. CheersElka

Did you lay the floating floor boards over the tiles in the kitchen etc. or did you have to remove them all first? Getting rid of those tiles has upgraded the place no end IMO though they did suite the blue window frame and skirting boards.

Looking really great. The last owners will be kicking themselves for selling. Would you mind telling me what lazer light sheets are as opposed to what was on the roof of the deck before? Sorry for the stupid question but I am overseas and can't pop down to Bunnings to ask them.What was the cost of all that furniture hire? I must say whoever…[Read more]

Now I'm confused too. What happened to the depreciation deduction?Using the figures you supplied in your last post my calculations would be  :-Income from IP:   $20,500Expenses : $900 + $2,080 + $21,000 +$1,300 =  $25,280A before tax savings loss of $4,780 .However the $4,780 loss + $8,000 depreciation gives you a $12,780 deduction against you…[Read more]

It's all looking really great. Did you remove the railing on the varenda at the front door? I can't see it in the new photos of the front door but can't remember a post were you said that you would do that.Best wishes

Qlds007 wrote:
In saying this remember that LMI incurred for investment purposes is tax deductible.

Very true but unfortunately in your case, since the property you will be buying will be your PPOR, the LMI will not be deductible.

Hello JennyMay I ask what you are doing with your income?. Are you using it to pay down the home loan on your PPOR? If so, that's good as this is non deductible debt and you can draw the money out later via the LOC for further investing when you want it. If your home is fully paid off then I don't see any reason not to use your excess income to…[Read more]

ao wrote:
 I only got 60K cash and don't want to spend all my cash for the down payment but want to enjoy the first home buyer's grant so now i'm in a dilemma. If the selling price on the contract is $535K i'll be able to pay less stamp duty. but the unit is worth at least $565k. If we put the selling price at $565K(the vendor would agree to do…[Read more]

CPI is consumer price index. Tysonboss1 was saying that he annually increases the rent by the CPI plus  1.5%. Here is a link to look at what the CPI index is made up of.http://www.abs.gov.au/ausstats/abs@.nsf/mf/6401.0/ CheersElka

Hello JohnI have sent you a PM.Would you consider starting a thread called something like DD in Holland or post your DD efforts/progress on this thread much in the same way as Jase and Flic are documenting their first reno project?. It would not only be a good record for you and a great read for us but you might even get some good suggestions and…[Read more]

Hello JohnSorry not to have answered before.Yes the laws in the Netherlands are heavily skewed in favour of the tenant. Many, maybe even most people rent here but the housing is mostly supplied by housing corporations. I have not spent time looking into investing in residential property because I saw the problems my husband had with his re…[Read more]

If you want to live off equity why on earth would you start by borrowing 60% of the value of your assets. People who live off equity only take out what they need to live on plus any IP expenses that they have each year …. assuming their assets have appreciated sufficiently. CheersElka 

Hello JimAssuming you haven't rented out your block of land and therefore haven't deducted any of the expenses off your tax why is it an investment block.  Certainly while you owned a PPOR you could not treat your block of land as such but as from 14 months ago it seems like a different story based on the information on the ATO sit…[Read more]