Whether the tenant pays everything is again dependent on the lease but usually the lease includes all outgoings. It's certainly true that a commercial property has less day to day problems as the tenants don't ring you because a tap is dripping or the doorbell doesn't work but it still needs management.  All bills are sent to my agent who then…[Read more]

Hello TerranceAm I right in assuming that you're not using a PM.? You might think about getting yourself one as a good one is worth the money I think.I have an industrial property the next suburb up from you, Mulgrave, and would be happy to recommend my agent who is just terrific. Very efficient.If you're interested I can private message you the n…[Read more]

Hello TracyYes, you do have to add this to the rental income. However, assuming you used some/all the money to get the place well cleaned and this is an expense which you can deduct, the bottom line will not change much. Hope this helps.ElkaP.S. I am not an accountant.

Hello ItalianDragon http://www.realestate.com.au/cgi-bin/rsearch?a=bhp&t=rurhttp://www.rural-real-estate-guide.com/Just  to start you off. Is there any chance that I can persuade anyone to stop quoting / repeating the post above in total each time? It should be enough to either address the poster you're answering or at least just quote the r…[Read more]

ScampThis is a property forum and not a "Dear Dorothy Dix" one and your VERY rude post is totally out of line.BTW Do you really believe it is illegal for a woman in the Netherlands to make an offer on anything without her husbands consent?  I am not talking about whether a bank will give her a loan without her husband co signing it but simply q…[Read more]

You can get the best of both worlds by putting down a smaller deposit ( 20% to avoid LMI ) and having an offset account coupled to your loan which houses the rest of the funds you could have used as a deposit.You pay the same amount of interest in both scenarios and you have more flexibility. It even gives you more security as in the situations…[Read more]

Great news. You're nearly ready to open the champaign bottle.  Totally agree with raddles re lease. CongratulationsElka

As you will see in the link below you are definitely in Caulfied despite the confusion of some REA and even Melways index ( the book not the online site)http://www.id.com.au/profile/Default.aspx?id=133&pg=101&gid=130&type=enumThank you for your kind offer re sugar and eggs but since I actually live OS now it's a little too far to travel  BTW the…[Read more]

Hello NucopiaI think CGU has an insurance policy for multiple properties, which can also cover both building and content and landlords insurance, which they claim is cheaper. Maybe you can check it on their site.I have no experience with it and only answered because no one else did yet.CheersElka

Hello ducksterCan you please verify that you meant landlords insurance and not in fact building and content insurance. If that's so, I'm surprised. Is this something new?ThanksElka

Good. That's the  " better side of the track ". Actually we are practically neighbours. One if my IP's is in Sylverly Grove.Good luck with the unit.Elka

Hello KateYou're right that a SMSF would suite me better and I have looked into it. Unfortunatley it's not possible because I'm OS and the trustee has to be a resident. Thank you for your advice.CheersElka 

mrproperty wrote:
Elka I purchased just off Hawthorn Rd 2 bed villa unit unrenovated but in good condition with lock up garage 430k

Sounds good. I assume on the north side of Glen Huntly Rd. otherwise it's Caulfield South. The last year the prices in this area have done very well. I had bank valuations done on my properties Dec. 06 and Dec. 0…[Read more]

Hello mrpropertyThat's assuming the $30K your talking about is net profit?. If you think you can sell the place for $30K more than you paid for it then you're talking about gross profit.From this you need to deduct the buying and selling costs (including stamp duty) and then add this amount to your normal income. As Scott said, you will then pay…[Read more]

http://www.news.com.au/couriermail/story/0,23739,23787967-952,00.htmlIs this the article you mean?Elka

Hello KateThank you for taking the time to give me such a comprehensive answer. Much appreciated.No the advisor did not put any $ figures on any value adding he thought he could suggest but basically summarized what we had discussed at out meeting. To be fair however I had given him a "wish list" including a minimum net retirement income that I…[Read more]

Hello JodieWhy not consider renting out your home and making this your first IP. You can do this for up to 6 years without losing its CGT free status which is a big plus.You then get to deduct all expenses (rates, water service, insurance etc. and most importantly the interest on the loan) from your tax which should leave you better off. Also, if…[Read more]

v8ghia wrote:
hey Elkam.  Yes..   No.   

Hello v8ghiaSorry but that post has gone over my head. Any more clues? CheersElka

Hello whiskanddryIt seems to me that the best way to do this would be to live in it yourself first, for as long as you need to (depends on which state you're in if you are eligible for FHOG and reduced stamp duty) and then rent it out to get all the deductions.This way you can rent out your house for up to 6 years without losing its CGT free sta…[Read more]

units4me wrote:
If you decide to keep it and rent it out, do it for the long term, because capital gains tax becomes a factor then.

Not for nearly 6 years unless you buy yourself another home elsewhere.CheersElka