[elkamMember@elkamJoin Date: 2006Post Count: 722]

January 17, 2008 - 2:30 am

Thank you both for your answers. One of the reasons I want to delay replacing the unit is so that I can also look into your suggestions Scott. It's all too difficult if you can't be there to ask the right questions and see for yourself. 

Cheers
Elka
 

[elkamMember@elkamJoin Date: 2006Post Count: 722]

January 17, 2008 - 12:08 am

Hello Steve
 
I really hope that your wife is on the mend and will soon be home again.

Hello Crashy

It was just serviced so I guess they checked the gas and in fact it is working. 

Hello Tracy

Your right about if a facility is there when you let a property and it breaks down e.g AC, then you are obliged to repair it.
However my understanding from my PM is that it is working but does not cope with temperatures above 35 degrees.
 It was in this situation that I wondered if I was obliged to replace it.

I have a feeling that Steve is right but have still not had an answer from my PM.

What I actually want to do is to be able to delay installing a new one till March when I will be in Australia and so able to get more information, shop around a bit and also be there for the installation.  

You said in your post that you pay about $500 for installation costs. Is that the norm? I have been quoted $400 for the electrical and $500 for the refrigeration. So it's $900 including all certificates of compliance etc. Too expensive?

Thank you for your interest

Elka

[elkamMember@elkamJoin Date: 2006Post Count: 722]

January 16, 2008 - 10:11 am

Thank you all for your opinions.

Is anyone a member at Choice ?

http://www.choice.com.au/viewArticle.aspx?id=104946&catId=100519&tid=100008&p=1&title=Test%3a+Large+air+conditioners

[elkamMember@elkamJoin Date: 2006Post Count: 722]

January 12, 2008 - 4:17 pm

Hello Spud

Can't help you with your question except to say why don't you work it out. Go to one of the bank sites with a mortgage calculator and work out how much interest you would save if you reduced your mortgage by an extra $600/month.

Then use a spread sheet to work out what you are gaining including a conservative growth figure for the super fund.
The other thing to factor in is that you are locking this money away for many years.

If you decide to pay extra on your PPOR mortgage you should consider paying it into a 100% offset account rather than from the mortgage itself. This way if you ever decide to get a new PPOR and use your current one as an IP you can use the cash in the offset account for your new PPOR leaving a large, now deductible, loan on your current PPOR. In fact I believe that many investors have an IO loan even on their PPOR and use an offset account to pay it down so that they have options for the future. 

The other thing you need to do, if you're not already familiar with it, is educate yourself about debt recycling. This is a method of turning non deductible debt  (i.e. your PPOR mortgage interest) into deductible debt. Since you have spare income and you're buying investments you should be able to benefit from this.

http://www.invested.com.au/2/advice-best-direction-here-16862/

This is a thread on another site which I found explained debt recycling (for me). Obviously you don't need to buy shares to use this strategy. You just need to use the funds for investing.

Basically in your situation at the moment it means that you shouldn't use cash for deposits for your IP's but use this money to pay down your PPOR mortgage and then borrow it again (via a LOC ?) against the equity in your home. 

Please note I am neither a FA nor a MB. Just trying to point you to areas you should be familiar with.

Hope this helps more than confuses
Elka

[elkamMember@elkamJoin Date: 2006Post Count: 722]

January 11, 2008 - 12:29 pm

Hello jambv

If the property is only 2 years old and these are the first tenants than my questions are:-

Why does the ceiling in the kitchen need painting already.

Why is the front door handle broken.

Why is the bathroom door handle broken.

Why is the rangehood bracket broken.

Why did you need to replace some vertical blinds so soon.

If the oven clock wasn't ringing did you check the appliance warranty to see if you were still covered.

It seems to me that with such a new house than some of the things that you have fixing or that still need fixing could either be covered by warranties (builders or appliance) or the tenants have done more damage than would be called "normal wear and tear".

Naturally the PM has been happy for you to pay all the maintenance costs to date. No work for them to do. You need a more interested /  more competent PM. Check your contract. You certainly don't need these tenants out before you change PM's. The new PM can help you solve your problems with the tenants. They are just playing this one.

Also don't naively believe your PMs statement
 
Any damage to the property that is not considered wear and tear can then be repaired using the tenants bond.

While it is strictly speaking true what they have failed to mention is that the tenants will have to agree to this otherwise you ( or usually your PM) will have to go to a tribunal first and prove that the damages that you are wanting to have paid for out of the bond are in fact above normal wear and tear.

BTW I don't know the laws in Qld but in Vict. it's not necessary to sign a new lease to change the rent. I assume their original lease has expired. The PM just needs to send them a letter giving them 60 day notice of your intention to increase the rent. They can then either agree or move out.

Hope this helps
Elka
 

[elkamMember@elkamJoin Date: 2006Post Count: 722]

January 9, 2008 - 5:06 pm

Hello Da man

I have a personal banker who is my one point of contact with my bank.

The wonderful thing is that with the ANZ bank you get your own personal banker when you reach $1M.

The REALLY wonderful thing is that it does not need to be $1M cash in the bank but also, as in my case, when you have $1M in loans.    I don't know if their Pro package is compulsory for this setup.

Crazy eh?

I am very happy with my PB-er but have come to the conclusion that for advice and anything a bit complex you're better off with a very competent MB. Having said that it's still nice to have one place to go to for all the hassles that can occur.

Cheers
Elka

[elkamMember@elkamJoin Date: 2006Post Count: 722]

January 9, 2008 - 2:18 pm

Hello Sitting on the fence

I found the article I remembered reading. It was in the August 2006 copy of API.

The contract is called a Binding Financial Agreement and has been available since 2000 according to the article. It also suggests that young couples starting out, in the absence of a crystal ball,  may find it advisable to include a clause that the agreement be reviewed in a few years time to see if it still reflects their wishes and needs.  

Hope this helps
Elka

[elkamMember@elkamJoin Date: 2006Post Count: 722]

January 8, 2008 - 3:27 pm

Hello Sitting on the fence

I recently read about a new contract that you can enter into regarding assets held before you go into a relationship. I believe it only came into existence in the last couple of years and the article said that as long as both parties have been honest about their assets and there are no children involved it would have to be a very special situation before the family law courts would overturn it. Unfortunately I can't find the name of this sort of contract. No it's not a pre nuptial agreement.

Ring your solicitor. She/he should know.

Cheers
Elka

[elkamMember@elkamJoin Date: 2006Post Count: 722]

January 7, 2008 - 1:54 pm

oneplumber wrote:

I want to find out answers to these simple questions to better locate a great Plumber & Gasfitter? 1 – How often do you call a Plumber / Gasfitter? 2 – Would you prefer to have a single phone number or website for all Plumbers / Gasfitters in your local area? 3 – What is important for you? fair price urgency quality work answers phone trust service guarantee reliability on time neat & tidy local tradesman keeps in touch gives free advice easy to remember phone number has a website OTHER……………………………………..

Hello William

I have kept away from this useless discussion until now. However, I think yours is a constructive question so I am happy to answer.

1.    3 – 5 times a year over  4 IPs (over 2 PMs)

2.    That would be useful though once I find someone I trust I use them each time unless it's a big job/quote in which case I get more quotes just to reassure myself.

3. 
fair price                                                                    A must
urgency                                                                      A must
quality work                                                               A must
answers phone                                                        Desirable
trust                                                                             A must
service guarantee                                                     A must
reliability                                                                      A must
on time                                                                        Desirable
neat & tidy                                                                    Desirable
local tradesman                                                         Preferable
keeps in touch                                                            Desirable
gives free advice                                                        Desirable
easy to remember phone number                         Not important
has a website                                                             Not important
OTHER……………………………………..

Hope this is the sort of feedback you wanted
Cheers
Elka

[elkamMember@elkamJoin Date: 2006Post Count: 722]

January 7, 2008 - 1:04 pm

Hello dansempire

Here is a link to this same sort of question I asked some time ago.

https://www.propertyinvesting.com/forums/getting-technical/finance/23605

Hope this helps
Elka

[elkamMember@elkamJoin Date: 2006Post Count: 722]

December 30, 2007 - 12:58 pm

Hello  25North

Sorry I don't have any answers for you but I do have a question.

Is the reason you want to have the new DT, which you set up in Australia presumably for property you intend to buy in Oz , as a beneficiary of the NZ trust is that then some of the income earned on your NZ property can be used to help pay off the loans within the OZ trust?

Actually I believe that whether your Oz DT can be a beneficiary of your NZ DT depends on your NZ trust deed and not the new Oz trust deed. Is this allowed in the deed?

Happy and prosperous New Year to all
Elka

[elkamMember@elkamJoin Date: 2006Post Count: 722]

December 20, 2007 - 12:52 pm

Hello Dave

Just wondered if you have used special glass for the windows between the houses.

Nice brickwork.
Elka

[elkamMember@elkamJoin Date: 2006Post Count: 722]

December 18, 2007 - 12:55 pm

Hello RG435

I have been renting one of my IPs to my sister and her husband for several years and claiming all the relevant deductions. If you rent at market rate you should have no problems with the ATO. 

Cheers
Elka 

[elkamMember@elkamJoin Date: 2006Post Count: 722]

December 17, 2007 - 1:20 pm

Hello clifmand

Sorry I don't know anything about stamp duty regulations in Qld. but in your position I would ring the state revenue office and simply ask the question.

I would also ring the solicitor who did the conveyancing and ask them too. Maybe they were not aware that you were going to build your PPOR on the block.

Don't worry, if you find out that you have overpaid this should be able to be rectified.

Cheers
Elka

[elkamMember@elkamJoin Date: 2006Post Count: 722]

December 8, 2007 - 12:31 pm

Hello MrFairGo

You may be on the wrong forum for this sort of question.
Try the following forum. 

http://www.invested.com.au/

Maybe the members contributing to the following thread can at least point you in the right direction.

http://www.invested.com.au/3/borrowing-money-overseas-20810/

Good luck
Elka

[elkamMember@elkamJoin Date: 2006Post Count: 722]

November 19, 2007 - 12:18 pm

Hello Dave

Nice roof line but now I'm a bit lost. The slabs are separate but the roof lines are abutting. What is the space in between for? 

Cheers
Elka 

  

[elkamMember@elkamJoin Date: 2006Post Count: 722]

November 14, 2007 - 11:35 pm

Hello Richard

Any idea what LVR is likely to be possible?

Cheers
Elka

[elkamMember@elkamJoin Date: 2006Post Count: 722]

November 14, 2007 - 11:03 am

Hello Richard

Can you tell me where I can find more information on the new lending rules.

Also any information you want to share on the loans which are allowed would be most wlecome as what you have described in your post is what I would like to do (buy a commercial IP within a SMSF). Like Acrobat I have been looking into unit trusts for this. Any information on relative interest rates, conditions etc. would be most helpful as a starting point.

I read a post about warrents for this purpose on another forum though don't quite understand this yet. Is this what you are referring to?

Thank you
Elka

    

[elkamMember@elkamJoin Date: 2006Post Count: 722]

November 11, 2007 - 1:47 pm

My first step would be to ring up the accountant and discuss it with him first.

Cheers
Elka 

[elkamMember@elkamJoin Date: 2006Post Count: 722]

November 11, 2007 - 1:25 pm

Hello Chris

OK, now we are all curious. Do you have it advertised somewhere where we can have a look?.
If not, can you at least post the area and the sort of property it is… residential, retail, office, industrial or ?.

That much should not infringe the no ads rule I should think. 

Thanks

Elka