Forum Replies Created
Hello Snowflake
Don’t be discouraged from reading or posting on the forum.
I think that most people work on the principle that no advice is better than bad advice so if they don’t have experience in an area they don’t post an answer.
To answer your second two questions you can get a valuation without refinancing. I would ring up your lender and ask what they will charge you for this and if they are willing to do it. If you have just completed a reno they may be willing to do it even if your last valuation was just a few months ago. If you are paying for some sort of pro package it may include a certain number of free valuations per year.
Personally I would do it before the property was tenanted but that’s mostly so as to avoid the hasstles of access. I can’t think of a reason why it would be better to do it with tenants in place.
Hope this helps[smiling]
Elka
This what you mean Grossrealisation?
http://www.somersoft.com/forums/showthread.php?t=28825&highlight=sitloti
Cheers
Hello Munno
I’m a great believer in DIY but not in this situation. The first thing I would do is ring my solicitor. You have a lot of your time and money invested in the property. I assume you had written permission to start reno before settlement?
Good luck
ElkaHello Snowflake
Had a girl friend who was in the same situation as you and your husband. She was the main income earner by a long shot. When they had a baby, he stayed home with the baby and she worked.
It was certainly a solution outside the box for those days as she is a baby boomer.
Just an added option ?
Cheers
ElkaHello as41
That would be 5% of the annual rent.
I don’t know where you are in Victoria but it seems high if in Melbourne. I pay 3% letting fee and 7% of monthly rental as management fee. This is all inclusive. No extras for inspections etc. etc.
Hope this helps [smiling]
ElkaHello Col
There is a thread on this very question that has been going for awhile.
Here is the link. It’s called where to find CF+ deals.https://www.propertyinvesting.com/forum/topic/22508.html
Hope this helps [smiling]
Elka
Hello
I thought that for a lodoc loan the maximum LVR was 60% (without LMI) At least that is what I was told by my lender, the ANZ bank.
Are they non competative in this area?
Thanks
ElkaThank you James and Tools for your replies.
I sort of got the feeling, based on the large difference in price, that the quote from the bricklayer was the sort that said…I don’t really want the job but if your stupid enough to pay this price then OK. It did come with a 9 year gaurantee though.
I have asked for a 3rd quote from my PM and in the meantime will check out the link you gave me James.
Good point about references.
Thanks you both again. [smiling]
ElkaHello crashy
Using the principle that there are no stupid questions I am going to ask one. [blush2]
Understood your example except the bit that says
“on 2% margin you can leverage it 50x”
Can you please explain that statement in terms that a 10 year old will understand.
No I’m not 10 but my level of knowledege in this area is. [hair2]
Thanks
Elka
Good idea dee dee
It’s an area I would be very interested in myself.
Cheers
ElkaHello Giovanni
Have you checked on that with a good accountant?
Here is a link to the ATO site about treating vacant land as your PPOR under specific conditions.
Hope this helps
ElkaHello alotti
I agree in principle with Simons answer but if he is a good tenant and the property was difficult to rent I would tend to offer to split the cost of the installation. I would first explain that this was not actually my responsibility, giving foxtel as an example.
Naturally he is responsible for the monthly fees.
When he moves out the equipment stays (or do they come and remove it?) and you can use it as a plus point when advertising your property next time.
I think I’m a bit of a softy though…. not good. [blush2]
Elka
Hello Spanky
This is an area that I’m currently looking at so am very interested as to how, if the fund earned double digits, you still lost $180.
OK you paid $600 being 15% tax on the earnings according to ducksters post. According to my calculations that must mean that you earned $4000 on your fund. What happened to the other $3580? Surely that’s not fees?
I confess major ignorance in this area and am just starting to look at the benefits of contributing to a super fund. The main incentive for me is that anything that I contribute will be taxed at 15%instead of at my top tax bracket and that any earings I take out will now be tax free after age 60. … non of this is relevant if the fund actually provides me with a net loss, as in your case, which is why I am so interested in your answer.
Thanks in advance [smiling]
ElkaHello Salacious
“Would it not be better to refinance grab equity of ips and make lump sumpayment into your PPOR?”
No. The interest on this money would still not be tax deductible as the ATO looks at what you did with the funds (investment or private use) and not where it came from.
Elka
Thank you Frank.
I think I used to ignorantly just use wall paint on the ceilings too. A waste of money but I guess no harm done.
Cheers [smiling]
ElkaHello Salacious
“I have a dilema, ( Good One) my investment properties are paying themselves off and paying for my PPOR.”
Are your IP loans interest only? If not, maybe they should be and the extra money put into an offset account against your PPOR loan.
This will reduce your non tax deductible interest , reduce the loan time on your PPOR and save up a deposit for the next IP.
Your IP’s seem like good investments so why get rid of them?
The amount of your home loan may seem high now but will seem much less in 10 years. [smiling]
I’m a bit puzzled as to why you have reached the end of your lending limit if your servicibility is good. Have you talked to a broker about this?
Cheers
ElkaGood grief Charlie Brown !!!
I can’t believe that some of you are actually trying to stop your smoking tenants from smoking in your properties.
It’s their home for goodness sake.
If they cause real damage (burn marks or something) you can take it out of their bond when they leave.
There are products on the market that absorb smells. Maybe you can give them a few bottles for Christmas.
No, I’m not a smoker (ex smoker of many years but have’t become a rabid anti smoker, thank goodness) but this witch hunt for smokers just gets my goat.
What if they are addicted to overcooked cabbage every day. Shall we put that in the contract too?
My 2 cents [smiling]
Elka
Hello Frank
What is the difference between paint for the wall and paint for the ceiling.
I’m ashamed to say I didn’t know that there was a difference. [blush2]
Don’t worry, I haven’t done any painting personally for years.
Thanks [smiling]
ElkaHello Rob
Do not give anyone your power of attorney. There is no need. As long as you have a good property manager, an internet banking account and know how to send emails [smiling] you can manage OK.
I manage my properties in Australia from Belgium this way. However, I know what to expect from property managers in Australia. The thing to check on is how do things work in Spain.
Good luck
ElkaHello Cata
I don’t know you personally but always value your posts.
Very sorry to hear that your going through a rough patch just now but I want to assure you that there is life after divorce. The best way to get through this period is to be as kind and as fair with each other as possible irrespective of who did what to whom and why.
Remeber that what seems important today (who gets the punch bowl set …. just joking [smiling] ) will seem irrelevant in a few years.
A wise friend just sent me the following advise so I thought I would share it with you.
“things work out best for those who make the best of the way things work out”.
Stay strong
Elka
