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

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
Elka

Hello 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]
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
Elka

Hello 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

Hello 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.

http://www.ato.gov.au/individuals/content.asp?doc=/content/36890.htm&pc=001/002/026/017/005&mnu=5060&mfp=001&st=&cy=1

Hope this helps
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]
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]
Elka

Good 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 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
Elka