Forum Replies Created
Thanks Jac… that's a great point!
I was thinking "oh, they might do 2, 3k of damage etc"… but yeah, they could really destroy a house if they wanted to!
Do you know of alterntiaves or cheaper ways of doing it. All my 5 properties are roughly $300k and i pay $500 a year insurance on them
Good call!!!
The one day i need it is the day i’ve let it lapse. you never think of things like “oh a broken window or damaged carpet” – but what happens when tenants destroy kitchens or flood places etc!good call!
Thanks for that… RACV have been pretty good so far and i have motor vehicle etc with them.
AAMI – are you in VIC?
I use RACV and they seem to be quite comparable with their policies? Speaking off – has anyone started a thread on here about good insurers?
Honestly, i have 4 properties (soon to get my 5th – the one we’re discussing) and i’ve always been covered by home insurance and landlord, but never ever had to even use the landlord. Seems kind of like a premium that is never used
Thanks for your reply.
I agree – i’m not trying to be charitable or anything and perhaps i am being a little generous but yes, we’re only talking about $10 difference from market value and really, that might not even be the case (meaning i migh rent it out, have it vacant and find i have to list it for what she was paying)But anyway, as i said she treats the property great and has agreed to sign up to electronic automatic payments with the real estate etc. I wasn’t as much concerned with her in regards to being a tenant, as i said i met her, the house was immaculate inside and out and the real estate backed it up and told me she’s been like that for 12 years.
It’s in Victoria and been privately negotiated with the owner and tenant.
Long story short – i think they just had an arrangement over the 12 years. I’ve now just bought it and the arrangement they had is not worth anything. I’m getting the tenant signed up to a lease but as it was a very quick sale, she just physically does not have the cash for a bond and month in advance. I’m OK with this though – as long as she pays prompt and more so, that legally she’s not in some position, having lived there for 12 years, that makes her almost more of an owner than me! Sounds strange… i know, but i’ll just get her to sign the new lease and we’ll go from thereHi there – thanks for the advice. I spoke to the Cardinia Shire and yeah, that was more or less their response. No we can’t give you any garantee, but we can other things happening in the area, we’re promoting development and yours would need to be appealed. So in short – its not something we’re looking at doing for 3 years minimum, but this place would have been an absolute killer if that covenant wasn’t on it. Its a good property regardles… but yeah, just wish it wasn’t there. In fact – the Cardinia Shire have been pretty pleasent to deal with – despite them giving me a definitive answer!
Hi Guys
Michael – not really wanting to put my life story here on this forum – re: Wage/Properties/Rental etc. I’ve got nothing to hide, just prefer to perhaps contact people personally or get advice in general. Thanks for your input though…
Hari – would you know of any to recommend? I’m in Melbourne but your post really struck a note with me. I never thought of it that way about “people working in the banks” think like… um, people working in banks! Sure they deal with money/loans etc… but only the few of them would probably branch out and do the sort of investing that we on this forum do. In particular – at the NAB i dealt with one woman – who was FANTASTIC… she actually got me money a year ago when others said no. SHe then went on maternity leave and dissappeared… then her replacement… well! Yeah, let’s leave the negative comments out of it
So that’s exactly what i’m after. A broker who understands my situation!!! Any recommednations guys
Thanks…
So around 10-14k give or take just in getting the OK?
Would this be the fee from the drafting service and hypothetically – should it include everything? (Excluding obviously the dealings with the builder to actually build the thing)
I understand time is money and that a drafting service requires their expertise – but should they have everything itemized for me? Do a majority of the fees go to the council, or do they go to the drafting service backpocket?
Thanks Laroc…
Appreciate your reply.
What i’ve found is that the companies that tend to do it all (propertysubdivision.com.au) tend to make a mark up on absolute everything – but have the convenience of a one stop shop.
What i tend to do is price check everything, be absolute candid with everyone i deal with and guage there responses… and go from there.
But hopefully we’ll come back on Friday (when i get a copy of my house plan) and that will determine more what i can/can’t doTHanks Jaimie and JacM
Jaimie – just sent you a PM with my emial. Can you check it out and keep me posted
Thanks for your timeHi Guys,
I started this thread this time last week and i’m happy with my results thus far…
After searching online and waiting for peoples comments on here… i spoke with a young girl at “Corpred”. They had full inspections and online reports available and after some discussion with the teammember, i opted to do it online.
It asked me all the facts/figures that a “full inspection” would do, the sale date, purchase price etc… but then it also asked me to list the renovations and other things i had done to it. So i searched the internet and found a comprehensive list of things commonly overlooked but depreciable (is that a word). I also listed all the renovations i had done and the costs incurred. As it was my place and i knew it inside and out – i could be very thorough..
Anyway, $229 plus GST (Fully deductable too) and i received my schedule about 2 business days later! I’ve had it checked and its good as gold…
So anyway, i started this thread and im happy for those interested – that online is really one of the most cost effective ways to go
Good luck
Of course we all want results…
But honestly… if its an IP and you’ve renovated it yourself, perhaps even lived in it, like i had and mentioned in my original posting… what can they tell me that i can’t. In fact, isn’t it the opposite… i can list absolutley everything needed for the schedule when they are likely to overlook some things
Here Here Birchcorp (re: Investabit)
People should be proud of the service the provide and how its priced accordingly!
It’s a shame that so many proffesionals (dare i even say proffessionals) – over charge for services that they shouldn’t.
For example – this whole thing came up about having someone do this (full report), compared to doing it yourself (online) and even further, doing all the depreciation yourself (free).
The thing is – like mechanics, builders and so many out there… people rip you off! Unfortuantly i think this is one of those areas susceptible to it
Ok..
Sorry – i thought you were indicating “Do it Yourself….Fudge the numbers”…
But yes… you’re right! These guys offer a “we’ll do something you could do yourself service” at what they think is a fair fee!
Lets reiterate as this thread is all over the place.
2007 i used Deppro for $450 bucks (now $595) – posted report to my Accountant
2010 i used Copred for $229 – will send me a PDF reportSame service, different company… different price!
Deppro asked me all the questions the “online” form did. I just clicked boxes through a very thorough “online form”.
Without having received my report just yet… nor having paid for it just yet either as its submitted and being processed…. right now, completing myself and saving $350 bucks… i’m content
JR
Well, if you claim $80,000 for a kitchen renovation… when you live in a suburb with median prices of $80k for houses… than obviously! You pay not just to fill it yourself Birchcorp… but you pay to fill it in, than have it perused by someone who compiles the information!
What would you rather… pay a company $1k because they ‘say’ they are going to inspect your property. Then they drive down to your place, toot the horn twice, than head back to the office! I have satisfaction knowing i did this myself with my input, than relying on a complete stranger who “may” do the job for me
( mind you – i’m suggesting that a company might say something and do the other… not neccessarily my expirience… but we all know that sometimes it happens)
George,
I agree and while i work in a completly different field… someone’s inidividual time should be well compensated. Charging more than $550 bucks for you to put your suit on, fuel up your vehicle, drive 100kms there and back, knock on a tenants door, come back, do the paperwork and so on… hell yeah, you deserve the money! Unfortuantly people keep undervaluing what someones time is actually worth.The thing is though – what can be done quickly, painlessly, and throughouly online, should be cheap. Each party should make X amount of dollars. For example… if you want to make $300 for each report, but it costs you $300 for your time/effort and sake of it… charge me $600 hundred. If online you do nothing and its half the work, well charge me half… $300… whatever, online or offline, if you’re worth $300 than so be it…
Get my drift.
The internet companies using this aren’t their to ruin the everday working man like yourself. their out there to simplify what has always been a pretty easy process.
The thing is… in my opinion. There will be companies out there… charging $600 bucks a schedule, but doing the same work as the online company… and this is where it becomes unfair. That’s why… i’m all for doing this, online or offline!
Some things we can do our selves, others we cant. simple as that… but we don’t need to be ripped off for not knowing the advantages of one or the other!
Anyway, i’m going off on a tangent… if you honestly, fairly think that your $600 service is worht that… than it is. But, you get what you pay for… and i paid for $229 service as i did and i’ll probably get $229 worht
JR
Hi George, First off – my spelling/typing is really bad! I'm sitting here with laptop on knees and rather would reply quickly, than thoroughly so excuse my prose. I can confirm – i have just filled in an online depreciation form with corpred, "silver" ($229 plus GST) after having a great call with a very friendly, polite, woman who called me back after placing an online enquiry! She explained to me… on the net, if you know what your doing and its very simple (Ie: have an idea of the year of build, your stamp duty, your approx costs on reno's etc) – that the online is the way to go!!! She also explained, without talking it down, that a "Full" inspection is also good… but you pay for someone to head out and their time. Its more intended for those who want to be very, very, very thorough, or those that don't have the time, or are perhaps interstate from their IP. But with that said, she also wanted me to know that your not comprimising by going online. Its not like one is better than the other… one is just for those to do online, quick and with an idea of the process (its simple guys believe me) and the other is for your "Mum and Dad" type investors who want "someone else to worry about it". I used deppro 5 years ago. They were fine, $450 bucks later i got my report sent to my account. 5 years has gone and the internet is a different place. Today, i filled it out online and paid half the price but with a differnt company. When its time, it will be sent over to me as a PDF, full color and with all the info my accountant will need! I'm happy at this stage and happy to share more info. PS: Deppro got back to me too… i emailed them again and they've gone from $450 in 2007 to now $595 for their reports??? I just paid $229 for mine
Hi Guys,
Okay, question above in particular… but i’ve also spent some time talking with some people on the phone! I’ve called a few depreciation business and gotten different feedback. As a “layman” and an investor who is keen on getting the most bang for my buck, but also one who is not going to drive himself crazy shopping for the best price and service etc, dealing with people after people etc… i’m happy to report why i found!
Okay – the basic fees come down to this. A full inspection, the company sends some guy out to your IP, they check it over, make sure they include things you might have forgotten etc… and thoroughly go over what they think you can depreciate. So, you pay for basically a guys wages/fuel/time to head out there… and do the things that YOU could probably do if you’ve kept receipts etc yourself.
For me, i spoke with someone and she explained that this is used for those who may not have the time to figure it all out/fill it out, or IP interstate etc…
She advised me… as a simple guy with a couple of IP’s… that if i take my time, do my best to calculate my expenses, fill in the online form (which is very thorough mind you) that it would be more than enough to get a really good depreciation schedule.
She went on to explain that the cost is broken down to these guys being on the web, offering a “full inspection” for $450 bucks or whatever, but for those who don’t need that… the cheaper one is fine!!!
Commenrs?
Thanks for your feedback,
Okay – so from what it sounds like – to me is that its lots of hard work, non-eventful personal weekends and relatively average money.
$500 per week really that low? That’s around $35k a year ( I know as my little brother takes home about that much for a similar amount)
I can understand it can be lucrative once you sign/settle etc… but its such a competitive marketplace out there that i believe it would be very difficult
It sounds like it could be rewarding… but yeah, makes me potentially think twice
JR
Did you see the first post Cowenan…. UNder 400k and preferably budget!
I’m specifically requesting looking for your cheaper, dare i say blue collar type areas to invest in
Regards
