I wouldn't self manage any of my properties, just easier to have a REA manage it because should things go wrong they'd handle all the eviction notices, court dealing ect, just another form of insurance in my opinion. But each to their own.

As for depreciation, I get a depreciation report done, there's plenty of companies out there around $500 upwards and most guarantee they'll get you back their fee or double or there's no charge or something like that. I think I remember my accountant saying best to get it done closer to the start of the financial year but I could be wrong. Also get it done when your property is producing income or advertised as available for rent else it won't be a tax deduction.

Hi Sunny,

Welcome and congrats on taking steps to on your investment journey.

Like everyone here has said increasing your own knowledge is most important, there are so many seminars or companies out there that make it seem so easy because they'll do it all for you, just don't get caught out.

Personally I like to know how it all works before I dive in, just like developers make it sound easy and set you up for easy $$ but you're not told about the built in commission they charge you and that you'd be paying above market value, but "you'll get maximum depreciation" they say. Instead you could look for a similar property a year or two old at a better price. Of course this is not always the case just an example.

I think it was actually Steve that I heard this one from and it's stuck with me:

You know what you know,

You know what you don't know,

But the one you got to look out for is, what you don't know, you don't know

Do your research, everything is always so obvious in hindsight

@jacm

Yes the minimum is $10K up in $1k increments but Steve has received some cheques for $100K or more, I was just saying I wish I was one of those ppl in a position to be able to drop $100K on the table.

just saw on tv that some of the big banks have sneakly lowered fixed rates over the last three weeks.
no big announcement about it so seems to be that the banks think rates will come down.
the reserve bank will release their statment/view on the economy today so might be an idea to watch out for that an wait a bit.
On the other hand if you,re happy with the rate they give you and have budgeted for if, not phased if rates go lower an dont want to refinance within the locked in period then go for it