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Found these couple of links:
http://www.mildura.vic.gov.au/page/PagePrint.asp?Page_Id=2581
Just to add my 2cents, you may also want to separately meter the water however this is a major job (if you don’t you won’t be able to charge water usage, even if you have water efficient measures in place).
You probably could claim depreciation but may have to provide a business case etc if questioned.
I’d be checking that with your accountant – as far as I knew, if you missed your dates by 1 day, you blew your exemption from CGT – so if you are out of the house for more than six years, CGT would apply from the date you vacated not from 6 years to the time you moved back in (as you have interpreted). A $100 query to your accountant will save you $1000’s.
Very dependent upon the design, height of kerb & width of gutter, site prep, excavation, machine formed or made up with formwork etc.
for the price it is one of the better programmes around.
in this instance, he means the agent (a Qld term).
The issues that you’d strike would be whether it was permissible under the LEP dictating the minimum land size required for subdivision, open space requirements, parking etc. Then zoning requirements. Lastly, BCA compliance – fire separation, noise separation, egress, fire safety matters etc.
Sounds good in theory but when it comes to fire collars on floor penetrations, separate electric to each unit & common areas, separately metered water supplies, exit lights, sound insulation of piping and the like it don’t come cheap.
Better rail/bus options at Blacktown but obviously more pricey.
Windows are not doors. If the windows have bars, fine. All rentals are required to have hardwired smoke detectors – ensure these are maintained/tested/certified annually by a reputable company.
Restrict smoking to external areas only (saves painting/cleaning etc).
Ensure doors have suitable hardware.
Not much else you can do.
A/W isn’t going to disappear overnight, it will always be the major inland city on the border. There is some industry, major transport links, university, private schools, army base, airport, regional hospital Etc…….
New bypassed on the Hume will only push travellers to take a break further on ie at Albury instead of Holbrook/Tarcutta.
I could think of worse locations.
If you are looking to avoid land tax, buy on the other side of the border to limit your holdings in one state.
what’s probation or o permanent job nowadays. I contract but have never had an issue on full doc no lmi.
Sorry to put a dampener on you but you don’t mention your risk profile. You are looking at going from zero debt to around $800k in no time, no mention of kids which will reduce your g/f income.
Although many would say go for it, I’d be looking at one thing at a time. PPOR, you would probably want least risk here, so a 20% + deposit is warranted, which still means a $500k mortgage + furnishing + ongoing costs.
IP 1 may be a little way off yet.
Remember, it has taken years for your parents to get into their current situation, so don’t expect everything overnight.
Dodo , just to add a little, what if the govt removed negative gearing offsets in the future (been done before). Like the others, I’d be expanding the portfolio & taking the equity out of the first property as the deposit. Maybe the idea that he can have higher borrowings with 2 IP’s might excite him?
Did your brother have a will? How long ago did he pass away? Has his estate been settled?
Did they live in the house?
Is your brother’s widow an australian citizen?
Did they separate or divorce? Why did your ex-sister in law return overseas?
Are there any kids from the marriage?
It depends. Conflicts of interest is your main issue to avoid.
As above posters highlight: what drew you to the property? Is it an area which will attract this type of tenant? Has the agent confirm the rent history/employment/references/tenant databases? Is the contract for vacant possession/tenanted?
If the vendor is paying agent fees it is cashflow from day 1.
It is not uncommon for the purchaser to be asked to approve a tenant during the sales process, think large commercial buildings where multiple tenants may change over the year.
I’d also throw in ‘Amanda on Your Side’. She is ex-McGraths.
Seemed pretty much on the ball when I met her at a BNI meeting.
You are in a perilous predicament, pd.
Bond wasn’t lodged with OFT which is a breach of the lease. Did you have a lease in place? Did you do a condition report on entry? Did the tenant sign it & return a copy to you? Did you do an exit inspection on the same condition report?
In NSW a tenant can have up to 6 months to object.
Your course of action: prepare for CTTT, you will need all the inspections/reports/lease, copies of invoices or quotes for repairs etc. As well as finding a good excuse for non-lodged bond.
Fairtrading.nsw.gov.au is a useful site, check your obligations & their definition of fair wear & tear, cleaning Etc…….
I have taken advantage of staging furniture left over before settling but it can be a costly exercise. Go to fantastic furniture & grab one of their cheap packages, cheaper than hiring.
