Strange.  I definitely didn't hold my tenant's stuff for 60 days.  Perhaps Consumer Affairs considered it was stuff not worth storing hehehe.  Under what circumstances did your tenants depart?  Perhaps yours left a little earlier than mine did.  It took the full length of time and VCAT hearings to get rid of mine.  Eventually the locks were changed and they were told they no longer resided at the property, and could make an appointment with the agent to collect their "stuff".  Consumer Affairs turned up not long after (ie not 60 days) and said we could get rid of the stuff.  So I guess maybe close to 60 days would have elapsed between when I legally had "possession" of my own house, but the tenants were still in the place until eventually they were removed.

Maree – why'd you have to keep their stuff for 60 days?  Consumer Affairs turned up at my property and immediately said we could take the whole lot to the tip if we wanted to.

Sorry to hear about your misfortune mate

I've had experience with this sort of thing and can say the following:

It is necessary to have buffer money in the bank to be able to cope with costs and mortgage for about 6 months in case something like this happens.  That way if insurance is slow to pay out, you're still ok.

I have Landlord Insurance with Tenant Protection, and it's been fantastic.  It was about 5 months worth of lost rent they paid out, plus theft and any damages that could be described as "malicious". 

Take care during conversation with the insurance company – be polite and it's more likely the case manager will help you to the best of his/her ability.  Also take care when describing the nature of damage.  For instance, don't say "Oh the tenant's child appears to have damaged this" because this provides an easy out of "Oh well children aren't malicious, so we don't cover that".  Take care to explain, for instance, that it would appear that a hole has been punched in your wall either with a human hand or a hammer for no apparent reason.  The bottom line is, you were not there while the damage was being caused, and neither was the insurer.  It's a bit of guess work.  With some things, they'll happily accept your verbal explanation of what may have happened, backed up with photos to illustrate that the damage wouldn't normally occur during the normal use of a property.  In other cases, they might say "Get a tradie out to assess what he thinks occurred, and get him to note down what he thinks occurred on the quote.  If the damage is deemed malicious, we'll cover it – if it is deemed to be normal wear and tear, or poor housekeeping by the tenant, we won't."

Hi tedstar1

This has been discussed many times over.  Do a search under serviced apartments.  In summary, it has been concluded they are not good investments, because they have insufficient capital growth.

Nope!

You would have two mortgages to purchase the IP:

The main mortgage of $320k
A second mortgage of $80k (an equity mortgage from your first home – but the interest will be tax deductable because the PURPOSE of the loan is for investment).

The $80k can't be borrowed for free – you have to pay interest on it, and eventually pay back the principal ($80k)

Here are some tips on finding Cash Flow Positive property;

https://www.propertyinvesting.com/forums/property-investing/help-needed/22508

Here is the link to the discussion on the regular gathering of Melbourne Property investors.  Perhaps you should contact Adam and go along to the next one?

https://www.propertyinvesting.com/forums/property-investing/help-needed/4330324

My understanding is that in this case, pepper could avoid CGT.  However, if Pepper was living in another house which he/she owns, then probably not, because the one being resided in is considered to be the PPOR and thus the CGT exempt property.  That is my understanding.  Not my legal advice hehehe.  A quick anonymous phone call to the ATO would answer the question.  I have called them about many things.  Give them a buzz pepper, and let us know what transpires.

It could be true….   where have you been living been Jan 2011 and June 30th 2016?  If you have been living in another place that you own, and are declaring it to be your PPOR, then there will surely be CGT owing on the property you sold…

Speak to council to enquire how long a DA would take… but also drive around and speak to builders you find on working sites and ask them how long they have found DA approvals to take in your area.  Their answer could be rather different from what council tels you.

where is it located?