Catalyst wrote:

Nadine what do you mean by- "We are keen to share the knowledge through a face to face course"?

We have fully renovated several properties ourselves. We do most of the work ourselves and typically spend 5 weeks in and out (with working as well).

We haven't sold any though. We renovate, giving us increased equity (revaled some…[Read more]

The thing with doing it yourself is you save money but eats up your time.

Actually I did cheat a bit because I’m a cabinet maker. Bunnings kitchens aren’t really that cheap. Your just saving on installation costs.

Nadine, I just finished renovating a recent purchase of mine. Doing the work yourself means more profit. My renovations included: New kitchen, New bathroom, New blinds, repolished floor boards, tiling in kitchen, laundry and bathroom, front landscape, New paint job inside and built in robes to all bedrooms. All up cost by doing it myself: $6000 exact.

I agree with catalyst. Hard to find a good tenant in so little time. I wasn’t even allowed to advertise the house while under settlement for a tenant to move in once settlement is over as I got told legally its not my house.

Best to wait after settlement for peace of mind and atleast then your in control.

I don’t no why people are so unkind

Only in China

Gees i always get those two mixed up! 

kat13 wrote:
We pulled out the equity on our house – 90K which got paid into cash into our offset account until we were ready to get something…but we are also using 30K for personal improvements which is maybe why it was done that way????

We are currently waiting on preapproval for the rest (not sure how much we can get – but broker indicated…[Read more]

I wonder if Alan bond will come out and say the cat died from shame?

JacM wrote:
Joe what suburb is your property in ?

Laverton, Vic. Laverton has a high vacancy rate, i knew this before i purchased it but got it as a really good price. I'd rather wait and find someone decent…. although if i was hard up for cash i'd be very worried by now. 

Brisbane 04 wrote:
Hi Joe,
            With regards to your insurance its up to you how much you insure for.  You're able to work it out.  For example I recently purchased a property for $247000,  crazy as it may seem I insured it for $250000.  I valued the land at $170,000.  I'm with RACV and  also and got the multi policy discount approx…[Read more]

Scott No Mates wrote:
But if the only two real beneficiaries are Mrs & Mr No Mates who are both in the top tax bracket how do I save tax? It's fine when there are other beneficiaries (ie low income earners over the age of 18) but what if there aren't)?

Trusts aren't exempt from land tax from $1 (generally)

It costs $ to have the books…[Read more]

Jamie M wrote:
In that case – I wouldn't worry about whether it's CF + or CF – 

I'd be more concerned about it being vacant for so long!

Is the asking price in line with similar rentals on the market? 

What's the PM's feedback been?

Cheers

Jamie

I'm asking $270 a week (started at $285). You can rent a very run down house in the same…[Read more]

Jamie M wrote:
It's probably prudent to include a couple of weeks without rent….and also a weeks rent letting fee to the PM.

Cheers

Jamie

That's a good point, it's funny how a few vacant weeks can turn a positive geared property into negative. I've already had to drop $15 off the weekly rent as it has been vacant for over 8 weeks now.…[Read more]

I’m on a similar system at home with the wife. I get bonus points when I do as I’m told. Currently I’m in the negative territory.

Actually you made me feel bad! It’s the wake up call I needed!

I agree and deep down I should really do something about it. There should be a law where for every dollar a tenant causes in damage, you can cause $2 worth of damage to them.

I think I need to increase it to $300k. $250k is cutting it fine

JacM wrote:
Um a casket is something you get buried in.  Golden or otherwise, I don't want anything to do with a casket !

Didn’t you once say you wanted a brick casket? Haha

I’m with racv, I’m getting a discount as I have 4 other policies with them plus 2 cars. The building is only insured. I don’t have landlord insurance but your right its not hard to do $40k damage. That’s why you have to be very very strict with your tenants and make sure they’re decent people.