If there is one owner of all the units on a strata title, they are usually exempt from complying with many requirements of that State's strata laws e.g. annual general meetings, building insurance taken out by the body corporate/owners corporation.The Rentwise blog has some handy information on BC/OCs: http://blog.rentwise.com.au/index.php/2010/04/…[Read more]

Why not offer them 12 months on the basis that you will increase the rent after 6 months if they only take a 6 month lease but stay on afterwards without a lease?

Chrisfromhastings wrote:
Tenant in Victoria wants to renew lease. Expiring lease was 12 months, tenant wants to renew for 6 months.  I am not happy about new lease expiring just before Christmas.  I suggested to PM that the lease be 7 or 8 monthsif not 12.  PM informs me I have no say in how long a renewed lease can be.  It is whatever the ten…[Read more]

Do you claim depreciation on your IP? Floor boards are a great depreciable item and repairs are fully tax deductible.

BreakEven wrote:
Hi Terry,Sorry to hear that this happens all the time..The property settled months ago.  The tenants have remained as their rental contract is in place until this weekend, and they have  been paying rent to me.  The problem is that the agents knew that the tenants needed to be out, but they didn't notify them in time.Ive si…[Read more]

duckster wrote:
I would rather authorise my property manager to repair anything under $1000 rather than having to authorise repairs, but I trust my property manager.

May I suggest the authorisation be strictly confined to urgent repairs as defined in the Act, otherwise you could find yourself paying for items that the PM authorised but weren't…[Read more]

Our builder took care of this, in conjunction with our building surveyor.Ask your local Council for more information or contact the Building Commission in your State.

I’d formally advise the strata manager and the other owner (either through the agent or directly via a title search) that unless the matter is promptly dealt with, you will refer it to the building insurer to pursue. The insurer could seek partial recovery of any claim directly from the manager and other owner if their failure to act results in…[Read more]

If you plan to sell relatively quickly, be wary of the rate of capital growth and the effect of CGT.

As the Residential Tenancies Acts in each State also generally include rooming houses, the Act in your State may still apply even though only one room and not the entire premises is being rented. If the Act applies, it means you must use the standard residential tenancies agreement. Best to check out the law in your State and contact your Stat…[Read more]

A title search will give you the owner's name but not necessarily their current address. You may need to lodge an FOI request with the Council as ratepayer rolls aren't public for privacy reasons (sorry Steve!) or you could search the phone book or electoral role for the current residential address of the owner.

If your property was built after July 1985 you will be able to claim both the Building Allowance and for Plant and Equipment. If construction commenced prior to July 1985, you will only be claim depreciation on Plant and Equipment (i.e. carpet, blinds, ovens etc). A title search and Council records may help in nailing down the construction timeline.

Lumleys through a broker is worth a look – they're even cheaper than cheap EBM.

JimmyJ wrote:
I have always wondered if they receive kickbacks, and I think this is confirmation.  Why would they offer to source quotes when there is nothing in it for them?

Exactly. I've experienced this with landlord's insurance and smoke detector inspections, where the services plugged by the PM were signficantly more expensive than what I…[Read more]

Oztorro19 wrote:
You have to be able to justify your increase in accordance to market conditions. Today, one would just jump on the net, have a look at their suburb and property stats and you quickly get a very good idea of market value. Now a tenant does exactly the same and if the home their in is no longer value for, away they go. You are…[Read more]

Still good deals to be had in Murrumbeena and Hughesdale along the Pakenham train line. Cheltenham, Highett, Mentone and Moorabbin are also worth a look, along the Frankston train line.Train will get you to the CBD faster than driving and there are lots of express trains along those lines = even faster.

ALWAYS use a reputable quantity surveyor to obtain a depreciation report and ALWAYS ensure they visit the property to cover yourself if the ATO ever queries your deductions.The Rentwise blog contains some handy info and tips on depreciation schedules: http://blog.rentwise.com.au/index.php/2010/05/18/depreciation-reports-please-explain/

The Rentwise blog has links to free advice provided by the WA Government as well as the WA Tenants Union (a handy reference point for landlords): http://blog.rentwise.com.au/index.php/2010/05/24/free-forms-and-resources-for-self-managers/As others have said, know your rights and exercise them!

If you're interested in Victoria, check out the Department of Transport's website, which details where all the new rail lines, stations and bus routes are being built according to the Victorian Transport Plan and hence where it'd be wise to invest as people want to live near public transport.

grasshopperinvestor wrote:
Hi everyone, I am puzzled as to which software too buy. I only have two IP's at the moment , that I self manage. I was hoping that some of you experienced investor that are self managing your properties could give me a push in the right direction . Any advice would be greatly appreciated. Cheers Grasshopper…[Read more]