I use deppro & I’m happy with their service– http://www.deppro.com
The reports cost approx $400 (from memory)
I agree with Terry, do it as soon as you purchase the property & defiantly still do it with older houses. I’d always have a schedule done – it makes claiming depreciation easier.
Hmmmmm… I sense this is dangerous ground, but oh well.
But here’s another point of view…….
Abundance is everybody’s due, is it not?
Abundance to our ancestors & tribal people meant having plentiful food & shelter – with out want.
Abundance to our animal kingdom means the same. The universe provides food for animals (in various forms) they accept this as natural & god-given – without question. In times of lack, they accept starvation & death as natural & god-given also. It’s natures way of levelling things out.
If we apply this same theory to the human being in 2003, what would then be our definition of abundance?
There is abundance everywhere in nature, abundance is natural & god given, so why should it be wrong to have your share?
The basic needs of a human are food, clothing, shelter & love. As humans here on earth it is natural & god-given that these basic needs are provided for. Now, ignoring love – only because this discussion is about money, how does your average human in 2003 obtain food, clothing & shelter? You guessed it – with money. We no longer hunt & gather as our ancestors did, we need money to service our basic needs.
Money isn’t nasty & evil, nor is it good & pure. Money neutral. Money is a form of energy that gets passed around from one place to the next. Constantly, every minute, every day. All a person needs to do is have their hand out as it passes by.
The thought that if you have money, you are depriving someone else is not necessarily true. A person with wealth can choose to be charitable & giving or they can choose greed – it’s up to the individual. It may be true that as one party takes a $10,000 gain out of the stock market, another party makes a $10,000 loss. However, both parties choose to take the risk, it’s just that one party acquired $10,000 worth of education, so did he loose? Maybe, maybe not. That would depend on the perception of the individual concerned. Next time he enters the market, the roles could be reversed. Thus the energy of money flows back and forth as it should.
There is also a natural law of supply & demand. You hold an investment property. Another human needs shelter. You are supplying to their need. What is ungodly about this situation? Sure, you receive gain, but in doing so you are in turn able to service your needs. Besides, you’ve invested your own money & your own time, not only to serve yourself, but another human as well, who needs shelter, who may or may not be less fortunate than yourself. Just as our ancestors who mastered the art of hunting, reaped the benefits.
People sometimes get caught up in the ego-trap of money. The glam. house, car & boat, although nice to own or have, don’t really provide true self-worth. True self-worth comes from within & is not measured by your bank balance.
I don’t subscribe to sayings or passages from the bible such as ‘money is the root of all evil’ or ‘you cannot serve two masters, and that you must choose between serving God and serving money’, for a few reasons.
Firstly, because I’m not religious, and do not follow any religious teachings as such. Secondly, it is not the money it’s self that is evil, as I’ve said before, money is neutral, it is the human thought form that attaches evil or good to it, and that is an individual choice. Thirdly, money shouldn’t be your master, otherwise you become the slave. Surely this is not an ideal situation? Money being in control of you? Not a concept for me!! The object of the game is to become the master of money. It is the slave. Therefore, no conflict exits. You are now free to serve your god as you choose.
Every thing is as it should be, otherwise it wouldn’t be.
Just a quick word of advice…. I know we as ‘draftees’ (I’m actually a drafting manager now though) use cap’s lock when drawing plans, but when posting to forums, sending e-mails etc. others view writing in capitals as ‘shouting’ or being angry!! I found this out the hard way – some people I was dealing with became very upset with me over it, which I found a little bizarre, but there you go!!
Anyway 007, I pretty much have to agree with Damien here, builders still make the fees up in their margins, design / drafting work & council applications cost money, and builders need to cover their costs. It’s just that including these items in a contract is not as ‘in your face’ as a $12,000 upfront fee.
I looked at quite a few software packages before finally deciding on POSH. I’ve found it to be quite good but it does have a few limitations that are annoying, however all ‘off the shelf’ packages always don’t do something you would like them to do. I would prefer that all of my records were kept in excel & I’ve started to produce spreadsheets, however my time is my most precious resource at the moment, & I struggling to find the time to finish them. But utilising excel, you can customize everything, and that appeals to me. Other advantages of using excel include, the ability to use & link to access (for a database ie tenant records), and (I may be going out on a limb here[]) but I don’t think Microsoft are going to go bust in the near future, so there will always be upgrades and support available. Downside of excel, is the limited ability to produce reports – or maybe I just haven’t figured out a way yet!!
My advice would be to get as many trial versions as possible, and see which one suits your needs best.
Here in WA you can get a copy of a book called the Landlords Handbook from a few select newsagencies or from the Dept. of Consumer & Employment Protection. It costs approx $10 & outlines the rights & responsibilities of both parties, including things like how to serve breach notices, rental applications for prospective tenants, property condition reports etc. Lease agreements, breach notices and the like used to be available for free from the Dept. of Consumer & Employment Protection also, however last time I was in there they told me that in future I would have to purchase such forms from the Gov. printing office, but I haven’t as yet needed to replenish my supplies, so I don’t know how much they will cost now.
I don’t know if the above applies to all states though, but the Dept. of Consumer & Employment Protection in your state may be a good starting point.
Now everybody is just getting upset!!! There is a ‘little trick’ to Dino’s & my ‘high score’ so, everybody who got under 70, please go back to the site again and try this………..
Don’t go madly clicking around the screen in a desperate attempt to click on as many circles as you possibly can, rather click on the start button then an quickly as possible move your mouse to the closest circle possible then click away – ie you only need to click on one circle 101 times – not the other way around!
Seriously guys – no fibs
You just gotta ‘think outside the square’
Cheers
Kym
PS – a faster mouse helps – I wouldn’t have been able to get 101 from my desktop PC.
In addition to the previous posts you could also consider;-
A r/e agent once told me that when a seller advertises within a price range the seller is hoping to achieve at least 75% of the difference between the low & the high price added to the low price. I don’t know for sure whether this is the absolute truth, but it does sound feasible.
Price range of $150,000 – $180,000
Price difference of $30,000 x 0.75 = $22,500
$150,000 (Low Price) + $22,500 (75% of the price difference) = $172,500
So $172,500 is the price the seller is hoping to achieve, but not necessarily what you should offer.
I have also added a link to a site where you can buy VGO past sales data for the particular area you are researching. It costs $33 for a report & you can compare the past sales information to the property you are considering. The report is e-mailed to you instantly. The downside is that the information is usually approx 1 month out of date, so in a fast moving market you need to take this into consideration. You can also get the same reports directly from the VGO, but you have to physically go there, as they do not as yet have an online ordering facility.
You’ve raised the bar mate![] I’m going to have to lift my game. Still, 74 was my first try – so you only beat me by one point there. I’m going to have another shot from my laptop a bit later and see how I go from there. I’ll get my trip to the Caribbean – if it kills me!!!
Alf’s first post did prompt my thinking, so if anyone’s going to the Caribbean, it should be myself & Alf? Right? Let us know where we collect the tickets![][:0)]
This is great!! A personal insight to everybody’s wonderful & wacky lives!!
Life begins at – – 30!! (31 in January) – Capricorn
Female
5 foot nothing
Single
Architectural Drafting Manager – complete with 16 wonderful people to provide inspiration for on a daily basis!![:X]
Smoking / drinking (feel quite at home ‘holding up the bar’ at 2am!!)[]
1 dependant – a 55kg Alaskan Malamute named Sekani[:X][:X][:X]
$$$ + $$$ + $$$ + $$$ = $$$$$$$$$$$$ – DNA Structure[]
No tattoos / body piercing (except ears)
Likes:- good tenants, all my wonderful friends, holidays & chocolate![]
Dislikes:- feral tenants, people who ‘deliberately’ aggravate me, not having enough holidays & minted peas.[xx(]
Most memorable experience this year?
Cycling 580km from Launceston to Hobart on the Great Tasmanian Bike Ride. – It was great, but seriously when they say “the best way to see Tassie is by car” – they know what they are talking about, trust me – the hills are really big!![]