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I only heard it on the radio (?reliability) but new home buyers get about $23000 in grants.
I have been involved in a similar thing, not banned but when I chose NOT to use the sales agent as the property manager they refused to deal with my buyers agent anymore. My buyers agents does massive deals and he did nothing wrong, and honestly neither did I as I never met them and only spoke to the sales agent once. They were desperate to keep managing the property offering ridiculous promises, obviously not a good agency.
I find it interesting that that they seem to quote differently depending on where the property is located. Adelaide's depreciation schedules seem to be cheaper than those in Sydney and Brisbane. Has anyone experienced this? I expect it has something to do with overheads and pay rates.
I doubt very much that I'll even have $3000 worth of tax savings per year for one of the properties. Do you really think that professional quantity surveyors that work for large national companies (and basically follow a publicised document) would have that much variation in their reports? I highly doubt it but I'm tempted to get both for interest sake now. Its probably not worth it on one of my properties which I only paid low $100,000s for but the other property it may be.
After discussing it with my accountant today (who specialised in property investments) I have decided to go with Washington Brown instead of BMT. He suggests to clients to use these companies ( although I hadn't discussed this previoulsy) and doesn't have a preference. He suggested i go with the cheaper one because at the end of the day he reckons they give me the same answer anyway.
Also Terry, I'm trying to be frugal and save $100! Getting both would cost $685 more!
Thanks, both visit the property and both are very well known large national firms. I assume both of these schedules are tax deductible, is there any reason why they wouldn't be? I told one company that I wasn't happy with their quote, their first quote (end of June 2012) was $600 for one property but I didn't do anything about it so they quoted me $685 per property for 2. But they have said that once a cosmetic reno is done on one within the next 12 months they would charge me $330 to re-do it if I provide receipts (ie. they wouldn't visit the property). The other company have quoted me $629 each for 2 properties with no mention of what they charge after the renovation. I'm planning on purchasing another property by the end of the year and at least 2 more in the first half of next year. Should I wait and get them all quoted at once? Are there any tax implications of not having them done now? (In hindsight this might be better in the accounting posts!)
Thanks, this is exactly what I'll do.
Jarrad Dunn from Perks accounting (google it) specialises in property investment accounting. He isn't cheap but should be worth the money.
@womeninpropmelb – I misread the strata meeting minutes and thought that there was 2 lots of repairs needed some for $60,000 and some for $171,000 but it seems they were quotes for the same job. The strata chose the cheaper quote and the once-off levy has already been paid. Now the admin fund need to get into the black which is only a few hundred dollars per unit and since my yearly out of pocket for the investment is close to $0 then I think I can afford this.
I think its ok the $171,000 repairs have been rejected but approved with a lesser quote and a levy was paid on 1/7/2012 for this. I have reread the strata report myself, made better sense of it and done some more figures. In actual fact it seems quite good so the only levy I should to pay in the future should be to get the admin fund out of the read and this shouldn't be much (obviously I just had a last minute panic!).
Thanks QLD,
My solicitor has gone through it but how can he possibly pass judgement on the financials? I have the minutes for the agms for the past 3 years and the minutes for 2 extraordinary meetings held since late last year plus all associated paperwork (eg. fire safety reports, quotes, strata fee predictions etc). There is a quote for maintenance work totatalling $171,000 which would equate to a one-off payment of around $6000 per unit. I just think that a total of $20 000 in the sinking fund seems like not enough for a 14 yo unit complex especially considering the admin fund is in arrears?
I have already negotiated a price which is at least $35000 below market value. I'm concerned the units aren't being well managed or and I'll continually have to pay above the strata fees.
Such a difficult decision part of me says just take the risk! But I'm still worried the extra out of my own pocket will affect borrowing for future purchases.Hopefully wentworthville is close enough to toongabbie (4km!). Its already let to a tenant that wants to stay on so renting isn't an issue at this just informative and accurate inspection reports etc. Thanks
Thanks everyone.
Shahin: I was actually dealing with Marilyn at Best and she seems very helpful, bright and bubbly. She replied to my emails very promptly. I think I will go with her as Response aren't budging on the their price.Thanks for the suggestions. I'm looking at Response (winston hills) and Best (wentworthville) Real estate. My properties located in Toongabbie so I guess Rootie Hill and Mt Druitt are probably the farthest I would want to go.
Amit Thaker wrote:Hi Lila, never heard of Nathan Birch's. I checked out his website as he suggest in the video and its seems alright. Have you done one of his Education program?No I have never done one of Nathan's seminars he just acts as a buyers agent for me when I buy in NSW or Queensland. He is very knowledgeable, helpful and gives great advice. However I still make sure that I understand as much about property investing as possible. Its very important to have a great team to help you out, so my mentor is Nathan, I have an accountant in Adelaide who specialises in property investing who also gives me invaluable advice and also very knowledgeable solicitors that I use depending on which state I'm buying in. I also have a mortgage broker that is located in Adelaide and knows my strategy (and also all my financials) like the back of his hand. It is imperative to get your team and financials in order (ie. pre-approval) and THEN start hunting for a property. You don't have to know it all but you have to beable to sort <moderator: delete language> the right advice for you. Good luck.
Thanks for these suggestions and the list of what to check for.
Is there anyone who actually use the insurance and have made claims that could tell me about their experiences.
You just missed Nathan Birch's seminar in Sydney last thursday. Although he does run a business he doesn't promote it to the extend that others do. Have a look a binvest.com.au. There is also a you tube video of a seminar he did a while back plus others on some of his investments.
Have a look at Nathan Birch's you tube videos (b invested channel) to see how he makes money out of renovating.
Shape wrote:So it's a block of units 3 x1 bedroom?She said house, I assumed 3×1 was 3 bedroom, 1 bathroom????
Catalyst wrote:The library is a great place to get past magazines too. There are often great articles and you can borrow a few. Look up the stats in the back of old ones. It's interesting to look at the price differences etc to now.Go to the Meetups forum and see if there are any meetings in your area. These are usually likeminded people who get together for coffee/drinks/dinner and chat.
I actually hadn't thought to look at the stats in the back of the old ones – seems so obvious, thanks for the advice. Also what are these meet up forums, on here or elsewhere?
mcgrandles wrote:the best place to start is to ask people in this forum my 2cents worth look into hindmarsh island or goolwa these areas is growing low crime and are only 1 hr from Adelaide homes are well kept and very affordableWill have to look into these areas although I would have thought that they would have had a significant price rise as they are really a spill over area for Victor Harbor which I believe would have seen a massive price increase in the last decade due to people retiring down there and families doing the sea change thing. (I have no data to back me up on this really just an assumption!!!)
vagirl2012 wrote:Hi – the advice on here is great… so I reckon you're in the right place! Definitely shop around because there are many great deals out there, but also many that are a bit on the nose!Be interested to hear how you go!
Thanks will keep you posted on how I go.
(This post has become a hot topic!! Yay!)
