The thing with floorboards in units is that if you are up top in can upset your neighbours below as they can be very noisy when you walk on them. You’d want to get a really top quality underlay if you were going to go with floorboards methinks.

Thanks,
Luckyone

I’d ring the tenants board in your state and see what advice they can give you. They can be very helpful in situations like this. In one place we rented the oven had no shelves in it so we couldn’t cook. When we signed the lease, the real estate agent said that the owner had ordered them and it would be a couple of weeks. We didn’t mind that…[Read more]

Well done! I hope it all works out for you and she doesn’t have too much trouble finding another place.

Thanks,
Luckyone

Can’t you put into the contract that the property must come with vacant possession? That way it’s the vendors problem, not yours.

Thanks,
Luckyone

What on earth is a 401K?

Thanks,
Luckyone

In response to your questions:-

a) If it is a PPOR, you don’t have to pay capital gains tax. If it is an IP you would still have to pay capital gains after owning the property for one year, but it would be at half the rate. ie. Marginal Tax Bracket * 50% * Capital Gain

b) You only have to pay stamp duty when buying a property in the ACT.

A…[Read more]

Setting up a trust would allow you to sell your PPOR to the trust and then rent back the property from the trust at market value for your own use. Therefore you gain the advantage of getting all the benefits of having an investment property, but you get to actually be the tenant and the landlord.

Drawback is that you will have to pay CGT when…[Read more]

I like Terri Scheer insurance. Their prices are very reasonable.

Thanks,
Luckyone

Well, if you were to sell just the property that has a $90K debt that’s worth $450K, that would reduce your mortgage to approximately $140,000 (I’m not sure of what CGT you would have to pay on this property). Even if with CGT it did end up at $200,000 mortgage, it would seem to me that on your high salaries you could easily get this down…[Read more]

Would you consider moving out of your PPOR with the huge debt, making it an IP and moving into one of the other places with a much lower debt?

Thanks,
Luckyone

Of course, if you are a first home buyer in NSW, the state government is still offering no stamp duty (or substantially reduced stamp duty) to first home buyers. This may help with your closing costs.

Thanks,
Luckyone

Thanks guys. Wasn’t sure how it worked.

Thanks,
Luckyone

Geez Wayne, a bit slow of the mark today?

Gambini means he’s found his forum feet cause once you get over 20 (or so) posts you message changes to Not too many posts … yet.

Thanks,
Luckyone

So now that we seem to have worked out that high priced seminars are OK if you get value out of them.

Next question – what is the best seminar you have ever been to and why? Oh, and how much did it cost and was it good value for money?

Thanks,
Luckyone

How do you reply to abs, yorker?

Thanks,
Luckyone

I have read that it can actually be quite good to rent to people who have pets as it is hard for them to find places and will actually stay longer and take care of the place better as they don’t want to have to go through all of the hard work of finding a place that will accept pets again. Personally, if I had a suitable IP i’d have no problem…[Read more]

Yeah, it’s OK now. I mean it’s a really really long time ago now. I’m still pissed off with them about it, but I wouldn’t bring it up again. It’s two long ago to stress about and my life has worked out well anyway. I just think back now of all the years I wasted being angry with them over this and throwing away my education. Just feel a bit…[Read more]

Well people, all I can say is don’t do to your kids what my folks did to me. They let me go through all of the examinations (which were quite a few) for the two private schools I was interested in in year 6 to start in year 7. When the results came in, they told me I had been knocked back to both. Later, when I went back to visit my old primary…[Read more]

To me, it sounds like a good deal as you could renovate the two other units and get a bit more rent (in between tenants though). Maybe you could even convert the units to strata title and sell them all off individually for a bit more. I see potential. Where are they? PM me if you don’t want everyone to know. I live in Canberra so they…[Read more]

Hi Steve,
Can I come too? I really, really want to go to the Sydney launch. And can you book in my hubby Scott too? We’ve both been trying to book it online since we received your e-mail yesterday but we’re both getting page unavailable.
Thanks,
Lucy

Thanks,
Luckyone