I’m guessing the answer to your question James is

‘Mind your own bloody business’

Cheers
Mel

Originally posted by georgisj:
Please be aware that you can keep your new ‘IP’ for 6 years and sell it without incurring capital gains tax.

Remember though, that your ‘new’ PPOR would not be exempt from CGT if you kept the old one as your PPOR for CGT purposes.

Cheers
Mel

Hi Andrew

Welcome to the forum. good to see you are starting young.

I would suggest that instead of emailing, you phone the agents, and what you really need to do is get out there and see them. They’ll be much more helpful if you’re standing in their office than if you’re just a tyre kicker on the email. Once you build up a relationship, you…[Read more]

I would say wouldn’t happen until ‘sometime after’ the next election. then it has to go through parliament etc. etc.

Besides that, stamp duty is a state tax, so it will be interesting if they can force the states hands. Plus, it was supposed to be abolished (like it was on shares) when the GST came in.

Cheers
Mel

James, I would also let your (prospective) tenants perhaps have a say in which house – if they will be long term ones

Perhaps a Wrap could be an option too.

Cheers
Mel

Helpme

Try Nick Moustacas

http://www.strategicwealthmanagement.com.au

or Bruce Whiting

http://www.mingroup.com.au

Cheers
Mel

Talk to a mortgage broker. Find out how much you can borrow.

Is this what is called arranging provisional finance? I take it that this is the step at which it’s a good idea to get written confirmation from your bank about how much you can borrow, correct?

Sort of. My first thought would be to find out from the Mortgage Broker a ballpark figure…[Read more]

Ahmed 10%! You gotta be kidding me!

Maybe you need to settle for a 80% lend with a much lower rate, or talk to Terry and see what he can do for you. there are other lenders out there that must have better rates on a 90% lend.

Not sure of your location. Perhaps you could refinance at a LOWER rate, have the house as an IP, and rent for a little…[Read more]

Lazo, this site could give you a price for kitchens. I think they’ll give delivered prices, and take it away yourself. dont’ know about fitting though

http://www.lawsauctions.com.au/

Cheers
Mel

Rezix, reading through these posts again, I’ll admit I did think, pay your HECS, no, maybe you could get a house, and back to pay your HECS again.

Especially with your time constraints at present, you are probably better off paying the HECS upfront. Especially as if you leave the money in the bank – expenses will always ‘suddenly’ come up that…[Read more]

That is way CF-, even with the ‘freebie’ equity.

Cheers
Mel

Lawrence, for books to read, check out

https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=6845

Cheers
Mel

http://www.powwowevents.com.au

they deliver fairly quickly

Cheers
Mel

Tro

Can you not use the increased equity to borrow against to fund the CF+ properties? If it has been a good growth property, be careful about selling if you wish to ‘cash in your chips’ in 8 years. If you can find some CF+ properties, they could balance each other out, and as James said, get QS done to reduce the outflows also.

Cheers
Mel

Hay, are you managing yourself or an agent?

I’ve been told that it’s a simple matter of contacting the Bond people. They will send a letter to the ‘last address’ of the tenants – which probably will be the IP if they have done a runner. They have 4 weeks or so to contest not getting their bond. If they don’t answer, it’s released to…[Read more]

Brendan, you’ve obviously made a note to yourself that changing the IP loan to IO is one way to reduce your outgoings.

Raising the rent is another. In regards to upsetting the tenant, do a quick look around to see what comparables are renting for, and maybe raise yours so that it’s still less. That way the tenant is still getting a good deal.…[Read more]

In regards to the agent’s commission, I think it sounds fair. 5% of $18000 isn’t really going to net them much, and 2.5% on the rest seems about standard – or less even than I’ve been paying.

Cheers
Mel

Marty, I guess it depends on whether or not they’ll leave it in place when they leave.

I’ve had tenants move into one of mine recently, ask if they could install an alarm, and said they would leave it when they moved on. More than happy with that![]

I think halves is a good deal for your tenant – and you.

Cheers
Mel

You’ll also find that the ATO now classify kitchen cupboards etc. as part of the building, and you can only depreciate them at the building rate of 2.5%.

Cheers
Mel

Yep, read it.

Spit ’em out[]

Cheers
Mel