Yep, my understanding is that they ‘want’ more…. But that doesn’t mean that you have to offer more.

I think if they want a higher price, they should advertise at a higher price…

Cheers
Mel

Find a better accountant.

Bruce Whiting from http://www.mintgroup.com.au knows about Wraps – he’s John Burley’s Aust accountant….

Cheers
Mel

Get them managed by ‘a’ or different PMs, so nobody will know that you are the landlord….

Cheers
Mel

I think Condos are our strata titled units?

Cheers
Mel

Originally posted by Julia:
The ATO actually employs its own valuers. In fact one of my clients has just been recruited so I look forward to finding more out about this process next time I do his tax return.

[specool] It will be nice to know how the ATO ‘thinks’ occasionally…

Cheers
Mel

1. If we want to use the equity in our current home to finance an IP, can I use the equiy as a deposit and borrow enough to cover all legal and other fees?

Yes. there are two ways to do this. either use the same lender, and cross collateralise your properties (not recommended by most), or set up a second loan against your PPOR to use for the…[Read more]

I think that’s the same here (ACT) – although we’ve been able to ‘up’ the rent a couple of times when tenants have broken their lease.. I guess it was lucky that the new tenants were ready to move in the day after departure…..

Cheers
Mel

Hiya Sooshie

I think your info is great. Especially for all the new guys out there who wonder if the properties are out there.

I’m guessing that the houses near you (near Tafe) would be made positive by renting by the room?

I’m also pointing this out to others to show that today a little bit of creativity is often required to make houses more…[Read more]

Another positive is that if you have a home business, you can claim part of the ‘rent’ as expenses, without having to worry about losing the CGT exemption if it was your PPOR.

GP, the ATO won’t let you ‘negatively gear’ the house you live in thru owning it via a unit trust..

Cheers
Mel

Jo, I reckon you should get your friend to contact one of the fabulous mortgage brokers on this site. I assume she is in Vic with you, so Steven would be a good choice… She can provide all info to him, and they can go from there.

I hope her IP loans are interest only… She’s doing a great job []

Cheers
Mel

Regarding NZ, do a search on the forums. Places have been discussed manyyyyyyyyyy times…

Cheers
Mel

Julia, wouldn’t you get the QS to do the ‘contents’ as well if you’re already paying them to prepare the report?

Also, with reference to the May 1997 date – how does the ATO determine the depreciation you ‘should’ have claimed? Do they get a QS done on the property you sell, or do they have some arbitrary figure they use?

Cheers
Mel

Yep, based on a 50 week occupancy…

Cheers
Mel

Chances are that the answer is no. UNless you search in the place where you bought the first one, and you also attend to some business regarding that property while you are there….

Others may have different, better opinions than mine []

Cheers
Mel

Hi Terry

There were a few posts from Rob interspersed with the others, so some were answering him, or asking him further questions….

Then, for the third time, he got the sh**s, and deleleted all his posts again…[baaa]

Cheers
Mel

http://www.propertytalk.co.nz
http://www.realenz.co.nz I think

Cheers
Mel

John, I too was told that by the REIACT. Don’t think it has changed….

Cheers
Mel

Tommy, yes you can return the FHOG. If you used it to buy what you thought was a PPOR and now isn’t…. Otherwise why would you?

If you haven’t owned a PPOR you can (probably) then reapply for it later on. I would certainly be asking your State Gov the specific question though!

Cheers
Mel

Some sort of a trust – probably a unit trust so that your entitlements are in line with your unit holdings..

Cheers
Mel

As Simon said, it’s not necessary to rush in and buy 4….

If you keep your house, and don’t buy another one to live in (but rather rent) then your Perth place will be CGT free for up to 6 years….

You should be able to borrow against it to buy your next IP to start with, and then reassess how you are travelling..

Why not contact a broker…[Read more]