It really does depend on the age and style of the property. There is nothing wrong with buying some thing second had at auction or even ebay etc. When furnishing a property you cannot forget the small things, like wall hangings, mirrors or painting, bookshelves, lamps etc fake plants are good.

For depreciation purposed, I’d try and keep…[Read more]

Good to hear. That takes the stress out of the situation.
Lucky you threw the Q out to the forum before seeing your accountant first. Even if all we did was confuse the situation.
Good luck with it.

Mal

Getting out of your comfort zone, can help you become comfortable

Simon’s scenario was the one that made me change my stance.
I’d say tty avoid the whole CGT scenario, give them an incentive to leave before the 8th. Pay the moving costs or waive the rent for the last few weeks.

Don’t you just hate seeking professionsal advice and then having to go elsewhere because you think they are wrong!!

Mal

Getting out…[Read more]

I may just have to eat my words. [withstupid]
Aren’t I the clown [juggle]

You may be correct and the CGT payable may in fact be less that $500. The formula would appear to be CG x 11 / 3000 (approx) if say you sold it in december.

Check out the ato site below: go to the heading “Continuing main residence status after moving out ” about half way…[Read more]

Adl_Cat,

I suspect that once you go over the 6 year cut off , the 11 days count for nothing. The capital gain will be based on the portion of the time that it was an IP to the Total period of ownership. Which given that if say you sell it in December, the period that it was an IP will be about 75% of the time.

The capital gain (assuming you…[Read more]

I saw the concept model for the geotech thermal technology some time ago, and to blew me away how simple it really is. I’m all for it, it’s a different ball game though we need to cash in on the technology rather than the resource. Can’t we have our cake and eat it too. Sell them some uranium for a while first, then sell then the geotech thermal…[Read more]

That smell does not come out in a hurry.
The problem is while the place is untenanted it probably locked up all day which only makes the smell worse.
I’m with Fast Lane on this one, replace the carpet. Or get another dog lover in there, this can work out quite well sometimes, allowing pets.

Mal

Getting out of your comfort zone, can help you…[Read more]

I would beg to differ that this is a “Very Good Property Manager”, allowing a property fo fall 25% behind a true market value, is not usually a sign of a good property manager. Hence the problem of trying in one foul swoop to increase rent up to market value.

If I could get 25% below market value, I’d be a model tenant also.

Personally, I would…[Read more]

MJ,

Terry is right on this one. I use equity for shares, but on sale you should use pay back the capital component (original purchase value) back into the loan, you can keep the profit but not the principal.

Mal

Getting out of your comfort zone, can help you become comfortable

Re Painting
We were told to SolarGuard paint for the job. A 4 Ltr Tin of Paint did about 35-40 Sq Mtrs. Cost was $55 for 4 ltrs.

I was given a tip from a neighbour after having already done most of it.
Wet the fence first and do a thin coat while its wet, then do a second coat later. The wife did the fence an had no intention of doing it twice,…[Read more]

Good result. Beats having to evict to tenant as I had to do.
I did threaten my PM to take the management of my properties elsewhere, forget about the rent owing and start afresh with a new agent. PM covered my court costs, and waived the new lease fee for a new tenant, + rents were increased 10%. Apparently my ongoing business is important to…[Read more]

A cheaper option for the crappy fence is to paint it. I was over in Perth last weekend to spruce up our IP there and painting of the ugly grey fence was on the list if things to do. We did it in a sandy colour to complement the brick work and it has totally transformed the front of the house giving it a much more aesthetically pleasing look from…[Read more]

MJ,
I’d suggest that you set up the investment loan so that the difference up to the 80% LVR was available for redraw to pay for expenses relating to the property once it becomes an IP.
IE. Pump all the rental income into your PPOR loan and draw down any IP related expenses from the IP Loan. It will keep the tax man happier, as you can prove that…[Read more]

Hi Diane,

Blue – Yuck !! Go nuteral colours !!
Others have already done the work for you. Go and have a look at some new developments in the area, Trinity etc and see what is being done in those units. Have a look at the colour schemes being used, there are a few different ones , but you will noticed that the majority have used very nuteral,…[Read more]

I evicted a lovely old lady last year from my unit. She really was nice, but it just didn’t make good business sense to have her there, in the end I had to take her to court to get her evicted. Harsh but true.

The real story.
I owned a unit, where I went through a couple of tenants in a short period of time, one even left and continued to pay…[Read more]

Richard that is the worst response I’ve seen from you for a while. Forget patting MH on the back and read the question. The purchase is intended for Owner Occupier, the Wizard Loan mentioned is only for OO anyway, not IP’s.

Simon, if you know that you are not going to be in a position to make additional payments then the Wizard option may be a…[Read more]

Don’t go blaming Dazz, you are as bad as each other.
Now go to you room.

Mal

Getting out of your comfort zone, can help you become comfortable

Kroc,

For starters get the standard building and contents insurance in place NOW. Once you have exchanged contracts, you have an interest in the property and should insure it as such. Do not wait until settlement date, because if anything goes wrong between now and settlement , you may find out the hard way that you are out of pocket a lot of…[Read more]

In this months API, queensland area of review is Cairns, I think I recall the last line of the article saying “There are no more bargins in Cairns, non at all”.

I’m from Sydney and have investments in Cairns. I wouldn’t buy there again at the moment. Cairns was also my first investment, where I couldn’t keep an eye on it. You should not have to…[Read more]

Hi Tig3r,

Welcome to the forum.
I’ve been in your shoes, having a passion for a sport (cycling), working (for stockbroker) and studying (accounting). They were fun times. After working 5 years I did stop for a while just to cycle, which was a stupid idea financially, but I will never look back and say I wish I had have given it a go, because I…[Read more]