JacM wrote:
Gotta say I absolutely hate it when the insurance companies ask me how much it would cost to rebuild.  Those not regularly in the business of building things would not know.  I'd rather them keep a spreadsheet guiding them on the latest rebuild costs and advise me accordingly.  It's also very easy to forget things like the cost of…[Read more]

Jamie M wrote:
Ahhh – Tamworth settlement today. It just clicked!

Cheers

Jamie

Yep, it's me.  Very excited today!!!! 

Catalyst and Jamie – good advice from you guys as always.  Will keep it insured for the $320k as is.  Hadn't really thought about the demolishing and being taken away side of it before.  I've also just had a look at how much my PPOR is insured for and I'm going to increase it tomorrow as I feel it's underinsured.

 Shahin – insurer is NRMA.  I…[Read more]

My intention is to stop being a "gonna" and become a "doer".  In 2013 I will:

1. Settle on IP 2 later this month.

2. Buy year IP 3 and 4. 

3. Sell land that's been on the market for way too long.  Have just reduced price drastically so hoping to attract a buyer soon.

4. Sell PPOR and downsize to smaller PPOR.

5.  Put excess funds towards…[Read more]

Can also highly recommend Jamie M on this forum.  He's just organised finance for our 2nd IP in NSW (I'm in Brisbane).  Doesn't really matter where you live or intend to buy – can all be done by phone and email.

Cheers,
Sundance

Jewel47 wrote:
Hello All!

I am a first time poster but a long time lurker.  I feel like I already know everyone on the site!  I often speak to my hubby and say, well "TerryW said", "Jamie stated", "Jac made a good point about", "Richard suggested".  He thinks I am talking about people I know, lol.

I have just read your post out loud to my…[Read more]

JacM wrote:
What quantity surveyor are you using for the depreciation schedule?  Maybe ring around some others and see if they can manage to do a better job of figuring out when the place was built for you.

Hi JacM,I ended up filling in the form and guesstimating the construction date.  I'm sure they'll come back to me if they're not happy w…[Read more]

luke86 wrote:
Ring your council and ask for a copy of the occupation certificate, that will have the date on it. Its free.Cheers,Luke

Thanks Luke86, will give this a try.Cheers,Di

Brokota wrote:
Hello Sundance, I have recently had depreciation schedules done on our houses and the business I paid to do them found out the build date as part of their research, thats what you pay them for. Also your local council will have records of when the house was built. I was advised by my council that if I wanted to know the build date…[Read more]

Thanks for your help Brokota. 

My accountant advised that I'd need the build date before requesting a depreciation schedule and have just started filling out an online form to get a schedule done and they are also requesting the build date.   Think it may be best if I give the council a call on Monday and see if I can find out. 

I assumed tha…[Read more]

Thanks for your help Brokota.  My accountant advised that I'd need the build date before requesting a depreciation schedule and have just started filling out an online form to get a schedule done and they are also requesting the build date.   Think it may be best if I give the council a call on Monday and see if I can find out.  I assumed that bui…[Read more]

Jamie M wrote:

Sundance wrote:
There is an offset account against the loan.

Hi SundanceDo you have a PPOR debt or any other non-deductible debt such as a personal loan, credit card, etc? If so, knock that on the head first before placing funds into the IP offset. If you do have a PPOR loan – forget about using the IP offset and set up an…[Read more]

Hi James,I purhased an investment property several months ago through CBA.  There is an offset account against the loan.  Each week our wages get transferred to the offset account and we use our credit card to live off for the month.  I also transfer the rent received into the offset account.  At the end of the month I transfer the necessary fun…[Read more]

Thanks Terryw – I hear what you're saying but we have already structured the loan that way so the horse has already bolted so to speak.  Am just waiting on the sale of some land and will use the proceeds to pay down the IP loan anyway.  PPOR is owned outright so if worse came to worse we would sell it, downsize and pay down IP loan.  Cheers,Sundance

Thanks Jamie and Richard – the fact that all the costs were included in the loan was my main concern so glad to hear that's okay.  I realise that we have cross collaterised and have discussed my concerns with the bank but as we only intend to purchase one more IP and then pay both loans down I don't feel that this will be a problem unless I'm…[Read more]

Thanks Richard and Terryw for your prompt repllies.Will get in touch with CBA and see whether they're willing to do anything before settlement.  Will definitely make sure I set this up correctly for IP2!!!!Cheers,Sundance

Qlds007 wrote:
Sundance implications of C/C can be considerable. I am sure the CBA would have disclosed them to you. I am unsure why they did not loan against your own cash rather than your PPOR.If you are close to retirement and will be in pension phase you might want to seek Accounting advice before deciding to sell any of your cu…[Read more]

Hi Terryw,That is very good advice.  So going forward from where I am now.  Own PPOR outright, just about to settle on first 1P.  Would like to purchase another IP within the next few months.  What is it I need from a professional at this stage?  Would the first step be to find a good accountant?  Or is it a broker?  My aim is to pay down the tw…[Read more]

Thanks Luke.  I appreciate what you're saying but this is a bit of a Catch 22 for me.  Damed if I do and damned if I don't.Twice in the last 10 years we have acted on the advice of financial planners and been severely burnt in the process.  The second time we lost a substantial amount of money.  I didn't really understand what we were doing at the…[Read more]

Hi Richard,No, not yet close to pension age but wanting to retire within the next three years.  (I'm 52, hubby 57).  Our goal is to have two IP's paid down as much as possible, sell our PPOR, downsize and then rent that out as well.  The object being that the rent from the three properties will supplement our income whilst travelling.  Hoping to p…[Read more]