I would subscribe to API.  I also like to have a variety of books, as I usually find there is always something you can take away from each one.   I have 2 on the go at the moment – they are "Seven Steps To Wealth" – John Fitzgerald and "How To Create an Income for Life" – Margaret Lomas……two very different books but each has certainly have he…[Read more]

This site used to be a very good resource a couple of years back, but I do I think it could still be good for some newer investors.  I gave up on it a while back due to the fact that it was so slow at certain times of the day (when most used)…I'd say the server was overloaded and they needed more bandwidth or additional server space.I have been…[Read more]

I think your decision to compromise is a good.  Good luck with it all.sq

Bonnie,Not unusual for properties to sit on the market for 6 months in Perth these days.  Hopefully stamp duty concessions will come into play and create more opportunities for sales.We've had a couple of blocks of land on the market since before xmas (very competitively priced) with very few enquiries so its a waiting game.  The agents are d…[Read more]

Hi Grim,Hard call!!!  No doubt the older couple know the rental situation is not too hot in Perth at present and know they would probably be hard pressed to find anything else comparable out there.  However you do need to make sure your not putting your needs last.  Ask yourself the question – why did you buy an Investment Property in the first pl…[Read more]

ScottContacted the builder (vendor) and he did not want to disclose the construction cost to me, but said that we should be able to work it out easy enough based on the Land Value Assessment/Rates notice.  I do have a document from State Revenue which clearly states the value of the unimproved land prior to them building on it.  Could this be u…[Read more]

Thanks guys, I shall be hooking up with someone tomorrow regards Building insurance and will go the Landlords as well, sounds like a good plan.SQ

My Property Manager has asked me if I'm taking out Landlord's Insurance – still not sure, as I assumed if you had a property manager on the job that it wouldn't be as necessary?!Thoughts please?SQ

Welcome to the forum all you Perth newbies.This is a great resource – enjoy!sq

Thanks guys, things are a lot clearer for me now!I have taken the extra $15,000 to cover expenses ect on this occasion.  May not be right for other purchases, but for this one I feel that it is the right thing to do after evaluating it some more.  It is Interest Only for 3 years and then I will re-evaluate putting more cash into it after that p…[Read more]

Thanks a lot for all your replies.My Accountant is a CPA and has done depreciation schedules for us in the past for business and other assets (eg: cars ect), so I have no doubt he could prepare one for us.  I am in the throws of contacting the actual builder (who also is the vendor) of the property, to see if he can write something up for me with…[Read more]

thanks for your input everyone.  I will be speaking to my accountant and yes I will ring the ATO a couple more times on this and see what responses I get.  I have just got back from Melbourne (decided to go regardless of being able  to use it for my cost base just for peace of mind).  Anyway happy with purchase and have kept all receipt in case!!!!!sq

I spoke with someone at ATO regarding this and they said NO to the expense claim and NO to it contributing to my cost base so when I sell the property I cannot make a claim to offset some CGT then.

I did argue the point that I felt that it was part of acquiring the property and that we needed to meet the property manager, conveyencer and real…[Read more]

thanks for your comments everyone, I guess now its up to me to do what i feel is right.

sq

Thanks to all who have replied.

I’m thinking…. take the $15,000 more to cover stamp duty ect, but my only concern is

Does this loan amount affect the valuation versus equity when the property goes up and I want to access equity? What I am trying to say even though it may seem dumb is say…..

First year…..
Property $240,000
Loan…[Read more]

Mmmm interesting Terry,

The ATO class you as owning the property from the date of acceptance of the O&A for CGT purposes so why not from an expense point of view!!

Thanks for your reply Terry,

No I don’t have a loan on my PPOR.

Do you mean 100% offset account again my new IP loan then? I am assuming thats what you mean.

cheers

SQ

Thanks for your advice CT. I’m just happy that someone has had some experience/connections with property in Malaysia because I am finding it difficult to get much info at this stage.

Yes I have spoken to a couple of locals in Malaysia who were indicating that I would have to buy in a “malaysian” name. I wasn’t able to get a good grasp of what…[Read more]

Thanks for your advice CT. I’m just happy that someone has had some experience/connections with property in Malaysia because I am finding it difficult to get much info at this stage.

Yes I have spoken to a couple of locals in Malaysia who were indicating that I would have to buy in a “malaysian” name. I wasn’t able to get a good grasp of what…[Read more]

I have very successfully managed to invest in country properties for the past 3 years and would certainly encourage it. It is all relative and you do get some good and bad tenants both in the city and the country!!!!

good luck whatever you choose.

sq[biggrin]