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wisepearl
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@wisepearl
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March 13, 2013 - 6:45 pm
Hi Ludasky,
congrats on looking into furthering your investment property knowledge!
I completed the results mentoring course in the 11-12 financial year and can highly recommend it. What the course offers is a good introduction on a range of investment strategies (eg buy and hold, renovation, development, overseas property…), great networking opportunities and best of all your own property mentor. It's a program where the more u put into it the more u get out of it, but having your coach and the opportunity to have regular coaching calls can really make u accountable for your actions and help you achieve your goals.
They also have a huge library of webinars and resources. I still use their spreadsheets for my own number crunching and deal analysis, and found their approach to research and knowing your numbers was really useful and relevant. Also learned some good negotiation strategies from there.
So all in all, I'm one happy graduate and found the knowledge learned from them gave me the skills and courage to take on a much bigger and more profitable Reno project, and now take on a subdivision deal.
Cheers,
emma
wisepearl
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July 15, 2012 - 11:14 am
I really appreciate the first two replies, and goes to show there certainly is ambiguity here. So will discuss with my accountant.
I have no appreciation for the insinuation made about my personal circumstances in the most recent comment which is rude, unfounded and completely untrue.
wisepearl
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July 12, 2012 - 2:22 am
After more reading I put then under sundry expenses. The ATO definition of what can be claimed as borrowing expenses is clearly not inclusive of regular annual fees… Sundry is for everything not already claimed and as there was no better place I put them under sundry.
wisepearl
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July 11, 2012 - 5:13 am
sorry Terry, yes I do mean in the year they are incurred.
And as for the investment property schedule, where exactly? under V – sundry rental expenses? as I see no relevant place in A – U in which to record them…
wisepearl
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June 29, 2012 - 1:49 pm
Voting ended end March and winner finally announced a couple weeks ago. Unfortunately wasn’t me, and they only announce winner so not sure where I ended up in the rankings. So wasn’t meant to be, not to worry. As long as I am my husband’s bride of the year then that’s what counts really appreciated the support tho.
wisepearl
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@wisepearl
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June 27, 2012 - 3:38 pm
Hey mel!!! I replied more on other post (stalker, haha). Yes still regularly attending meetings, group now called property meetings.com.au I think, or without the s. great talk last night on changes to building code/permit process and subdivision planning/budgeting.
Have emailed u to plan that coffee date, in Perth for sure. No more Gero. Looking forward to hearing what you’ve been up to!!!
wisepearl
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@wisepearl
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June 27, 2012 - 3:29 pm
Hey mel! Course I remember you so can we do coffee in Perth this time? No longer travelling to Gero
Great to hear ur a draftie now, good on you! Will contact u to arrange that catch up.
wisepearl
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June 25, 2012 - 6:27 am
just thought i’d update this… seeing as job was finished some time ago.
ended up going with my sparky mentioned above, as i found him so decent to talk to, and the time he took to walk through the house to get a thorough understanding of the job and his ideas gave me confidence in him.
He hired in apprentice between when he quoted and when he did the job, so the apprentice also worked alongside him on my house for the original $85/hour.
The total job came to roughly $3100 which included the full rewire, new RCDs, half hour new power points and light switches, connection of new light fittings, new ceiling fans. I was very impressed with the service and the price. Most fixed quotes were around $5-6k.
I will be calling him for all future electrical jobs, and though he will continue to charge by the hour his estimates are reasonably close to the finished charge and I have observed him working hard, fast and efficient in that time and he deserves every $ he charges.
I have happily referred him to others.
Cheers,
Emma
wisepearl
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June 15, 2012 - 6:02 am
you need to speak to a licensed quantity surveyor. They do a depreciation report and put a value on the building and plant/equipment/fittings etc with full break down for tax deductions. They can prepare this whether property is 1 month or 15 years old. Bear in mind houses constructed pre-1985 (I THINK thats the right year, doing off memory) do not have depreciation on the building allowed…
wisepearl
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June 15, 2012 - 5:58 am
i can highly recommend Tony Broughton from Broughton Construction. Unsure if he has worked on heritage but he has worked with me on 3 projects now and I'm always happy with his service and price. Tell him Emma Celis recommended him
best advise i can give you is to be aware of any heritage restrictions before commencing work. friend of mine did reno in fremantle and removed a stone chimney only to be told by council it had to be re-erected!
wisepearl
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June 6, 2012 - 1:18 pm
More or less, yes Jamie but if there’s a brief pause between IPs and loan is secured over a term deposit at that time? My thoughts are that the funds should remain deductible so long as the loan then gets ported to a new IP.
wisepearl
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June 6, 2012 - 5:08 am
Jamie – in the above situation, given the original loan account was for investment property and provided the new purchase is also for IP, can one safely assume that the income payments required to keep the loan alive can therefore be tax deductible as they are borrowing costs for investment purposes?
OR do they lose their tax deductibility because the loan is not at that time used for an income producting purpose? though one could argue there is interest being earned off the term deposit held as security?
let me know your thoughts on this, otherwise will flick it to the accounting forum and see what any of the tax gurus have to say.
wisepearl
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June 6, 2012 - 4:30 am
it depends on your intent with the property. are you renovating to sell or renovating to sttract a better rent? if you’re going to keep it as a rental for some time i would probably avoid the tile resurfacing. be aware its only for walls, not possible to use the paint to resurface floors. If you’re renovating to sell then its a cheap way to give existing tiles a brighter facelift for the sale.
wisepearl
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June 6, 2012 - 1:07 am
haha its true Brian, the REA I bought the property off was a dream from my perspective!! got everything i asked for and seemed to take my side not the vendors! and for that exact reason i chose not to even consider appointing him after the reno!
wisepearl
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June 5, 2012 - 10:38 am
just an update for those who took the time to reply… a couple days after my moan online, my agent presented me with 6 offers! we have accepted and contract has gone unconditional.
there was a lot of research put into finding the agent, based on sales history.
I guess what I was really looking for in this thread was suggestions about actions agents can take during a campaign to better promote a property. I wanted to know what was realistic for me to expect… There is no doubt now my agent got me a good result, I just wasn’t entirely pleased with their methods and communication. I had not heard from them after a brief conversation on Monday and heard nothing until a text on saturday evening many hours after home open just saying “will call soon, busy writing offers”. So for that whole week I had no idea what my agent was doing, who they were talking to, what interest there was on the house, hence my frustration.
It was a good experience for me to go through and will improve the way I deal with agents in the future, I’ll be upfront about what communication I would like and also have more trust in them… perhaps
wisepearl
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June 5, 2012 - 7:47 am
in a very rough summary it involved putting a caveat on the title under the bank’s mortgage one, directing all equity as owned by the trust. thereby giving the individual owner no “net worth” or equity ownership in the property. it obviously entails a lot more than that but that was a very oversimplified gist of it.
theory being in the event an individual is sued and their asset (property or other) is challenged, the bank gets first right to take away their stake and in theory a court could then take away leftover equity from an individual. But she claims she can protect it with this caveat + trust structure.
wisepearl
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June 5, 2012 - 3:34 am
You really should sit and have a chat with a good broker. You can tell a broker everything and then they will make recommendations on which banks, which products, which loan suits your strategy best and will submit your loan application in the most attractive-to-bank way possible. They get paid by the bank, not you, and instead of one bank offering you a choice of 2-3 products, they can offer countless lending institutions and hundreds/thousands of products. If you’re looking at buying within the next 2 months, I’d be speaking a broker NOW and ensuring you understand your borrowing capacity and research possible suburbs. A lot of “experts” recommend thorough suburb research to become an are expert can take anywhere from 8 weeks to 6 months. So start today.
wisepearl
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June 5, 2012 - 3:12 am
i’d agree with what Kate said above, tho she had a history of debt reduction her spiel will be on asset protection. She’ll scare you with some tales of nasty banks and introduce you to the all money clause and will explain how she has developed a system for asset protection. Her presentation was informative and well delivered, I enjoyed listening to her. I could see merit in her product but did not purchase as did not see it as a requirement for me at this time right now.
wisepearl
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June 4, 2012 - 9:50 am
absolutely luke – compare apples with apples, just damaged, bruised, dull apples with shiny, polished apples!
wisepearl
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June 4, 2012 - 9:13 am
Let me ask you a question:
Would you be willing to accept payment of $30,000 for a job that requires about 5 hours work a week for 3 months? Most people would probably say yes.
Now would you accept a cheque every year for $1,000,000 if you had to work 60 hour work week, move your family interstate, have a commute of 1.5 hours to the office and be tied to the job for 5 years? Most would probably say no…
What I’m trying to get at is that don’t make a decision based on a $ value.
How much $$ you putting in to get $150k out?
How many hours are you putting in to get that return?
What are you paid just to turn up to work each day?
How much do you value your time?
How much work are you personally putting in to get that return?
Would I take a $10k profit from a two week reno project? Sure! Would I accept a $60k profit off a reno + subdivide deal stretching out over 12 months, involving DIY and all my capital? No. So am I saying $10k is better than $60k? nup, but the factors surrounding the figure make it appealing. Same applies with % return. don’t work on a fixed % and not look at a deal if it doesn’t meet some arbitrary figure.