Forum Replies Created
duckster,
You can add on – I just put out $3200 for termite removal and treatment. Yet to see if any structure damage.
One townhouse in my block was burned down by a tenant – so we all had to put out $1500 to pay for repairs – 4 years of court cases to first chase insurance company, then end up suing the property agent, etc…You will not find all these things listed in books with regards to running expenses.
ps yes I had yearly inspections and the tenant that burnt down the townhouse had no money.JBJ
Yes the joy of it all, my advise is to just take it on the cheek. Adjust your tax etc and years later you won't remember it, think of the long run, hopefully you will get a good tenant next time.thebigisle,
Easy to say in hindsight I know, but, if tenant advised of replacing valve as well, then you could have asked him to monitor overflow tube ( put a bucket under it ). Also if cylinder was not retaining the heat points to relief valve fault not heating element or even thermostat problem!
I unfortunately think the tenant has a good case.rambo 1
Maybe your property is not positively geared, have you added all your depreciation items etc etc, also be aware that interest rates are rising maybe by another 1 % this time next year, its a changing times we live in, so factor them in. Good to see you are getting a good rental return.Take a step away and think ………..what do you really think house prices are going to do over the next year……if they are not going to rise rapidly then keep paying off the current IP. If you think ( I don't ) they are going to rise rapidly, then go out and get another IP. Sit down and do the sums.
Yes,
I admit I am a follower of Steve Keen, eventually Australia will catch up with the rest of the world. Mind you I think that the sharemarket will crash again, so maybe I am too pesimistic a person. I am eager for house prices to crash so I can buy a big pile of them, I predicted a large drop this year, but, interest rates dropped 3% to save people. BUT… as they now start to rise finally we may see some real action.Jlee,
Yes.
Also land taxes, council rates, insurance, repairs, depreciation on assetts and building, etc just as per a normal rental property. I know of a few people that have done what you are trying to do. But most of them came out in front mainly because they had large loans and have moved back into their own house when loan repayments have decreased.businessglobal,
Very sorry to hear of your experience, I guess that explains why you are now so parenoid, suggest you sell your rental and put your money in the bank or under your pillow, before you worry yourself to death.suehe,
Above is assuming your daughter can afford $300 per week in rent, plus pay the running costs ? By your post it maybe too much for her?
I wouldn't suggest a financial advisor, try to find a good accountant with knowledge and practices in property.
Whilst it maybe a nice fuzzy feeling to buy and rent to your daughter, it maybe also a giant financial mistake. Make sure you have a watertight contract in case it all goes bottom up, your daughter ( unsure of her personal details ) may hook up with a bum who may take you all for a ride etc ( of course I do not wish this on you ), but just trying to advise you to be careful.If all is good, then take the advise of TerryW and QLD007 or kum yin yau or investige at least, but with superannuation now starting to take off and property to stay low for years,…….. well best of luck.
bundyanimal,
Thanks for info. will look out for this can in the shops? any particular shop ?
In the old days we had to test smoke alarms at work. We had a can on a stick, we put diesel fuel on rag and lit it, then dropped it into the can, it would smoke really well and we walked around testing the alarms. good old days. Not recommended to try inside your house.
Unsure if pushing the button actually just tests the audio or goes deeper , like an Electrical Current Trip device that actually simulates leakage current when you push the test button and gives 50mA of leakage to earth or so.?
If all else fails just burn some toast, that sets off carbon molecules and should set off alarm or blow smoke into alarm if you smoke.
Mattdelf,
Yes, I get these stupid letters from the real estate agent also. They are just trying do two things.
1. Make money by getting kickbacks.
2. Remove all possible chances of them being somehow responsible for any claim against them ( you know protecting their own bum ).
Just email them or fax it back and tell them to stick it.
Also I get these letters from another real estate agent advising I will be charged $20 for an end of year statement for my properties. I ring them up and give them hell, I notice they don't send it any more. But cannot see how they can just take money and supply something if you don't ask for it. Tell them you will advise the fair trading authority, if they send you another one.
Shales,
Don't worry , be happy.
Its obvious we don't expect you to get in your car and drive interstate to change a battery. The point of it is that as landlords we get more and more expenses just dumped on us and are expected to pay for them, next we will need to clean the gutters, hang on I just recently got a letter from you guessed it the real estate agent advising of some company that will clean all my gutters for $150 dollars or something…
If you live close to your rentals change the battery once new tenancy agreements start, the tenant can then worry about it.
The only thing to watch out for is that the smoke detector is within working life, what ever that means, lets see you find that on the instructions that come with it.
bye
Rhys_Roberts
Your problem or suggested improvement is something I have thought about but was unable to find any real advertising for in the past also. In the end I just painted the old wood and left it as is ( the wood wasn't too bad ).My suggestion if you get no positive leads – maybe go to new townhouses or new houses with balconies and look at them, then ask the builder who made it and for a contact. Its probably a very specialised job, but obviously someone must have done these jobs. Come on people think, help the fellow out, maybe its an opening for a business for an out of work builder or metalworker or glasser ??
sheranj,
You might need to check your loan. Do you need to pay a penalty for early repayment??I assume you actually lived in the house before you went overseas?
You will be up for selling costs, and if you buy again later – purchasing costs. So I hope you are going make lots of money on sale.
Rents have gone up, so maybe you are making a profit on house by renting, are you claiming all your depreciation costs?
You need to work out the long term gain or loss, so sit down with someone who knows the finances and put it all on paper, then look at it over a few weeks and add and subtract things that pop into your mind before actioning anything.
Good luck.
Great reveiw,
Wonder what Steve thought of seminar?? Did you go Steve ?
spudway,
How many bedrooms etc are in the house you are going to buy. You have a lot of people for one house!
Also you cannot make a statement that you pay $350 a week rent – so you can pay $350 a week off loan.
When you rent you do not pay council rates, insurance, repairs, water charges ( maybe some water use only ), etc.Are you going to rent the new house partly to your friends?
How old are the kids? Are any near working age?
good luck.
kell,
You will not be putting up an aluminium roof, more likely a steel roof with powder coating.International,
Yes, my Brisbane properties have gone up. But what goes up will come down. I think they will fall 10% over the next 12 months. But my rents have gone up heaps so it doesn't matter. Just hope all my tenants don't loose their jobs so they can't pay the rent, this is the worry over the next 2 years.kerenday,
As god of money says.
You basically go for say 5 million in property value, but own very little. You hope for that thing in the past called capital gains to make you money, eg if it goes up 10% then you make 500,000 dollars. All very theoretical, assuming you are not putting in money to hold etc.
kj
As above, what amount are you going to borrow, do you need to pay land tax after purchase, what is your income, etc etc.
Just right it all down, everything. What depreciation is going on house, what are the rates, etc.Work it all out – use a calculator.
Don't forget its not a simple matter of so much rent on so much cost equals positive or negetive cash flow. Go to the library and borrow a book on rental properties or use an on line calculator. Also take note – the lower the cost of the house the more percentage rent you need compared with a more expensive house. This is due to rates, repairs etc not being directly related so much to the cost of the house.
Good luck, but as you say, Australia and the world is facing a big recession ( deprecion ?) So be careful.
duckster,
I can understand your point of view. I too think it stinks that the government is always out to get the small time investor who tries to get ahead. They get you in land tax and now this, it sometimes makes you think that the best approach is to sell everything , spend your money, go on the dole and let the government chase all those suckers who try to get ahead to pay for your dole.
The government seems to come up with an idea but then implement it all wrong.
Jarra,
The country is going broke, and you beleive that house prices will rise?Debt is going to make all of us worse off, things will get worse over the next few years, everyone will be selling, over a million on the dole, government will put them all on food vouchers, things are going to get a lot worse than you all think.
Do not go into debt now.
