Hi Greg,

With a quick look, I would think you would want to do better than to add just $25k in Equity for $20k spent on renovations. The usual “rule of thumb” is to aim for doubling the money spent on a reno – i.e. spend $20k, but add at least $40k in value.

See, the fact that you appear to buying well (buying a $250k place for $220k)…[Read more]

Hmm, OK – could you share then just where a FOS limits are?

I thought they would go into bat for a “David” versus any Goliath who was playing hardball!! Not so?

Benny

Hi Andrew,

A Financial Ombudsman might be worth contacting to put your case to them, then see what they recommend you do. Their role is to help with disputes…

Simply Google those two words and choose the one that seems right for your situation,

Benny

Hi Andrew,

A Financial Ombudsman might be worth contacting to put your case, then see what they can recommend. Their role is to fix disputes…

Simply Google those two words and choose the one that seems right for your situation,

Benny

Hi Andrew,

I don’t know much luck you might have, but a Financial Ombudsman might be worth contacting to put your case, then see what they can recommend. Their role is to fix disputes…

Simply Google those two words and choose the one that seems right for your situation,

Benny

Hi Tanner,

We contacted him via a different number as another buyer to which he replied its available and scheduled a time for viewing …

It might be interesting to do the same again, as another potential buyer, but start by quizzing the agent – i.e. How long has this place been on the market? What has the interest been like? Have there been a…[Read more]

Hi Annie,

The answers will vary depending on the Council area in which the property is located. You would need to approach that Council and speak to a Town Planner, who should be able to guide you,

Benny

Hi ANnie,

The answers will vary depending on the Council in which the property is. You would need to approach that Council and speak to a Town Planner, who should be able to guide you,

Benny

Hi Simon,

repairs are not tax delectable until a tenant is in?

You gotta lurve “auto-correct” eh – it gives us regular snickers !! :p

I have read that repairs are not tax deductible until a tenant is in? Is this correct?
….. (Just found the info, crap).

Yeah, any repairs would be capitalised, and thus would only be recoverable as a…[Read more]

Hi Simon,

Sounds like it could have merit. Re things to check, apart from Building/Pest, do stop by the Local Council to ensure they are not planning on resuming the property any time soon. Also, swing by there at different times through the day and night to get a “feel” for the area. Is it full of barking dogs at night, or arguing couples,…[Read more]

Hi Simon,

Sounds like it could have merit. Re things to check, apart from Building/Pest, do stop by the Local Council to ensure they are not planning on resuming the property any time soon. Also, swing by there at different times through the day and night to get a “feel” for the area. Is it full of barking dogs at night, or arguing…[Read more]

Hi all,
An old memory hit me the other day – I recalled it from my schooldays… A Maths teacher described a situation where a lake started to grow a weed – the weed was doubling its size daily, and had been growing in this lake for one year. The question posed to us asked “once the weed covers one quarter of the lake, how many days will pass…[Read more]

Hi Simon,

A few thoughts relating to your post – for your consideration:-
1. Good to see you having a go at presenting the “numbers”. You are off to a good start, as the numbers are what make or break any investment.

I would keep looking, for these reasons:-
– Land 308m2 in an area of hi-density IP’s – the former kills any growth (give me…[Read more]

Hi Sing,

…debt held by the trust is not recorded against the guarantors financial record…

Hmm – I read quite the opposite to that !! Let me quote from the book:-

p 175 – Is this legal?
Yes — it’s legal and ethical, but if you have any doubts then let me point out:
1. You are not lying or hiding the truth. If asked, you must declare all…

[Read more]

Hi Singchee,

I’m trying to understand Steve Mcknight’s comment in his book, that using a trust allows him to “leverage his income to increase his borrowing ability”.

Your question intrigued me, so I thought I would go looking…. You didn’t say just which of Steve’s books you were quoting, but there is a whole new chapter in the re-rele…[Read more]

Hi Singchee,
Your question intrigued me, so I thought I would go looking…. You didn’t say just which of Steve’s books you were quoting, but there is a whole new chapter in the re-released “From 0 to 130 properties” book. It was re-released in 2009, so if you have an earlier version, this information WON’T be in it – at least not in this…[Read more]

Hi CS,

I can’t help with recommendations re Perth-based property managers, but just wanted to run a few thoughts by you:-

Call around the RE “names” and even smaller agents if there are any – we have “local RE agents” who run little local RE shops.

1. Ask about the size of their rent roll, and number of Rental staff. If two staff are…[Read more]

Hi JB,
I just checked for myself and found that Frenchville is a (new?) suburb of Rockhampton. Since the map shows Frenchville as having lots of land to the East, and few roads, I am wondering if this is an OTP (Off the Plan) sale, or a brand new house in a new subdivision. If so, you will be buying a “solution” instead of a “problem”. That…[Read more]