We have done several full renos in the last 2 years. We rip out the kitchen and bathroom and replace with new, paint, carpet, polish floors.We both work full time and do most of the work ourselves (except tiling bathroom, electrical and plumbing).We usually take 5 weeks for a full reno. We both go after work and weekends. I personally think most…[Read more]

Google them. You should find lots. Do a search on Somersoft forums. Lots there. I wouldn't use them but it's personal. They do push their own properties a fair bit. And now they are franchised out so each one is only as good as the leader who bought it. I can think of a lot better things you can do with $9K (is it still $9K?).Find some meetups in…[Read more]

It would be a fair bit of money to spend considering you'd only get an extra $10pw. I wouldn't bother. It would take a long time to get your money back.  Maybe just clean it as suggested. Could you do just the loungeroom? and paint so the living areas look more attractive.Hard to say not knowing the are it's in. At that price I'm guessing a small…[Read more]

Can't comment on the cost/value as too little info. But-Why are the charges so high? Nearly 12% management fees? Have they asked different real estate agents their charges? Are rates really that high in Queensland? I think they include water don't they (ours is separate)?And why is the insurance so high? That's $269 a week just for those 3 things.…[Read more]

Yes change the carpet and maybe paint to freshen it up if needed. Mirror wardrobe doors are expensive so only do if really needed. Can you sand and then paint the doors? You have to work out the cost and then decide whether it will give you extra CG and/or rent.A tidy fresh place will attract a better tenant also. Look at it from a tenants eyes.…[Read more]

Don't forget insurance. But you will get a good amount back on depreciation seeing that it seems newly renovated. Don't forget that you also need to add the costs of stamp duty and solicitor costs.So will not likely be negative *given the 20% deposit. But not REALLY CF+ as the deposit you have put into it could be earning interest else where. I…[Read more]

I would put them up myself. We had tenants put hooks up without asking and they put them up really high so when they move out we'll have to repair and will move them to an appropriate level (didn't even think about hooks). Wish they'd asked but I can't complain they've also repaired a few things and put a screen door on themselves and not asked…[Read more]

suzbats wrote:
Question for experienced investors: We are looking at buying an investment property in the inner city (Melbourne) such as St Kilda, Elwood. How do we know if the property will be cashflow positive? I have used Steve's 1 % Rule but would prefer more specific real stories from anyone else who has invested. At the moment, the…[Read more]

My first question is? Is it legal. ie the splitting of the house. If not then you could be told at anytime to rip out the kitchen etc and stop renting one level. There needs to be fire walls (floor/ceiling) etc to be legal. So before going any further I'd want to see the paperwork. If everything is legal then on the surface (without knowing the…[Read more]

I like API the best. You can get them from your local library if you don't have the cash. At my library you can't borrow the new ones for 2 weeks? I used to go to the library and sit and read them each month before I subscribed. It's great to borrow some older ones too. There are great stories about other peoples stories which gives you ideas of…[Read more]

Shop around for local kitchen suppliers. You'll do better than IKEA. Many install also. Rip the old one out yourself. You don't need to buy expensive appliances. If it's a basic size kitchen $6.5K would be a maximum you'd need to spend in total. Don't forget the depreciation report.

Only if you wanted to borrow more money using the property as security.

Don't forget you also need to declare the rent as income so that will decrease your pension irrespective of your asset balance.

Usually you would only pay the .25% holding deposit then at the end of the cooling off period (after you have sorted the finance etc) THEN you pay the 5-10% deposit. Well that's in NSW.So at worst you'd lose .25%

No I wouldn't use Mt Druitt agencies for Toongabbie. Better to use local or if a little further away go to a more upmarket location rather than a worse suburb. It affests the clients looking. We rented our Old Toongabbie villa through a Baulkham Hills agent. Had lots of takers as it was slightly cheaper than the ones they were looking at in…[Read more]

Make sure you have a contract in place. Otherwise you may become the next 60 minute story where a tenant decides to stop paying rent and won't move out. With no contract you have no rights. Also be aware that if anything happens to the tenant in an unaproved granny flat you will lose your house. Insurance won't cover you.

I use Elliott Shiner for my Mt Druitt properties. Very happy with their level of service and professionalism.List the ones you are looking at if you like. Depends where in Western Sydney (it's a big place). I prefer local.

Thanks. I guess it's a quick way to see if the figures work but interest rates change so your rate now means nothing unless you have a very long fixed loan.  I like my numbers a bit more accurate than that. Before I buy I want to know all outgoings, reno costs, rent etc so I know the cash flow and projected cashflow if it's not already CF+

Assuming you lived in the PPOR from the time you bought it you can then move out for up to 6 years and not have to pay CGT (commonly known as the 6 year rule). While you are renting it out you can claim depreciation, interest, rates etc. This is on the proviso that you do not purchase another PPOR.So if you move back in or sell within 6 years you…[Read more]

The NSW system is REALLY stupid. I assumed it was individual (well it is) BUT they also count the together. Found this out the hard way. So you would each get individual accounts with wife %175K so no payment and husband $325K so no payment. But then you also get a partnership one of $500K so you will have to pay for the amount over the threshold.…[Read more]