Also now (in NSW) you can only charge water usage if it has compliant taps. ie tested to less than 9lt per minute. Bathroom, kitchen (but not if a flick mixer). Correct me if that's incorrect). It's actually written on the new management agreements.

It certainly looked great. It looked like a mammoth job. Looks like you did a lot of the work yourself.Was it rented for the first year? As you started a year later.Was there any profit in it?  

lifestylez wrote:
As a first home buyer, I would go for buying your own home and claim the FHOG.See how you go living in it for 6 months and if you decide you want to live somewhere else, then you can rent it out.If you think that is likely, then try and buy somewhere you can live for a while but with a view to making it an IP.  So you will…[Read more]

Hi, it can get confusing. I know I was running around in circles for a while and panicking because I couldn't decide what to buy (being a bit older I didn't have time to waste). You need to look at your own circumstances to see whether you are better with a PPOR or IP first. If you want to live in an area that has a low yield you may find it…[Read more]

I'm pretty sure that's covered in the contents insurance as the items are home contents. Tenants should have their own contents insurance. If they don't- their loss.

WomeninPropMelb wrote:
And I am wondering, catalyst- can you get those details from RPData in Victoria?

You can but my subscription only covers NSW, ACT, SA and QLD.

r.crawford51@gmail.com wrote:
How did you know it was department of housing???

rpdata   I have a subscription which gives you access to ownership, how much people paid, how often it's been sold, rented etc. Worth it's weight in gold. Great advice shivasko. Many people get analysis paralysis and miss many years of investing. Some of my p…[Read more]

r.crawford51@gmail.com wrote:
great advice. did you do this while working full time? and do you aim for some capital growth in there? or jsut the positive cash flow…Because this house we're looking at, while small on a big block,. there's easy cosmetic reno to do – but the growth in that area probably wont happen for another 10 yrs.. thats…[Read more]

LUCK = Labouring Under Correct Knowledge.I'm selective about who I talk to about my investments. Definitely not people at work (escept one friend). Wwe were talking (quietly) and one collegue pipped in and said "you're buying ANOTHER house. What if you lose your job". I quickly told her the tenants would pay my mortgage and asked who'd pay her…[Read more]

r.crawford51@gmail.com wrote:
Thats awesome about goal setting -we're very committed to that and try to write down our goals every day – but its so hard sometimes! because theres so many options i get swayed on goals – but having help would be ideal

So what are your goals? Other than the one below?

r.crawford51@gmail.com wrote:
I am 22 and we…[Read more]

NOS1 wrote:
Hi Allan, I always use a quantity surveyor that actually inspects the property as opposed to email, as you will miss a lot of items that can be deducted.. Cheers

I said Email them to get an idea of price NOT do the report by Email.

http://www.depreciator.com.au     They have people all over Australia.Email them with details of your property and they will give you a cost estimate. I have had many done with them. Professional. Reasonably priced. Scott (the owner) posts on a few forums and has helped many people with his expert advice (for free)I've always received my money back the…[Read more]

I think you are a bit confused. The Body Corp is not a company that "take on" the building. There is a strata manager- they get paid a fee to collect the money, pay the cleaners etc (out of YOUR money). The Body Corp are the owners (you). YOU have to fix/pay for the problems ie your fees pay for everything.If there are serious issues I'd run…[Read more]

Are you in Sydney? If so I think I know the deal. I'll assume it's the one I'm thinking of. The new owners will have a meeting and decide on the Body Corp fees and will appoint a manager. As there is no body corp there is no money. There's not a body corp money box. The money that's there is money that owners have paid. As there is no Body Corp no…[Read more]

proptyman wrote:
yes being in a negatively geared position and only paying the interest can work out ok but I do believe that there is a good feeling about getting a property into a positively geared position as then you are making money and are in a great position to perhaps invest once again! – there is a good feeling about owning more of a…[Read more]

In terms of the contract it doesn't matter who owes what or pays what. You each own half. How will you buy? (tenants in common?) that way you can will your half to whoever you wish. Also- What is the exit strategy? How do you gain from this? Is there a plan to sell later to access the equity? Or is your sister planning on this being her home? If…[Read more]

fredo_4305 wrote:
I to would like to go into this one day however I can't don't want to cut back on my lifestyle. I often read stories about people who renovate for a living and live off something like 40K a year…….. Thats no realistic for most.

Most people start small and renovate whilst they work. But this of course does cut into your…[Read more]

kateej03 wrote:
Thanks for everyones comments We have decided to do what we did with our first house. Buy/renovate/hold and then use the equity to buy more and sell after a year or two. Hopefully it works out!

Why are you selling if you have pulled the equity out to buy the next one. That means when you sell you'll get no money. Always selling…[Read more]

I would be speaking to a property savvy accountant BEFORE you do anything. Personally I think it's too messy. Is your sister going to have enough money to pay her loan repayments + half market rent + ongoing costs? Speaking of ongoing costs- who will pay them? Rates, water, insurance? Are you assuming there will be good capital growth? If there is…[Read more]

Why not just get a Line of credit attached to the existing IP? Then you can just take the money when you want?