You can't just guess an amount and claim that for labour. It's fraud to claim for a cost you did not incur.You can just get the surveyor to do an estimate on photos though if you "lost" the receipts.

If $600 makes the difference between you buying and not buying a property you are in the wrong game. What about the $7000 stamp duty plus solicitors costs, bank charges. Have you taken these into account?The increased levies would be worth considering though. Admin funds usually run close to the mark. No use having lots of excess funds sitting…[Read more]

Yes definitely. On all mine I have received more than the cost of the dep schedule in the first year.Email depreciator.com and ask for a cost estimate. He'll tell you if it's not worth doing.

Jamie M wrote:
. In terms of removing it (and I'm sure this goes against every rule of kitchen removal), rip out the doors and smash the remaining carcus with a sledge hammer – the bench top will probably just come off…..wear goggles. I find it to be a therapeutic experience Cheers Jamie

Haha. That's what I was going to say. That's what…[Read more]

Yes. I've been to a few. I go if the topic interests me. There is no pressure. They will do a blueprint (look at your position and outline where you should go next and how to achieve that) for free. Of course you can use their buyers agent but there's no push or obligation. They did one for me a few years ago and I just started looking and buying…[Read more]

wealth4life.com wrote:
Met him years ago and was not impressed, old tired and no soul.IMHO

Victor? He's far from old or tired and I think he has a great soul. Well in my opinion of course.I have been to a few of their meetings and got inspired enough to buy 5 properties in the last 18 months. Most are CF neutral and increased equity to the…[Read more]

Sounds like you are off to a good start but it can be frustrating when you are ready to move forward but feel constricted by others. Have you looked at Right Group? They have meetings every Tuesday fortnight (tonight) at 7pm at Rydges Parramatta. Cost is only $10. Actually their topic tonight is what you need.Yes this is a plug but an unbiased…[Read more]

SAVE, save, save. Get a second job. How much is that passion (car) worth?  What's it costing you in terms of money and missed opportunities.If you have a debt attached to it then it is stopping you from moving forward any time soon. Decide what's more important. Otherwise sit back and wait years for your property to grow and access equity (slow) c…

In NSW it's based on land value as at 31st December each year.Land tax is the reason people tend to diversify in different states once they get close to the threshold of one state.

larrytheinvestor wrote:
If I buy a house fo $200 k, renovate it and then sell it for $250k that means I will be paying ~ 25k in CGT however if i used the 50K profit as a downpayment on another house does that mean I pay no tax on it?

You don't pay $25K CGT. That's the amount that is added to your income (minus purchase costs, reno costs…[Read more]

Hi was considering it but unfortunately made plans for that weekend just before getting the dates. If I can change it I will send you a message as I'd love to go.

angelinsydney wrote:
Hi robbieP,Is there any specific reason you want to buy in low income areas?If you are looking for a good rental return and high capital growth, the Northern Beaches is ideal.  Angel

Really? What yield are you saying is good rental return?So from this thread I'm gathering that everyone thinks low income =high risk???I…[Read more]

If you get an offset account instead of paying it off it's the same thing (in terms of risk) except you have access to the money when you want. You may want to access this money for a deposit on a new IP (or something else). By paying off the mortgage the money now belongs to the bank.

Jason700 wrote:
to be honest… just wait 7-10 years for the property to double in value and keep renting it out until then   Well those are my thoughts anyway.  Buy and hold (then leverage)Cheers   Jason

IF you can afford it. 2.5-3% is WAY too low for me to hold on and hope for CG.That's one hell of a loss EVERY year. You would want to get som…[Read more]

Hi. If you have a large mortgage (as you do) it can have great benefits.Yes the rent is added  BUT you deduct the interest as a tax deduction + other things. Do the sums.  Add interest + land rates + water rates + insurance. Minus rent. The amount left is what you claim as a tax deduction. There are other things (like depreciation) but I've just s…[Read more]

scotty8911 wrote:
Hello everyone, thanks again to all your advice and suggestions. I have another question. I have been considering taking on the strategy of reno's. Mainly due to the fact that I am in the trade industry myself, and have a few close friends who are too. Is it wise to think that I can buy a investment property that is in need of…[Read more]

Ren10 wrote:
Im pretty confident you cant claim the cost of seminars unless the ATO considers you to be 'in business' in relation to your rental properties.http://www.ato.gov.au/rba/content.asp?doc=/RBA/Content/14120.htmhttp://www.ato.gov.au/rba/content.asp?doc=/RBA/Content/52466.htmAlso your not able to can claim books/magazines based on this…[Read more]

Or just say you are self managing. Give them the required notice then pick up the paperwork and sign off. I've done that, no problems. Rang them, put it in writing then picked everything up.You made the classic mistake in any business (giving out too much information.They are just covering themselves but if you are taking responsibility you can…[Read more]

When one sees that you have made 5 posts ALL promoting yourself one wonders whether you are interested in helping people get started or just in making money.There are many experienced investors here who freely give their time to help others for no financial reward. Now I know you have a business to run but really if you were truly interested you…[Read more]

Terryw wrote:
I would be careful about getting the utlities in your name. If they don't pay the utility company will come after you, then you will have to chase them – extra hassle.

That was my thought. Why would you want to do that? Sounds like a tax dodge to me. Asking for things to be paid in cash. What's the advantage except to hide…[Read more]