Hey I thought that Bec was already Neil Jenman lol.
Besides Yack has a brain….[]

Yes while living there you should add as much as value to the property, but for me I would not want to sale it. I would then get a valuation done to the property, draw down the equity for the next purchase. Move to the new property and rent out the previous one. By doing this way you will accummulate your property portfolio much faster.

Yes…[Read more]

Is it the best idea for me to move out? What is the next step do I move into the next one too and so on until I can build up enough equity to buy “my home” or is there an easier way to do this? I am not sure where to go after that?…….

You can also use the strategy of buying a property with some work to be done, (or a lot of work, depending…[Read more]

I’m disappointed!

Thanks Bernard, this crack is running vertically, so hopefully good news.

For just $200 the property might have been built by those 3 little cute pigs…from straw LOL.
I might have to order Mr WOlf, if he can’t blow it down then I will make an offer straight away! Who cares about the size of the town, all I need is ONE tenant who is willing to pay me $4 rent a week and I’m a happy landlord.

Seriously, we need details.…[Read more]

Hi again Truska, just talked to you in the other post!
Did you buy it as tenants in common or joint tenants?
Not that I know the answer to your question[] but just interested.
[]

Truska, I totally agree that it’s much worse to buy a lemon than to pay for the occasional building inspection report. I would never dare to buy anything without having it inspected first.

I’m pretty sure now from what your accountant said that we can’t claim these things.
Melbear may be right about it having to be a ‘business’ before you’ll be…[Read more]

Thanks Pisces, I’ll certainly keep that in mind about the legal advice.
This is such a helpful post, people, that I’m going to print it out and add it to my folder, thanks![:X]

Thank you so much everyone for your very helpful replies, so many responses!

The house is about 30 years old, and there seems to be only 1 crack.
Well I agree with most of you that it’s best to organise a building inspector. I was kind of scared of cracks before but some of you think they are an opportunity (better price and scaring other buyers…[Read more]

Thank you Mel, Derek and Bill for your replies. Wow hope you’re right Bill, I think when we get a bit closer to the end of financial year, I might give the ATO a ring to make sure and post their answer here.[]
Glad you’re back Bill, always enjoyed your posts.

Enjoyed this story, sis, laughed myself silly, and I am now wondering what bodypart of his you have sticked a pin in hehehe. No please don’t answer this question I don’t want to know!
Maybe you should replace his picture by a voodoo-doll and see what happens[}]

AHA I can see it now! Thanks for explaining.

Oops I meant to say Loan amount, not purchase price.

Quote:
if you need to know how much the loan will cost in monthly payment at interest only…take the loan amount say $120000 x by the interest rate say 6.69 div by 365 x that by 31 =answer $681 per month interest only

Quote:

May be a dumb question, but why do you need to multiply by 31?

I thought interest only was just purchase price…[Read more]

I think tenants in common own each a part of a property, this doesn’t have to be equal parts, e.g. one could own 75% and the other 25% or so.
You each have the right to sell your part to someone else if you decide you want out. I think it is fair if you let the other party have the first option to buy your part, but I’m not sure if this is…[Read more]

Enjoyed the story! Shocked [:0] at the disorganised PM! Hope these people found a better PM now, or is your wife managing it for them now?

Just for my entertainment I thought about these statistics.
If, in a town of 400 people just 10 of them decide to move out, or die, or retire to another, bigger town, then that’s 2.5% of the population of that town.

If 2.5% of the population in Sydney would leave, we’d have about 100,000 people leaving[:0] (I think SYdney’s population is around…[Read more]

May be it will work if you buy the whole town and then, when you need your money you can just place a signpost at the entrance of the town saying: Town for Sale.[:o)]
But seriously, I don’t know if it will work, you obviously have more local knowledge of the town than any of us, you understand how these people live, this is a new world to me (and…[Read more]

Yes it’s pretty rough as far as I know, haven’t ever actually been there myself, but a friend’s friend bought a property there a couple of years back and had nothing but trouble, terrible trouble.
Then again, the area may improve like bad areas do sometimes especially if values go up.
I think there’s bad areas and better areas there anyway, so no…[Read more]