That is a really interesting question!
Could could be seen as a repair (replacing like for like), as long as the previous lawn was ‘in a state of disrepair’ or as an improvement since lawn may not be regarded as essential (although usually is).
A further question would be, could you scrap the old lawn (from a depreciation point of view). I have…[Read more]
ChrisA1 replied to the topic Looking for an Accountant for Motel lease ownership in Forbes or nearby in the forum Legal & Accounting 6 years, 10 months ago
Tony Neale who posts under ‘thecrest’ is involved with motels etc. Search for posts by ‘thecrest’ and you’ll find his details and link to his email. His signature block is
thecrest | Tony Neale – Statewide Motel Brokers
selling motels in NSW
ChrisA1 replied to the topic If you prepay 12 months worth of Interest when is your next Interest payment due in the forum Legal & Accounting 6 years, 10 months ago
Hopefully one of the experienced legal and finance peoples out there can shed more light, but I would have assumed this bought you time, and locked in that rate for the 12 months worth of interest payments (great if the IR was looking to go north, but not as good if the IR was looking to go south).
Best to ask your accountant how they viewed it…[Read more]
You also have to think about the ongoing costs of a unit – body corp fees. While some elements are cheaper, the strata fees can certainly bite into profits. Make sure you do your cost spreadsheets on any prospective purchase.
Thinking about capital growth, land appreciates, buildings depreciate. You can do more work (renos etc) on a house over a unit.
Would you be self managing? What about PM fees. Are your ‘capital deductions’ maintenance costs?
I usually add $2,000 for incidentals (I just had to pay $500 for a few tiles to be fixed in an IP – always one off type costs).
Agree with Jamie – rates won’t stay this rate forever.
Great comments by everyone above.
The only additional comments I would make is that it is best to separate the financials and the house hunting/buying processes. There are many great brokers on this forum who will step you through the refinance process, then when you are ready you can step through the buying process. There are also many great…[Read more]
Very interesting graph indeed and great it came from a Departmental source. I also found it interesting that the Riverina and Far West are at the better end of the graph – agriculture is hopefully doing ok in these areas now….
I found it interesting that Newcastle is quite high, and Parramatta for that matter. Maybe coal and…[Read more]
Not sure this is correct. You need to live in the property first, then you can rent it out, as long as you don’t own another property as your PPOR at the same time. If you have a company house, then you wouldn’t buy more IPs and stay in the company house?
I agree with Benny’s comments/thoughts above.
Do you know of any Buyers Agents in the area who could bid on your behalf?
Not sure if you could put in your highest bid with the selling agent prior to the auction (although you would want to monitor that they don’t automatically use your bid s the opening bid).
Do you know what the property’s approximate value is?
ChrisA1 replied to the topic From High School Dropout to 300+ Real Estate Deals in the forum Overseas Deals 7 years ago
Great interview Engelo
Very American interview by the interviewers, but I’m glad you identified the difference between US and Australia and explained the principals – trusting others, building relationships, spending time yourself (your first reno). Good first question for REA – not many would spend time giving info without a guaranteed outcome,…[Read more]
Thanks for bringing so many valuable threads to one place Benny, you have helped a lot of newbies, and not so newbies.
Appreciate your time delving into the vault and for teaching others to fish!
Invest remotely, yep I agree, stepping out of the comfort zone but the Sydney market for me is just not fitting my criteria at the moment. The first few scare the bejeebers out of me then you understand your new comfort zone, and it expands.
As you say, plane tickets bring everything so much closer, including your goals.
Analysis paralysis is…[Read more]
ChrisA1 replied to the topic What structure would you use starting a family portfolio? in the forum Help Needed! 7 years, 2 months ago
While not responding to all your questions, I am wondering about your statement that since you have lived in the property for 12 months, you cancel the CGT?? Since you have owned it for 12 months, you would pay 50% CGT, but not 0%?
If you then subdivide and develop etc etc the clock might start again re: values etc as new values would be…[Read more]
About to re-carpet an IP (rented for $300/week) and am getting carpet quotes. Some carpet distributors are advising us away from poly carpets, others say it is much of a muchness (everyone agrees that nylon carpets are more stain resistant and hold their form better).
Cost difference is poly – $120/linear metre, nylon…[Read more]
ChrisA1 replied to the topic How did you find the agent that helped sell your house? in the forum Help Needed! 7 years, 2 months ago
and ask them how they would market your property (btw do you know if you would market your property towards the owner occupier or investor market). In selling my IP, I interviewed 4 REA and also asked my partner to go to open houses to see how they interacted with prospective buyers, and how they ‘sold’ the house. The Open House inspections…[Read more]
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