Cheers,

dgirl

Thanks for the responses,

dgirl

I know NSW pushes through approvals in 10 days for Granny flats up to 60m2

http://www.planning.nsw.gov.au/plansforaction/pdf/Affordable%20Housing_Fact_Granny%20Flats.pdf

Though I live in VIC, I have IPs overseas and am looking at new opportunities in QLD at the moment.

I'm happy to jump on a plane once in a while… how important is it to have a local team?  Do the laws…[Read more]

I agree, DIY comes with a lot of risks for the uninitiated (and that includes me) and wouldn't be the best solution for most people.  No argument here.

Thanks for highlighting the differentiation between what the lawyer and accountant can and can't advise on.  A good team seems to be the key to successful investing. 

Cheers. …

I hadn't even looked into the DIY approach — your post made me do a search.  I found the following at Cleardocs.com:

***

Company registration in Australia is easy with Cleardocs. We can provide you with all the documents you need to set up an Australian company and to register it with ASIC online.

You get to…[Read more]

First, congrats on considering buying your first IP.

I can't get my head around the apartment idea though, especially in a complex of 300.  No scarcity value.  Guess I just cannot fathom buying an IP with no room for manufactured growth either.

Not to mention your equity will always be at the mercy of the surrounding sales –…[Read more]

Just thinking out loud… perhaps fencing the blocks in with a remote gate and turning it into a secure offstreet parking/garden area (for the tenants) would be attractive?  On street parking is not hard to find in this area, so I couldn't rent it out to…[Read more]

Thanks for the message.

In short; better than good and definitely helpful.  Easily some of the best information I have come across for the local market.  Only selling because it's time to start putting it all into practice.

dgirl

I spoke to the agent and the place is currently rented as a private residence (so I guess that answers the other questions). 
The car spaces are rented individually to other people… 

…so you think it is the zoning of the house (not the use) that dictates the type of loan?

In the above example (400K loan plus 125 LOC) would you suggest a 400K IO loan, with offset?  Do they aim to pay down the 125K LOC?

Cheers

O.K. I was always of the opinion a line of credit was a dangerous thing!  I never really saw it as a tool before.  So I guess in your example it would be important that they only use the "line of credit" as a loan (not a true revolving credit facility) in order to keep…[Read more]

In the above scenario, I imagine I can't even apply for a PPOR loan on a house in one state, while employed in another —  I expect I would need a new job contract before I can apply for an owner occupied loan that is obviously thousands of km's away…[Read more]

The scenario I was thinking:  say I am looking to move interstate, but have not yet secured a new job.  I have found a property that I would like to live in  — and would be interested in purchasing it as a PPOR but would not know about a job for a number of months.  If no suitable job became available I would be happy…[Read more]

How many investment properties do you need to retire?

Cheers

What's the US plan of attack?  Buy, renovate, rent or buy, renovate, flip?

Cheers

Now, if only Virgin flew out of Avalon all my travel dreams would be realised.

Any idea which 'burbs the rail line will service?

Cheers

Can someone shed light on how this rule might be applied in the following scenario:

A buyer is looking to move to a different area and finds the ideal PPOR property, though not yet ready to move
The property is purchased now, settles in 1 month
The buyer does not move in until 3…[Read more]

It already runs as a business, albeit with very, very basic accommodations.  An upgrade to accommodation would draw a different clientele.  Not sure it would ever be classed a business zone, but zoning is something I would have to check. 

Yes, I agree, it will be hard to find a lender.

Agreed — not a hard nosed investment plan — looking more at a lifestyle choice with side income. 

Boat access only. 

Cheers

I would still be interested to hear if anyone has managed to get a loan over the line for a similar property…

Cheers

— A New Sucker

Yes, a powerpoint is what the tenant was referring to.  It's an old (early 1900's) house, but I haven't spoken with the Sparky as to why it costs so much.  The tenant previous to this one did have a powerboard and extension lead, but it stretched right across the hallway.  Tripping…[Read more]

Hi sundirtwater,

That is certainly a big part of it.  Good property managers that are willing to do the job may be few and far between however.  I've included an extract from a Kansas City property manager below about just that.  It's interesting to read their…[Read more]

But thanks for your response — much appreciated.

'You can't claim full PPOR exemption if you use the property to produce income'

…So remaining in the property while renting a portion out changes your exemption?  I understand you can rent out a PPOR for up to 6 years, claim deductions for those 6 years and still claim the full PPOR CGT exemption on resale (as…[Read more]

I've done a Trans-Tasman reno and although it eventually got over the line, not being on site to do the small stuff and to project manage meant the whole thing did take longer than it should have.  It was also my first reno.  Now that I have some trusted contacts and some lessons under my belt,  the second one will probably seem easy…[Read more]

I have spent some time in the States, and also Ballarat, Tassie and NZ (the latter being where I own some properties).   There is no comparision.  I have never come across any areas in the latter three that in any way compared with the crime and issues you can find with in somewhere like, for example, Detroit.

If you can rent…[Read more]

Firstly; fantastic website… an absolute wealth of knowledge, ladies and gents.

I will be looking at an IP loan in the future and have been reading up on the IO/Offset strategy. 

My question is how long are interest only loans good for? 

My bank/co-op states:

^Interest-only option applies for owner-occupier and investment purposes…[Read more]