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Glendfield park does look good and with big blocks but is it too far out of the main town and infrastructure.
thanks Jamie it's a bit hard to reno from afar but at least I can depreciate the work someone else has done. I'm more after which areas to buy in as I don't want something that may flood or be away from infrastructure.
because I am living in Vic, I don't want any thing that needs work. I prefer something renovated in good condition,preferably on a large block that could possibly be subdivided at a later stage. Cash flow neutral to positive.
thanks Jamie we will be in Wagga next couple of weeks but was hoping for some information before we get there to actually look, as we will be a little time poor.
look at recent similar sales close by not for sale but actual sales what suburb are you in
what about buying an investment. keep living with parents for another year and saving like crazy then use the equity and savings to purchase your own place. you will still get the first home owners grant for your own place as your first purchase would be an investment. just food for thought
about $70 hotspotting.com.au
the other thing to remember to is if someone is interested in your property as an investment they are not going to keep uncoperative tenants so they are not doing themselves any favours
good question i asked my quantity surveyor this last time i spoke to her. she said deduct the land value (this is on rates notice)off the purchase price multiply by 2.5% to get the capital allowances.bit hard if you haven't got the section 32. estimate the value of plant (fittings and fixtures as new) and depreciate over life. not very accurate i know but as close as your going to get. i look at my other schedules to try to work plant out. hopefully someone reading this will have a better way. i also use margaret lomas software which is free to download as long as you have a barcode from one of her books (library) this is really quite good as you fill in property type purchase price and year built and it comes up with a figure which is fairly accurate.
you can do what you like. i have had agents tell me the same thing and i insist they put it up in small amounts regulary or if change of tenant $10 – $15 depending on what i think i can get. check out what else is available and at what price . you would think agents would like to put rent up as their commision goes up.
yeah i thought so and so easy to use
you certainly can on fittings and fixtures but not the building unless there have been any additions as terryw said call a quantity surveyor this is also tax deductable. i have recently used depro and have been happy with them it cost around $500
margaret lomas has free software you can download which is easy to use. you just fill in the figures and it works it out for you. you will need a bar code from one of her books though to access. librarys have copies of her books if you don't want to purchase one.
we got a .8 discount to 7.52 (loc) including the recent interest rate rise. we bought across another 4 propertys to colonial to give us this bargaining power. westpac said they would have done the same when they rang us after getting the discharge papers. but i told them we had asked and we were told they could't match it. the manager at that branch wasn't happy about us being told that and was going to look into it. go to a mortgage broker or talk to some of your local branch managers and i'm sure they will do something.
i have insurance with aami and cgu aami are cheaper but i've never made a claim so i don't know how good they are i have had 4 claims with cgu and have been reasonably happy. the assesor that came out recently works for cgu racv and alliance she told me that cgu were the best out of the 3 and that racv and alliance wouldn't have passed some of the claim (wear and tear) whereas cgu did.
good to hear that splade was happy with aami because really you don't know how good your insurance is until you claim then it's to lateAPerry wrote:Hi Debra,If you are using lo docs please, for your own sake, don't cross your loans. It will cost you significantly in terms of mortgage insurance.
Regards
Alistairhi alistair
no mortgage insurance only do that if desperate and the end result justifysQlds007 wrote:Dont want to put the dampner on your interest rate of 7.28% but it is incorrect.Might want to be checking those loans docs again. And as Alistair stated doing on lodoc is financial suicide.
In saying that of course they would have explained that to you.checked my low doc loan documents and i was wrong they clearly state my interest rate is 7.27% not 7.28% as i stated.( i'm sure they will go up the .25% in the next day or so) and no you have n't put a dampner on any thing.
i'd go 1 bedder rather than tacky 2 bedder which would you rather rent if you were a tenant
i think i would be going to a mortgage broker for advice on what bank would suit your situation.
i thought i would pay the 8% and save headaches with painfull tenants. i had my agent do an inspection in late feb. told me everything was good grounds neat and tidy. in april we took tenants to tribunal once again for non payment of rent. had locks changed and to our horror found the place a mess. our backyard had 525 tyres of different sizes not covered by insurance as they classify it rubbish left behind. my agent told me the tyres were not there when she did the inspection and that our tenant had removed them for the day. the grass was growing through the tyres. it also took 2 ten tonne trucks to remove them so i don't think my tenant would have gone to the trouble or expense. we paid $1600 to get rid of the tyres and we had to load the trucks.our other quotes were between around $4000. the tyres were clearly visible from the road so i am not even sure how the agent got to the front door without seeing them. i now self manage 4 of our propertys as i am secure with the tenants and if that changes then i will bring an agent in. if you do decide to self manage don't believe what prospective tenants tell you no matter how genuine without some form of proof. ie bank deposits group certificates etc. go to where they are currently living this can be a good indication of how they will keep your property. do your checks on all tenants as one may have a bad history so they will put the lease in the others name i now spend my weekends checking on my agents thankfully they are not all like this one and there are some good ones out there
