Something else to be aware of is that if you have the right providers on your team, you can learn an awful lot from them when purchasing property.  I have learned a heck of a lot from my mortgage broker, property lawyer and accountant over the years. 

You almost need two people in the mix there; property savvy financial planner and also a property savvy accountant.  I'll PM you recommendations.

Hi Josh

What is it you would like your accountant to do?  Is it that you'd simply like them to be aware of all the relevant deductions, or are you wanting them to guide you with strategy? 

Hi Bricman,

I assume you've doorknocked the neighbours to ask?

You can do a title search for about  $17.  You get a copy of the title which shows name and address of the owner.  Then you could write to them (or see if their phone number is listed on http://www.whitepages.com.au)

To do a title search, visit https://www.landata.vic.gov.au/tpc/  and…[Read more]

Hi Sil

Rather than decide that your strategy is Sunshine, it might be better to define the goal and then choose a suburb and strategy that will allow you to achieve the goal.

For instance, the goal might be "to make a gross profit of $40 on a property deal within 12 months".  You'd then choose a suburb where a renovation would enable you to…[Read more]

You don't necessarily need the broker to be based in Sydney, you just need them to be awesome.  You can do all your communication via phone and email.

Richard Taylor is excellent

https://www.propertyinvesting.com/user/qlds007

I didn't keep the brochures but pretty sure when I read them the reason I had to disregard this insurer was because they didn't include excess water from overflow from gutters in the flood definition.  Pretty big issue if your properties are in areas of high rainfall.

Why not just buy property with 100% finance which has sufficient yield to pay for itself.  That way you get to keep the property as well.  Having your cake and eating it too, so to speak.

Don't do drugs.  Don't do mining.

What's not to love about investing in property in a SMSF?  Since your SMSF only has to fork out for 20% deposit, stamp duty, solicitor, bare trust setup and mortgage setup fees, you can essentially swap a pile of money for an asset worth four times its value (eg swap $60k for a property worth around $240k) and then the tenants pay it off. …[Read more]

Strange.  Normally insurance is an annual premium.  Who is arranging the insurance for you?  Have you requested a copy of the insurance policy and most recent receipt?  This will show you if the insurance is current, and also how much the complex is insured for.  You will want of course to ensure that you are insured, but also for a sufficient…[Read more]

Scott No Mates wrote:
Next time around, will be looking at electronic combination locks ie swipe card type where they can be reprogrammed for the next tenant. Less than $300/lock.

Love it.  I'll be implementing the same any time I am faced with changing locks.  Good idea!

HSBC does expat bank accounts.  You can set it up from an Australian branch.

There are enough legislative things landlords have to comply with that cost money – I don't think changing the locks is necessary unless you have a particularly worrisome ex-tenant.  People have better things to do with their time than break into places they used to live in.  Plenty more to do with your time.  Playing X-Box  takes up a lot of…[Read more]

Wow. Talk about choking on holding costs. Regardless of whether that is the QLD standard or not, that is a high percentage. Council rates on my properties are at 0.33% and no body corporate.

From my observations, it will only have an impact on rents of similar types of dwellings (so the 2 bedder apartment/unit market).

Houses around will do their thing almost independently.

Hi there, where is the property located?  (ie suburb and state)

Hi beans

Nobody knows for certain what the outcome of an investment will be.  It's a bit the same as asking for the tattslotto numbers.  It's about measured risk.  Identifying the factors that stack the odds in your favour (or against, as the case may be).

In property, there are certain things you look at to satisfy yourself that the property…[Read more]

In addition to what the others have said, be sure to do a sanity check on what they body corp has insured the building for.  Let's say the complex burned down.  The insurance would need to be sufficient to pay for:

– Demolition permit
– Demolition and removal of debris
– Plans and permits for new build
– New build inclusive of driveways, fencing…[Read more]

Agreed. The courts won't worry about your mortgage hardship. This is why you need landlord insurance.