Agreed with RPI.  Particulary since a SMSF cannot leverage equity from one property to fund the deposit of another.  Only way to realise a gain is to sell the property.  If a SMSF is going to strata it would absolutely be for the purpose of on-selling.  I did neglect to say so in my original post – thanks for picking up on that RPI, it is an…[Read more]

Find out if you can challenge the valuation!

Thought so.

Speaking generally, street appeal is very important, as is cleanliness, light and brightness, and land size. Tidiness of garden is something that can happen without much expenditure at all.  Updated kitchen and bathrooms of course add value.  Wire fences are a giveaway of what kind of property hides behind the mask of a renovation,…[Read more]

You cannot strata title a SMSF property that is under mortgage with the bank.  In order to do this, your dad's SMSF would need to fall into one of the following categories:

– So cashed up it can pay cash for the purchase, no loans at all.
– Use another avenue for the lending (eg if your dad is cashed up outside his superfund and can lend all the…[Read more]

May I ask where in Geelong this property is located?  (ie which suburb?) Not all suburbs are equal.  What will achieve results in one suburb will be pointless in another.  Based on what you've mentioned about the fence I've got a fair idea, but easier just to ask.

Hi Joe

Keep us posted about this.  I'm very interested to see how the battle pans out

Hi Simon

Just wondering why you've set your mind on the Gold Coast?  Surely the sentence you are saying should be "I want to buy an investment property that has great growth prospects and great yield and is in great demand, and I wish to do so as step 1 in assembling a portfolio that will support me in my retirement"….

In other words, does it…[Read more]

Whatever you decide to put in, be sure not to go with the thinnest underlay available.  Upgrade a little and it will make the carpet seem more luxurious due to the bouncy-ness underfoot.  There are also the warmth and noise-reduction benefits also.

It's all in how you word the question.  If you ask what the rates are for that property, you will be met with all the usual nonsense about privacy policy and so on.  Ask what the rates would be on a property identical to that property…. you might just get your answer

Sounds like your broker wasn't doing a very good job.  He/she should have checked what was on your credit file and decided which lenders it was possible to approach without your record being a problem.  Sack your broker.  Get Richard (Qlds007), Jamie (Jamie M) or Terry (Terryw) from these forums to take care of you.

@ Rick Sta…. do you have a SMSF ?

I am a big fan of salary sacrificing into super….. but not when someone else is controlling it.  When you are driving it yourself to a very clear destination (ie SMSF) there is purpose to it. 

Hi Mikko,

How quickly do you think  you can pay back the credit card debt?

Hi Joe

If you drive back and forth to a town every weekend for 6 months or so, unless you nail yourself a smash-it-out-of-the-ballpark deal, then the petrol money and your time isn't worth it.  Even if I never strata-titled that particular property, it has been well worth my time.  The stata-titling will be a monstrous lump of icing on the…

Cool   Remember to insure the buildings but also "some" contents (ie floor coverings and window coverings).  You also need landlord insurance with tenant protection (ie to cover rental default, malicious damage etc).

Just to clarify, I use GIO only for unit blocks because few insurers will insure them.  For houses I always go straight to AAMI.  Annoyingly, AAMI doesn't offer insurance for the kind of unit blocks I have.  Give them a buzz and ask about your property – see if they'll cover it.

Hi Sandrae

Rather than become an expert at such things yourself, it's far more efficient to simply leverage a pro.  Why not contact Terry and have it all sorted out in a jiffy.

Use GIO if you are stuck for other options.  My first call is always to AAMI. 

When I analyse a property, I look at :

Property Management fees
Water bills
Council rates
Insurance
Gardener
Strata fees (if applicable)
Annual maintenance allowance
Annual vacancy allowance
Mortgage interest and fees
Depreciation allowances
Negative gearing if applicable

If purchasing inside a SMSF I also factor in:
Annual accounting and ASIC…[Read more]

Hahhaa!!!  Thank goodness you are ok Taylor.  I had started wondering if you guys had a family set of life vests, and dreading watching the news for fear of seeing you on your roof desperately grabbing for the rescue line of a helicopter