I guess it can depend on the location and enivronmental factors.Our sturdiest IP which doesn't require much maintenance is double brick, tile and wooden floors. We replaced the kitchen and bathroom when we purchased it. Haven't heard too much from tenants over the last three years.CheersJamie

Hi thereI don't know what you currently have with CBA but I'd be looking at that first. Probably do an increase on that loan (can be set up as a seperate interest only loan or LOC) – this will act as the deposit/costs on IP 2.I'd then set up a seperate interest only loan for the remaining funds required – probably with another lender that will…[Read more]

Qlds007 wrote:
Aussie / mortgage choice etc have no greater ability to finding you the right loan than any other individual broker.

Totally agree. The most talented brokers I've ever met are all part of smaller, independent brokerages.CheersJamie

tb007 and QLD007 – is there a trend forming here? No need to use your entire IP as security for the next.You just need to access enough equity in your current IP to cover the deposit and purchase costs  on your next IP – you can then source the remaining funds from the same or another lender as a separate interest only loan.Don't know if I'd be…[Read more]

Derek wrote:
Not 100% sure on SA and ACT.

For OTP in ACT it's based on the purchase price. For house and land, it's only the land that attracts duty. I could go into detail about the other states but a quick google search will return answers.CheersJamie

Richard's being nice. Some of these franchises are more concerned about expanding their franchisee numbers rather than providing quality brokers.How about giving Richard a call to discuss your options and then you can make a comparison between his knowledge and the broker you spoke with today.CheersJamie

Hi thereThis is something that will need to be agreed to by both parties. There is an element of risk involved with this strategy. The most important being the issue of not settling – what happens there? Having said that, I've done this before and it's worked out well. Speak to your legal rep about issues to consider.CheersJamie

Agree with Chris above – Nathan is in your neck of the woods and clearly knows his stuff.CheersJamie

I don’t know much about the OTP market in Brisbane but I wouldn’t be in a rush to purchase something OTP down here at the moment. Do a quick search on OTP or off the plan and you’ll get some good threads about the pros and cons. As for serviced apartments – most investors run for the hills.

Cheers

Jamie

Hi Danny

You don’t need to spend a lot of money updating a kitchen. If the bench top and carcass are in good condition you might be able to get away with new doors, handles, sink and a flash mixer – a new splash back can also do wonders.

Cheers

Jamie

Hi Jacob

Welcome aboard – another vote for Richard.

Richard Taylor – Director
Taylored Financial Solutions
PO Box 5217, Kenmore, Q, 4069
P: 07 3720 1888  F: 07 3720 2830

Cheers

Jamie

Hi NHGI'm not an accountant and would always recommend you seek professional advice but my understanding is that it's treated as a capital expense when determining CGT – however, if you used a loan for the BA's fees, the interest should be deductible.CheersJamiie

Hi MichaelFor ACT we use this – http://www.ors.act.gov.au/publication/view/1666/title/the-renting-book-aA quick google search will come up with heaps of info for NSW.CheersJamie

Michael_yd wrote:
Jamie, what steps did you/your wife went through to VET the tenant that's in your IP now? I know Ian in the above reply gave very detailed steps for that, but I'd just like to know what others have done to lower the risks when managing yourself. and thanks to all that gave input in the above replies, it was really helpful…[Read more]

HiyaIt's still available. Just recieved a lender update 30 minutes ago reiterating the current campaign. If you go down this path, I'd consult your broker/banker about the rate lock option.CheersJamie

Hi thereWith your current property, has it experienced any growth? Are there any drivers within the area that may enable the property to grow in value?I understand that no one wants to lose money, but properties that are negatively geared don't need to be the end of the world providing their achieving enough capital growth to offset the loss. I've…[Read more]

I've actually gone the opposite direction and self manage (well my wife does – I can't take any of the credit for it).We don't do this to save a dollar, we just found it frustrating trying to deal with the property managers we had looking after the properties initially. My wife has been managing the IPs close to home for a few years now and we…[Read more]

Hi Ozlat – I think I mentioned James from House of Wealth as a good accountant in a previous thread. He’s a specialist in IP related stuff and is in Melbourne.

Cheers

Jamie

I thought it was only one form that needed to be lodged? Can’t be too much effort.

Cheers

Jamie

No worries Janine – I'll be back in the country mid week.CheersJamie