Hi Kris

Very insightful post – thanks for sharing. I’ll be on the hunt for another IP in the not too distant future and Ballarat sounds enticing.

Cheers

Jamie

Thanks for the info. I’ve actually just purchased a Noriot 2400w off the net. I’ll report back once it arrives. Might order a couple of those lazy patch suits as well

Cheers

Jamie

Hi Wanderwoman

It sucks and I share your frustration – I’ve been there before (although I’ve never had a toilet seat nicked).

You’re absolutely right though – everything must be documented and with today’s phones it’s easy to zip around an IP and take a heap of shots.

Cheers

Jamie

Hi Kell

Nope, no need to change the loan. You’ll be able to start claiming the interest repayments from the day it becomes an IP. Might be worthwhile coverting it to interest only though (can help with cashflow).

Cheers

Jamie

Hi Tony

I think you’ll be suprised. Even the older properties usually have something worth claiming. The online depreciation calculator on the website suggested above will give you a good idea of how much you can claim.

Cheers

Jamie

Hi Matt

I don’t know why your parents would suggest that. You can get the most depreciation out of a new dwelling.

Cheers

Jamie

Hi CG

Thanks for the wrap I’m glad I could help.

Cheers

Jamie

The location of the security can also impact on the LVR the lender is willing to lend at. At $70k I’m assuming the property is in a small regional area.

Cheers

Jamie

harryandlloyd wrote:
Kelso is one suburb you should avoid – personally, I would never buy a property on the Sydney side of the Macquarie River. Kelso is home to drugs, scrappy houses, scrappy tenants, dole bludgers and all those young 15 year old mothers you see with 3 children hanging off their hips happy that each newborn has added another $5…[Read more]

Sure, it’s called A1 auctions in Fyshwick. There’s another vanity sitting there right now for $30 – but doesn’t have a hole for a mixer (has two holes for two taps which is a little old school for a renovated bathroom).

Cheers

Jamie

Hi Cattaby

We self manage a couple of our IPs. We usually just pop into the local news agency and pick up a lease (which comes with the inspection report). This is in the ACT.

I was doing the same for NSW but won’t need to any more thanks to the link from Scott – thanks

Cheers

Jamie

Hi Jac

If you opt for an under-bench oven, you can usually pick up one from here for less than $300 (including buyers premium and shipping) from here – http://www.graysonline.com/lot/0001-2023031/appliances-and-whitegoods/ole-60cm-stainless-steel-electric-oven-model-aae40011?spr=true

Cheers

Jamie

What’s the deal with Kelso?

Cheers

Jamie

Hi Cattycatty

You could look at sourcing your shower, vanity, basin, tiles, etc from online auction shops such as graysonline. I’m sure there’s no shortage of such places in Sydney. We recently picked up a new bathroom vanity and basin for $20 from a Canberra auction outlet (the basin had a small crack in it).

If you’re willing to get your hands…[Read more]

Hi Angel

I generally agree. However, off the plan purchases in Canberra have been a very successful strategy for a number of investors over the years. The main reason being the extended development times – some of these units take up to three years to complete. During that time, investors who simply exchanged on a deposit bond have experienced…[Read more]

Hi Madchen

API mag also has this info at the back. Might be worthwhile cross referencing it with the info in YIP mag.

It wouldn’t hurt to call a couple of local property managers as well and have a chat about current demand.

Cheers

Jamie

Hi Zoe

Ask your broker about carrying out an external refinance to a lender that allows for valuations to be ordered before an application is submitted. That way, there’s no immediate hit to your credit record and you’ll only need to proceed if the valuation comes in at the desired amount. Someone mentioned ANZ above – they are a lender that does…[Read more]

RobbieP wrote:
Hi Kong,Whats the longest term mortgage you could get for a variable IR?Regards,Robbie

Hi Robbie

Investors generally opt for interest only loans for tax deductibility purposes. IO periods are generally 5 years, some lenders allow 10 years. After this period, the loan reverts back to principle and interest. At this point, most…[Read more]

kong71286 wrote:
No worries Robbie, and thanks for the confirmation Jamie7% still sounds quite good, and I'd love to lock in these interest rate for 25years or more. However from a brief search online most only fix rates for 5 years, and the maximum I could find was 15years.Anyways, this might be a bit off topic, but I read somewhere that hedge…[Read more]

No worries. I haven’t used them but anything to do with non DIY kitchens seems to cost a packet!

Cheers

Jamie