Yep, it works a treat

Plus, tenants with pets generally stay longer (because finding an alternative can be troublesome).

I allow pets (within reason) in all my IPs.

Cheers

Jamie

kelleyhutcho wrote:
It cost us $70 k all up and it rented for $190 per week for years, then when we sold the home, it was an advanatge to have it as it value added to the property.

Hi Kelley

Well done – those figures are impressive.

How much extra do you think your property sold for with the granny flat?

Cheers

Jamie

Hi Daewoo

Agree with all that’s been said.

YIP and API magazines are a great resource.

Some good authors to look out for are Lomas, Yardney and Somers. Check out your local library or ebay for copies of their books.

Importantly, try and surround yourself with like minded people. Forums like this are a great place to start.

All the best

Jamie

Hi Jade Q

Welcome to the forum.

First things first, if this property is going to become an investment – you should convert the loan to interest only. If you leave it as principle and interest, each repayment is reducing the level of deductible debt (which is currently down to $275k).

For financing the next purchase, you could “top-up” your…[Read more]

Hi Julieanne

Your best bet is to speak with an accountant.

From my understanding (and I’m not an accountant) is that providing accommodation to boarders – who in turn provide some money to go towards utilities, etc it would be deemed a private arrangement and therefore no tax implications should arise.

Cheers

Jamie

Qlds007 wrote:
Just make sure you give your MB plenty of time when it comes to approval and settlement and dont waste time on a pre-approval as with Bank West they are not worth the paper they are written

Yep, you can say that again! One of the most frustrating to deal with IMO. Product is fine – the premature greying of hairs when dealing with…[Read more]

redrooster73 wrote:
gary Zoning broker 0419731944

Bank West combined with stat deck from parent.

They are the best at present.

If you want to get clever start getting gifted deposits from builders etc and dont even have money come across from parents.

BWA will only go to 90% with non-gen.

No need for stat dec.

Cheers

Jamie

Hi TegMight be an idea to start a thread on somersoft as well. There's a few Canberran's over there that might help – one of which is a builder who's likely to have these contacts.How did you go with ACTPLA and the sub-division in Melba?CheersJamie

Hi Jeff

Welcome to the forum.

Check out this one, it might help – http://www.passgo.com.au/pass-go-investment-property-analysis-tool

Cheers

Jamie

Why is the vendor selling?

Asbestos in properties of that age is not uncommon.

You should be able to appoint a new PM if you think you can get a better deal elsewhere. In fact, I’d call the current PM (and a couple of others) and ask them about the area and those units in particular.

If it’s a small town, call the local cop shop and ask…[Read more]

Hi Henerz

Welcome to the forum.

To expedite the investing I’d look to take out a 95% + LMI loan for your first home. Purchase something that you can add value to via affordable, cosmetic renovations. Have the property revalued afterwards – hopefully it’s gone up and you can tap into some of the equity. You can then use this equity as a deposit…[Read more]

JPCCM wrote:
Coring into a concrete slab is a lot dearer then most people think. Beware of these drills !

Hmmm….so I’ve been told. JPCCM, would it be best to use a tradie to cut into the slab or are their tools that can be hired from a hardware store to get it done? I don’t mind having a go at most things, but cutting into a slab is slightly…[Read more]

Your friend should try a different lender? Where does he have his LOC? Perhaps he should ask for the limit to be reduced. You’re right – lenders will consider the LOC as fully drawn – just as they’d consider a credit card’s limit (despite how much has been spent on the card).

Cheers

Jamie

Terryw wrote:
PeCatsI would suggest you do some research before signing up to such a scheme.

Agreed – if it sounds too good to be true…..you know the rest.

Cheers

Jamie

Agree with Scott – most old apartments are going to have some issues.

Also, building reports can often sound a lot worse than they actually are. Put a call into the inspector and speak with them directly about the issues.

I remember reading a pest inspection for an IP I was looking at in Logan, QLD. The report sounded horrible – I then called…[Read more]

I think there was also a write up about it recently in API or YIP mag.

Cheers

Jamie

Hi Engelo

Check out this thread – https://www.propertyinvesting.com/forums/property-investing/help-needed/4331457

Cheers

Jamie

Not an accountant either – but I wouldn’t think they were deductible.

Cheers

Jamie

Hi Cattaby

We might be carrying out a similar reno soon.

We’re converting a large laundry area into a second bathroom.

Is the house on a concrete slab? You may need to cut into it in order to connect up the new plumbing.

Cheers

Jamie

I’m not sure of the level of bureaucracy involved in putting up a granny flat but I’d assume it would be less involved than sub-dividing and building a new dwelling.

A granny flat would provide another income stream – which would increase the yield and turn the IP into CF+. It would also increase the value of the property.

However, if you’re…[Read more]