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Hi there,
you have a few options. You can find a valuer as Edward-L mentioned, but you can also get it done for free by another bank/financial institution. Just to give an idea, let's say you have your current loan with anz. They initially did their valuation on your property before they gave you the loan. After you did your reno and if they sort of refuse to do the value assessment again (for whatever reason) call another lender and have them to do it for you. Just remember that some will do the assessment using computer modeling program, which you don't want. You need to find a lender who will send a person to your place to look at it. You may get your mortgage broker to help you if you are not sure.
M.Hi guys,
a friend of mine both a property in Las Vegas last year for 1/3 of the price from previous year. I suppose two easy ways to do it is to have cash ready or borrow against your property here in OZ and you the cash to purchase a property there.
If you have SSN – social sec number, good b/c you will need it when you do your tax return in US (due in April if I remember correctly). If you don't have one, you will need to apply for one before you do your tax. It is a bit of paperwork but it can be done. BTW, to be more specific, you will not be issues SSN, but another tax number that can be used when you do your tax return.
I found banking services (because you will need to have bank account there) much better than in OZ. Services are available 24/7 in many banks over the phone, so you don't need to call during business hours.
For you who are interested in getting properties do your research on locations. yes, Detroit is a rough city (highest crime), St Louis can be also doggy, but with all honesty I would stay away from city locations. Most, not all, most cities, have high crime rates in downtowns, with low income populations <moderator: edit>. Last thing you want to get your apartments with shocking people living in theme.
I lived in midwest and did a lot of work for several apartment complexes (any where from 250 up to 900 units complexes). There were some really beautiful places with decent people livings there but some places that I have seen I don't want to describe here.
Again do your research on locations. Just one more thing, when you rent out place there, people will expect to have dishwasher, washing machine/dryer and fridge provided.
MarkHi Neil,
Last FY I organized a depreciation schedule for my IP and claimed the first year on my tax return.
This financial year I did a large renovation, replacing kitchen, bathroom, floors, doors etc.I wonder what do I do with the old depr schedule? Do I write off the whole balance of this schedule in this FY tax return and prepare a new schedule that I can start using from this FY.
Or do I keep the balance of my old depr schedule till I decide to sell my IP and include it in cost base together with remaining balance of my new depr schedule?Thanks for any hints.
Mark
