Total Members: 140,867

Simon

Start a Digital Business in 2017
  • Hi All.

    I am experiencing what I consider to be a lengthy delay with my contractor arranging certification for a carport he put up as well as a bedroom conversion.
    Carport has been up 7+ weeks, bedroom finished well before then. He is hard to get hold of and has not come through on two dates given by him to get the certifier on site. He has all…[Read more]

  • Simon replied to the topic Lease break question in the forum General Property 2 months ago

    Hi Benny

    By that, I presume you mean that your friend is bound to pay rent in lieu of the broken lease? i.e. they are “in the gun” for rent until it is leased anew to another tenant

    Correct.

    Wait up though – if that rental uplift is minor (a few %), this could be understandable. e.g. If the lease your friend had first signed was about to expir…

    [Read more]

  • Hi

    A friend of mine has just broken their lease to move into a PPOR. The agent has advertised the place at a higher rent, it was already a very expensive apartment, lots of viewings but no takers so far. My question is, is the agent taking the piss looking for over market rent while they have continued guaranteed rental income? Are they aloud to…[Read more]

  • Hi Benny.

    Sorry rookie error with the medium pricing, i gave you combined. 3 bed 325k, 4 bed 415k, hence I felt I could try to do better going in next time.

    I thought the bones were good with easy wins cosmetically. The block was flat with side access which is not so common in the aria, elevated so no flooding issues, close to train and school…[Read more]

  • Property is now tenanted @ $425pw.

  • Hi Benny

    Thanks as always for the reply to the last post, I thought I would make this a new thread however as I know how valuable feedback is so I’m going to lay it all out so far as I am almost done & ready to get it tenanted.

    Everything seemed to come together thankfully over the last few days. I started getting frustrated about the amount of…[Read more]

  • Hi Benny

    Thanks as always for the reply to the last post, I thought I would make this a new thread however as I know how valuable feedback is so I’m going to lay it all out so far as I am almost done & ready to get it tenanted.

    Everything seemed to come together thankfully over the last few days. I started getting frustrated about the amount of…[Read more]

  • Hi All

    I’m nearing completion of the reno on my first IP. When it is finished & tenanted I will run through the work & numbers as I’m keen on some feedback to hopefully put me in a better position going into the next one.

    So far everything has gone surprisingly smooth & well, a thoroughly enjoyably experience with results that have even…[Read more]

  • Thanks Matt

    I got on to him eventually, apparently family health scare interstate. I am fine with delaying the work but the lack of communication is not on.

    Yes I got on to gum tree & reported the account, had an email from him that afternoon.

    Wont be using him again, was a one off purchase and install of an “as new” air con with full warranty…[Read more]

  • Hi Terry

    Yes this is what I want to know. I am paying interest, insurance, rates ect while holding & renoing but is this and deprecation claimable as there is no tenant yet? The property is 100% IP & will be rented as soon as work is completed. I am just concerned that the expenses may require a income to be claimed against?

    Also is…[Read more]

  • Hi Guys

    I have a bad feeling I learnt a tough lesson regarding paying a deposit to a contractor I don’t know on the internet.

    I found a near new aircon for a great price including install on gumtree. The guy sent a quote out with company name & ABN ect, he also has a fair few other units for sale.

    I paid $500 deposit for the unit as he would…[Read more]

  • Hi Benny

    Thanks for the reply. Questions answered.

    Cheers

    S

  • Simon replied to the topic Garage conversion in the forum Value Adding 5 months, 3 weeks ago

    Thanks Benny

  • Hi all

    Couple of questions….

    If I purchase a ip & Reno am I up for cgt from day dot or can I get a valuation done before it is rented after work is completed?

    Are rates claimable before tenants move in or only after?

    How does a depreciation schedule work on renovations to a older property? Say paint or refitting a bathroom?

    Thanks

    S

  • Hi All

    I took possession of my property on Tuesday and am well underway with the renovations.

    I am after peoples thoughts on what is best to replace the garage door on a conversion? A sliding glass door or glass panel with windows?

    The panel is about $450 cheaper and I feel is better security.

    Cheers

    S

  • Hi All

    I am after a recommendation for a draftsman in Logan & advice on the below?

    The situation is looking like I will be forced to use one after finding out counsel have no building plans for the house I purchased. I just paid $75 for set of plans for a patio extension from 2004 (angryface).

    The plan was to modify the original plans to…[Read more]

  • Thanks guys

    It didn’t even cross my mind until the floods. That could have been a very expensive lesson.

    Cheers

    S

  • Hi All

    Seeing all the flooding in the Logan aria happening right now I got to thinking what would happen if the property I am unconditional on & settling on in two weeks was flood damaged? Is it my responsibility to ensure I insure the building upon going unconditional to protect myself?

    I gave this no thought at all other than the bank saying…[Read more]

  • Haha, all good Benny, I am enjoying learning more about it all.

    So another option could have been to just leave the funds in the loan account? Would this be more like a line of credit?

    Cheers

    S

  • Hi Benny

    I believe I am across the potential offset issues.

    Just to draw a clear picture (I possibly should have done this at the start)

    This is a refinance PPOR with a new lender, so no other money whatsoever, savings or wages go near it at this point in time.

    There are two offset accounts & a loan split 3 ways.

    One offset account sits…[Read more]

  • Load More

Simon

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