congrats on looking into furthering your investment property knowledge!
I completed the results mentoring course in the 11-12 financial year and can highly recommend it. What the course offers is a good introduction on a range of investment strategies (eg buy and hold, renovation, development, overseas property…), great networking…[Read more]
I really appreciate the first two replies, and goes to show there certainly is ambiguity here. So will discuss with my accountant.
I have no appreciation for the insinuation made about my personal circumstances in the most recent comment which is rude, unfounded and completely untrue.
After more reading I put then under sundry expenses. The ATO definition of what can be claimed as borrowing expenses is clearly not inclusive of regular annual fees… Sundry is for everything not already claimed and as there was no better place I put them under sundry.
sorry Terry, yes I do mean in the year they are incurred.
And as for the investment property schedule, where exactly? under V – sundry rental expenses? as I see no relevant place in A – U in which to record them…
Voting ended end March and winner finally announced a couple weeks ago. Unfortunately wasn’t me, and they only announce winner so not sure where I ended up in the rankings. So wasn’t meant to be, not to worry. As long as I am my husband’s bride of the year then that’s what counts really appreciated the support tho.
wisepearl replied to the topic Amazing tiler in Perth + other tradie recommendations in the forum Value Adding 8 years ago
Hey mel!!! I replied more on other post (stalker, haha). Yes still regularly attending meetings, group now called property meetings.com.au I think, or without the s. great talk last night on changes to building code/permit process and subdivision planning/budgeting.
Have emailed u to plan that coffee date, in Perth for sure. No more Gero. Looking…[Read more]
wisepearl replied to the topic Attn: PERTH developers – draftsman recommendation pls in the forum Value Adding 8 years ago
Hey mel! Course I remember you so can we do coffee in Perth this time? No longer travelling to Gero
Great to hear ur a draftie now, good on you! Will contact u to arrange that catch up.
just thought i’d update this… seeing as job was finished some time ago.
ended up going with my sparky mentioned above, as i found him so decent to talk to, and the time he took to walk through the house to get a thorough understanding of the job and his ideas gave me confidence in him.
He hired in apprentice between when he quoted and when he…[Read more]
you need to speak to a licensed quantity surveyor. They do a depreciation report and put a value on the building and plant/equipment/fittings etc with full break down for tax deductions. They can prepare this whether property is 1 month or 15 years old. Bear in mind houses constructed pre-1985 (I THINK thats the right year, doing off memory) do…[Read more]
wisepearl replied to the topic Who could recommend builders/ tradesmen for a heritage listed 2 bed room semi-detached house in Fremantle in the forum Value Adding 8 years ago
i can highly recommend Tony Broughton from Broughton Construction. Unsure if he has worked on heritage but he has worked with me on 3 projects now and I'm always happy with his service and price. Tell him Emma Celis recommended him best advise i can give you is to be aware of any heritage restrictions before commencing work. friend of mine did …[Read more]
More or less, yes Jamie but if there’s a brief pause between IPs and loan is secured over a term deposit at that time? My thoughts are that the funds should remain deductible so long as the loan then gets ported to a new IP.
it depends on your intent with the property. are you renovating to sell or renovating to sttract a better rent? if you’re going to keep it as a rental for some time i would probably avoid the tile resurfacing. be aware its only for walls, not possible to use the paint to resurface floors. If you’re renovating to sell then its a cheap way to give…[Read more]
haha its true Brian, the REA I bought the property off was a dream from my perspective!! got everything i asked for and seemed to take my side not the vendors! and for that exact reason i chose not to even consider appointing him after the reno!
just an update for those who took the time to reply… a couple days after my moan online, my agent presented me with 6 offers! we have accepted and contract has gone unconditional.
there was a lot of research put into finding the agent, based on sales history.
I guess what I was really looking for in this thread was suggestions about actions…[Read more]
in a very rough summary it involved putting a caveat on the title under the bank’s mortgage one, directing all equity as owned by the trust. thereby giving the individual owner no “net worth” or equity ownership in the property. it obviously entails a lot more than that but that was a very oversimplified gist of it.
theory being in the event an…[Read more]
You really should sit and have a chat with a good broker. You can tell a broker everything and then they will make recommendations on which banks, which products, which loan suits your strategy best and will submit your loan application in the most attractive-to-bank way possible. They get paid by the bank, not you, and instead of one bank…[Read more]
i’d agree with what Kate said above, tho she had a history of debt reduction her spiel will be on asset protection. She’ll scare you with some tales of nasty banks and introduce you to the all money clause and will explain how she has developed a system for asset protection. Her presentation was informative and well delivered, I enjoyed listening…[Read more]
wisepearl replied to the topic how to assess if a subdivision deal is worth going for or not? in the forum Value Adding 8 years, 1 month ago
Let me ask you a question:
Would you be willing to accept payment of $30,000 for a job that requires about 5 hours work a week for 3 months? Most people would probably say yes.
Now would you accept a cheque every year for $1,000,000 if you had to work 60 hour work week, move your family interstate, have a commute of 1.5 hours to the office and…[Read more]
A good indicator of a suburb having renovation potential is a broad price range. API mag (or was it one of the others?!?!) did a great feature on this a couple months ago. Ideally with a reno project you want to buy a house below the median price for the suburb, but not the lowest in the suburb, and sell it above the median with good profit, but…[Read more]
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