Recent content by mins

  1. M

    Very keen but in a little pickle.

    If you don't mind me putting in my 2 cents here... Firstly I agree 110% with the others, you need more income first. All lenders do take into account an amount for living costs and this does not include potential loan payments. On an income of $200 per week this is not enough to cover those...
  2. M

    Stamp Duty and fees question

    I am on the title and mortgage for my brothers house. This was to assist with affordability at the time. He has now been in a relationship for 12 months and they are talking about his girlfriend moving in and selling her property. I have suggested that she "buy into" my brothers house and...
  3. M

    Interesting conundrum with tenant

    Ps sorry for the typos... On my phone
  4. M

    Interesting conundrum with tenant

    Spoke to the agent a short time ago. Went in my favour. She has been ordered that she must vacate by the 24th Oct. she must continue to pay rent until she vacates (so if she leaves earlier then she only pays up to that date). The court also ordered her to pay $20 per week until the outstandinf...
  5. M

    Interesting conundrum with tenant

    Tribunal hearing is at 2:15pm today. My agent has also given her a lot of information and referrals to all the support/care agencies in town to assist her in finding other accommodation. My agent has been great, it is just a shitty situation. She is currently 33 days behind in rent. I am...
  6. M

    Interesting conundrum with tenant

    Thanks for all ur comments. I am just so worried she wont move out. With 5 kids i would imagine the tribunal wouldnt force her out. I really dont want to lose this other tenant but u are all right, its her problem :) I hope this plays out ok and quickly.
  7. M

    Interesting conundrum with tenant

    Thank you pinkboy. Yes the cease and desist is from moving 2 hours away. I hear your point however I don't want to lose a potential long term tenant (from what they have told the agent they want) because of her issues.
  8. M

    Interesting conundrum with tenant

    Having been through family court myself years ago I know it is possible. 5 kids and moving 2 hours away would limit his access and relationship with the kids. Hence he applied to the court to stop her moving out of town until a formal hearing is undertaken. I am no legal expert but I know...
  9. M

    Interesting conundrum with tenant

    I would appreciate some ideas and/or feedback on the situation I find myself in at the moment please. I have an IP which has been tenanted for the last 12 months. Tenant always paid on time and we have had no issues. She gave notice to vacate at the beginning of Sept. She was meant to have...
  10. M

    Learning from mistakes

    If u read the ato site, it is clear that property must be "available to rent". Because i renovated prior to the property being tenanted, any cost incurred is not claimable as a repair deduction and a lot of the cost will form part of the capital base for calculating capital gains. Of course...
  11. M

    Learning from mistakes

    Singo yes. I dont regret the purchase because we created instant equity of $100k, just a lot of the things i thought might be claimable, were not or will form part of the capital base when i choose to sell. I dont plan to sell this property for quite a while.
  12. M

    Learning from mistakes

    Tonibell ... Lesson is do not renovate prior to the property being tenanted. The majority of the money spent is non tax deductible because it is classed as improvements and not repairs in the eyes of the ato .
  13. M

    1 year on...

    It has been just over 1 year since i went nuts and decided to buy 2 ip's within a month of each other... And set up a smsf in the process for one of these purchases. Both properties have been tenanted consistantly. Both are positive geared. My smsf property according to online vals is still...
  14. M

    Broken Hill

    I looked at broken hill last year. The cashflow is positive on a lot of properties. After speaking to a few agents, my husband and i decided there could be better options. At the time, vacancy rates were increasing, the agent rates fir managing were higher because of the regional location and...
  15. M

    Learning from mistakes

    Bought ip and renovated prior to having it tenanted. Bye bye majority of $40k worth of deductions over the next number of years.
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