Recent content by The Chancer

Hi all I have just received a top up on my IP loan which is currently sat ready to be used as required. I would like to know what the best way to track the usage of the funds for tax purposes. Basically my current accounts are set up is as follows: Bank A: Acc 1: Offset account with all...

Hi all I have my next IP under contract and have been researching property managers that service the area and their fees. I have done a few scenarios on costings and thought I would share the outcome as I have seen a number of posts about PM fees in Perth and it was interesting to find that...

Good point NeK defiantly something to consider thanks. I guess it could also become an issue if say something came up in the building or pest report and if say they gave a reduction for the issue they would automatically expect that to be rectified after settlement and to a high standard, but...

Thanks D.T I have a good feel for rental income during my initial research and I have also got quotes from about 8 PMs in the past week for their fees and also CMAs of the rent which ties up with my figures so should be able to get the going rent. I will get a PM to deal with everything ie...

I have my next IP under contract and it's due for settlement in 6 weeks, and there is a possibility the current owner may want to stay on as my tenant from settlement I'm just curious if anyone has had this situation before and what the possible risks could be. I have spoken to local PMs and...

Nice one cheers guys, ah so the age of the asset does get included if it needs replacing not so bad then no need for me to be ruthless in the future. It's a gas upright cooker, a cheapo in good guys is around $650 but it's going to be $250 to get rid of the old one put the new one in but some...

Thanks for the input and fast response Paul and Terry much appreciated. Sorry for the long list was scraping the barrel with the left over expenses I had :) What do you mean I can't deduct porn Paul so very disappointed :D Most of the expenses incurred in items 9 - 13 were incurred...

A tenant recently moved out of one of my properties and they admitted to accidentally breaking the cooker in the last week of their lease (dropped roast dinner on the door and smashed the glass). When this happened they got a quote to do the repair which came in at around $300 but they said...

Just been going over my personal expenses for the last tax year for my tax return and have most sorted for my accountant who I see in a few weeks but I have a list of misc kind of overhead costs which I have incurred during the year while growing my portfolio. I wouldn't normally have...

Thanks for the quick reply Propertunity, so it pretty much rolls over until I have an income to offset the loss against, kind of like a capital loss which rolls over until I make a capital gain.

I currently have 2 IPs which overall have a neutral cashflow before tax however I have around $10,000 of depreciation I can claim against these two properties each year which will reduce my taxable income from my job which is good. However my question is if I had no taxable income (I.e no job...

Hi Greedy2000 I have used 7% every year in my forecasts so allowed for paying 2% more than I currently pay. If the rate goes above 7% before 2017 I would need to slow down the acquisition a bit and leave surplus income in the offset to keep the rate lower, or could look at putting some of...

I would get professionals in for the Renos, be quicker and a better finish than I would do myself. I'll keep you posted on how it all goes.

Hi FMS Next IP is likely to be in the Brissy area looking at Ipswich and Logan areas at the minute as they fit my price range and yield. Discounting here I wouldn't expect to be 20% (but you never know:)) but would be looking for around 5-10% as a ideal figure then probably have to spend...

Due to settle on first IP any day and intend to purchase 1-2 more in Brisbane area prior to the end of the year.