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  1. Pedro61

    Offset loan

    Thanks everyone, After discussion with the lender it turns out I can redraw. :o That's what I'll do I think. It'll be a lot quicker, as well as save me an application fee. Best wishes Pedro
  2. Pedro61

    Offset loan

    G'day all, Question for the bean counters onboard: I have a Mortgage on my PPOR. I then sell an IP and find that the proceeds from that sale after all debts paid are enough to fully offset my mortgage. The actual amounts are $280k Mortgage and $293k Offset account. The offset is in...
  3. Pedro61

    Accounting / Tax question

    Thanks for confirming, It helps when you get a second (fourth in this case) opinion.
  4. Pedro61

    Accounting / Tax question

    Question for all the number crunchers on the Forum: Say I start proceedings on a property deal and go some way down the path but eventually pull out of the deal. If I incur any costs without actually buying, are those costs tax deductible? The reason I ask is that I have an accountant...
  5. Pedro61

    Insurance for Self Managed IP

    Hi all, We're self-managing a Granny flat sitting in our backyard. But have across a small problem. No insurers seem to cover it unless it is managed by a PM. I've called about 6 of insurers without luck. Does anybody know of an insurer that will take us on under a Self-Managed...
  6. Pedro61

    Accountants

    Hi Steve, Just did a search on the forum for accountants on the Sunshine coast and came up with this post by you. Are you still with these people and are you prepared to pass on the contact details for either or both? By the way I also read another post by you about your experiences in...
  7. Pedro61

    My home must be sold - NICHOLLS ACT

    Thanks Jamie and Geoff for your kind words. It is worth noting though, that Geoff's observations of the property were usually made before he compromised his sobriety :D so in case anyone is wondering, they are actually accurate. With reference to the rental attempt, I did have it listed for a...
  8. Pedro61

    granny flat

    I don't think I could live with myself if I charged somebody rent to live in that. As an investor I think I have a responsibility to provide reasonable accommodation to my tenants. Before they become the "tenants from hell" (and most of them don't), they are people too. Its not just about...
  9. Pedro61

    My home must be sold - NICHOLLS ACT

    Hi all, As a long time forum member I think it will be Ok to post this on the forum. Yes - it is an advert, but no different to any "buyer beware" situation when you buy real estate. The thing is. its time to sell our much loved home in NICHOLLS ACT. :(:( This is the one where, back in...
  10. Pedro61

    Rent to Buy

    WHAT ! Look - I wont be able to make it by 12, Cant you make a special delivery this time. I'll pay an extra $10 if you get it to me by 12:30. :D How many of your clients will pay that much for delivery ?
  11. Pedro61

    Rent to Buy

    It's 11:30 Geoff, No Jalapenos please. ;) How long will it take to get here?
  12. Pedro61

    Rent to Buy

    I think Terry is right. The agent stated that they are new to Australia (from South Africa). He has secured employment in IT with a 6 figure sum and she is apparently a school teacher yet to be employed. So their earning capacity is not in question but naturally they are trying to squeeze as...
  13. Pedro61

    Rent to Buy

    I had thought that the standard 10% would be acceptable for me, unless there are good reasons to increase that. Too much more and I risk turning them right off the deal. In any case the whole thing is probably going to go belly up because their original reason for not buying now is that...
  14. Pedro61

    Rent to Buy

    G'day Geoff, Fancy meeting you here ! Can you deliver an Italian BMT, with all the salad (No pickles or jalapenos) for lunch? :D Oh there will be plenty of HURT money in place to protect me. My lawyer has stated that he can draft things in such a way that they will forfeit their deposit...
  15. Pedro61

    Rent to Buy

    Thanks everyone for your feedback, Yes its good to be back Kathryn. I spoke to my Lawyer yesterday and he made some similar suggestions to those posted here. He's not in favour of the "rent to own" concept but he did say that my best counter offer would be to suggest to the buyers...
  16. Pedro61

    Rent to Buy

    G’day “SomerSofters”, Geez it’s been a while since I posted (or even logged in to be honest) but I have a question for those of you more experienced users. We’ve been trying to sell a house in the ACT since Nov 2011 (We moved out in Dec). The bank payments have been killing me due to the...
  17. Pedro61

    Property damage - tenant pays or Insurance claim?

    OK let’s see if I can draw a line under this and close it off. Firstly – If I have offended anyone in this thread I apologise. I apologise to RumpledElf for my outburst and I apologise to everyone about the disparaging remark about the tenant. My first post was made about 5 minutes after...
  18. Pedro61

    Property damage - tenant pays or Insurance claim?

    Well spotted. I just jumped right in there in the heat of the moment, without reading the rest. Sorry :o
  19. Pedro61

    Property damage - tenant pays or Insurance claim?

    Insurance does exist for a reason, But Excuse me Mrs Elf . . . This is not it. I don't pay insurance so that the tenant has peace of mind. I pay it for my own. If he wants peace of mind he can take out his own policy. You seem to have missed the whole point of my post. My biggest gripe is...
  20. Pedro61

    Property damage - tenant pays or Insurance claim?

    The thing is, I've been a critic of DHA for a long time. The houses are too expensive to get into in the first place and their commission is a bit over the top at 16.5%. But I gotta tell you, its times like these that the whole DHA thing starts to smell like lavender. I have a DHA property...
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