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  1. sashatheman

    End of Lease - Electricity Reading

    Hi everyone Our tenant is leaving the premises in under two weeks. We are moving into the house shortly afterwards. I want to confirm if it is correct to say that the tenant arranges the electricity to be disconnected from their name. As per the below link at least...
  2. sashatheman

    Tenant requested to break fixed lease - We want to move in

    Hi everyone I have a slightly different situation. We are self managing a place with tenants who are on a fixed lease until Feb 2015. Our intention was that we wanted to move into this properly at the end of the lease, we informed the tenants of this when we purchased the property. Yesterday...
  3. sashatheman

    Interest Tax Deductible - Scenario

    Hi Somersoft Forums Can you please help me understand if the following scenario allows the interest to be claimed on the loan. We had a PPoR that was split into two loans as follows. PPoR loan 1: ($82k) PPoR loan 2: ($200k) PPoR loan 1 had a redraw account, that we were unknowingly...
  4. sashatheman

    Change of owner - Agreement in Place

    Hi all We are settling on a property on Monday, and would like to self manage it. There are currently tenants at the place who have recently signed a fixed contract to remain there until Feb 2015. We are fine with that. My question is what is the procedure when it comes to change of...
  5. sashatheman

    % split on IP for tax

    Hi all My wife and I are in the process of settling on a property that will be an IP for some time and eventually converted into out PPoR. Our solicilor is asking what percentage amount we want to put in each persons name. My income is around $70-77k while my wife's is around 20k...
  6. sashatheman

    Advice on increasing borrowing capacity

    This is our current situation. We currently have 1 PPoR and 1 IP. My wife would like to get a bigger house before any more kids. That is not my preferred option, but I had to compromise with her (that's another story). We agreed that an option we are both happy with would be to find a new PPoR...
  7. sashatheman

    Based place/s to learn about SMSF

    Hi all My dad who does't have the best English gave me an assignment to read up and report back on self managed super funds (SMSF). Especially when it comes to buying property. He told me he has about 200k in his and about 100k in my mums. I did some quick searching and found that...
  8. sashatheman

    Multiple Tenants on one property.

    Hi guys I am having mixed feeling about a house we found as an investment. The house it self is divided into two sections, both rented out. Then there are two "granny flats" at the back also rented out. So the previous owner was getting a lot of rent. I did some quick calculations and the...
  9. sashatheman

    Cost of Renting out House - Self Managed

    I was hoping someone can give me an estimate on how much it is expected to cost to rent out our house through a real estate agency, but then manage it ourselves. So we basically want the agent to advertise for us and find the suitable tenants, write up the contract and then we take over. Also a...
  10. sashatheman

    Parental Leave Payments & Tax Return

    My wife received parental leave & Family Tax Benefit A payments this year. Does anyone know how to account for this when doing a tax return? I heard that Centrelink doesn't issue a statement any more. When I pre-filled information on e-tax I didn't get any information about these payments we...
  11. sashatheman

    Can bank a/c fees e.g MISA be partly tax deductible?

    Hi quick question. If you have a bank package like we do 'Mortgage Interest Saver Account' (MISA) that gives you an offset account, credit cards etc, and you get charged a yearly fee I think mine is $350. Can any of that fee be tax deductible because we use the offset account that is part of...
  12. sashatheman

    Claiming IP deduction from prior year

    Hi all. Does anyone know a definitive answer to the following question. I have a pest & building expense from May 2012 for an IP that was settles only in June 12. I didn't claim the expense in the 2011-2012 year (i didn't have the IP yet). Can I include the expense still in the 2012-2013 tax...
  13. sashatheman

    Need to replace Window Frame

    In our IP, the glass in one of the bedroom windows has fallen out, and the frame appears to be crumbling. The tenant put in some metal parts just to hold the frame together (see photos). http://s1262.photobucket.com/user/therealsasha/library/Window%20Frame?sort=3&page=1 I am wondering what...
  14. sashatheman

    parameter of IP wierd

    We recently settled on an IP, so I was looking at the sewer/water pipes on the property. I already knew that some pipes are running through the property, so gave up hope of ever trying to build a granny flat on it. What I did find odd, is that the property (number 20) has a different...
  15. sashatheman

    IP with tenant staying - Bond Transfer

    Hi all So we are about to settle on a property with the tenant willing to stay. We are located in NSW btw. We want to manage it ourselves as the tenant appears very responsible. My understanding is that we need to do two things transfer the bond money into our name and make them sign a...
  16. sashatheman

    No need for an accountant?

    Hello fellow property enthusiasts I have a question. My wife and I found our first investment property a few weeks ago and are in the process of purchasing it. We have already exchanged contracts at the beginning of June. However date of settlement is the 7th of July, which means its in the...
  17. sashatheman

    Law about keeping paper records?

    Hello guys Not sure if anyone knows. I live and work in NSW in case my question is based on the state one lives. Does anyone know any government requirements relating to paper vs electronic paperwork? I want to know this for work, as currently I have to scan a bunch of reports that are kept...
  18. sashatheman

    Negotiating the price further down

    Hello everyone. My wife and I decided to look for our first investment property. We chose the Western suburbs of Sydney. I found a place that appears to generate sufficient rent and a tenant who is willing to stay. So after looking at the property I spoke to the agent and asked for about 5%...
  19. sashatheman

    LVR & LMI question

    Hi guys When my wife and I got our homeloan our loan to valuation ratio (LVR) was around 90% and the lender's mortgage insurance (LMI) was included in the mortgage. However now it's around 75%. Q1)Is there any advantages now that we are below the 80%? We have our mortgage with...
  20. sashatheman

    history of cash-positive properties

    Hi guys I have read a couple of property investing books, inclusing the author of this website. Anyway it sounds to me like in the past there has been a lot of cash-positive properties on the market. Especially writters like Steven Mcknight make it sound like in the early 2000s there were cf+...
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