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Hi All, Apologies if this post is in the wrong place. Paying tradies cash in hand. Is it worth it? Unless I'm missing something, unless the tradies discount is more than 30%, I'm better off getting the work done "legit" with a receipt for tax purposes. Sorry, but I'm posting in a...

Hello, Just wondering if it wouldn't be worth having a "Developer" or "Development" section? Cheers, SupaRex

Hello, My old man has in investment property in Clunes (regional Victoria). Currently, the property is managed by AAG, but they are hopeless. Can anyone recommend a PM for Clunes? Many thanks and kind regards, Brad

Hello all, I'm about to lease a property and the tenant has agreed to pay the full 12 months rent up front. I'm just wondering how to account for this on next financial years ITWV. I've rung the ATO, but it was too hard a question for they front line people, so now I'm waiting for a call...

Hello my fellow somersofters :) I need some help clearing up my understanding. When I was a young naive investor, I simply bought a property, waited for the equity to build up, then used the equity as security to purchase my next IP. The NAB (who I have all my loans with) were more...

Hi All, Can anyone recommend a PM who manages the Somerville area in Victoria? Preferably from an agency in the area, but one that covers the area is ok. Cheers, SupaRex

Hi Guys, For the first time, I've got (slightly) bad tenants. They've broken their lease, the property has been vacant for five weeks, during this time, they have continued to pay the rent like they are supposed to. Now, they want to be released from the lease and they want their bond...

Hi Guys, I'm looking at a new property purchase. I have four other properties currently. This new loan will take me over 80% for my portfolio. I hope this makes sense, so here I go: The LMI on just the new house will be about $13k. If I DON'T pay that and make it part of my loan...

Hi Guys, I've been told (and I believe it's true) that you can only have an interest-only loan for 10 years on a property. After that, it must convert to P & I. Is this true? Is there a way around this "limitation"? Swapping lenders (refinancing) doesn't work apparently - it's a...

Hi All, I've found a vacant block on realestate.com.au that I'd like to buy and build units on. The fact that it ISN'T plastered with "STCA" everywhere tells me that I probably can't build units on it. But, my question is, how can I find out for sure? I'm guessing I speak to the council...

Hello all, I have a friend who has refinanced his IP to the tune of $50k and put that toward the loan on his PPOR. He still intends to claim the full amount of interest on his IP against his tax (wrong terminology, I know, but tired and can't think of the correct one). I explained that he...

Hello, I'd like to get everyone's thoughts on using LMI to increase the amount you can borrow. I understand how LMI works, but what I want to know is do you think it is worth paying to increase the amount you can borrow? Assuming you do, then what's the limit? Would you borrow as much as...

Hi Everyone, One of my properties has an old air con unit, the style that fits in a window space (the unit itself, not just a hose or the like). This unit is going to pack it in soon and I don't know if I'll be able to get it repaired. Even if I can, it will probably cost a fortune. I...

Hi Everyone, I have four properties that have been sitting around slowly increasing (I hope) in value. I have an offset account against one of these properties. Can I draw down the equity in the properties and have the funds deposited into my offset account to reduce the interest on that...

Hi Everyone, I did do a search, trying to find the answer to the following, but I couldn't find one (that could be my fault though). Easiest to pose the question via an example: I borrow $500k for an IP (IP2) that costs $450k (inc all costs). That leaves me with $50k just sitting...

Hello, Sorry if this has been discussed before. :o Here are the basics: - Plenty of equity. - Want to buy more property. - Serviceability a problem. * Is there a way I can use the equity I have to service my (future) loans? I've sort of looked at a LOC, but it didn't seem like it...

Hi All, I have a few properties, but still consider myself very inexperienced when it comes to investing, so please forgive me if this is a dumb question. This isn't exactly my position, but it will illustrate my question best. Lets say I have $300k in equity in my property portfolio...

Hi Everyone, I have a couple of IP's now, and while I'm not currently in a position to, I'd like to one day do a development. If I had the money now, there was (what I consider) a block perfect for future development. It was 1060m2 and had an old house on it. You could have built three...

Hi Everyone, I'm sorry, but this is doing my head in. Really I should know this. If I had an IP that I bought for $200k and one year later it is worth $400k that would mean I have $200k equity in it, right? Now, as I (partially) understand it, that means I can use (80% of $200k) $160k...

Hello, I already have two properties in Somerville. Does anyone else on here have properties in Somerville (or surrounding areas like Baxter, Pearcedale and Tyabb)? I'd love to hear peoples opinions of where Somerville is headed in the coming years. Cheers, SupaRex