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I have a negatively geared IP with a loan amount of $250k, valued at $450k. Rental income is $310 per week. I'd like to borrow $100k to invest elsewhere. My question is, what are my restrictions on this? If I increase my loan (to $350k) my repayments will go up and as such, my negative...

No providing Internet as part of the service. Phone line was working and ADSL Internet was working for the first four weeks. It's only recently broken. I'm happy to pay and not stressing over the cost especially if it means I keep a happy tenant. I thought I would ask though as it felt...

Hi Somersoft My tenant has advised their ADSL2 internet (iiNet) is not working. The tenant has engaged iiNet who believe everything is fine and have told them "to get an electrician". I remember years back when I moved into a rental and purchased TPG internet, they sent an electrician to...

Hello Thanks for the guidance. I have a builder coming out. Regarding the blinds, I think I will switch them over to more tenant friendly roller blinds. Am I required to get approval on the type of blind from the tenant? Moving from vertical to roller? Thanks

Hi Somersoft *Self Property Manager here* In a recently inspection, two items were reported/discovered: 1. Broken blinds in one bedroom (picture attached) 2. Some form of water damage in the same bedroom (picture attached) The tenant advised they were unsure how both happened but...

He didn't it through that far.

This was my initial thought when my partner told me BC were fixing it. Outside the Garage Door (ie cosmetic) definitely body corp, but faulty electrics is the owner. Just looking for confirmation :)

Hi Somersoft, We have one IP which recently encountered the following scenario: Once every few weeeks, the power to the shared garage lighting would go off. This is obviously extremely dangerous. It was reported to body corp always immediately. In most circumstances, they didn't respond...

Hi Somersoft, Hopefully this is a quick/easy question. What is the supported and recommended way for someone who self manages there IP, to have and supply proof of rental income? (for Tax, Loan and/or Insurane purposes) At the moment, the money goes into my own bank account on a...

Not really, I do the same and find it's easy to manage. I don't see it as a burden and it honestly doesn't take much time. Every FY I have a folder with each IP address on it and put all expenses into it. Tax time I go through this and do my return (or could quite easily give it to an...

I'm researching the market and analying my financial position for IP2. I have seen one property which I can get for $150,000 currently rented at $150/pw. It's a house in a outter metropolitan city on a sizable land (800m²) so there is zero body corp. I have two questions: How do I...

That's for the info -- that's actually what I was thinking and hence why I started this thread. I had an assumption that $800pm is enough for an IP but I wasn't sure the best way to play with it (fyi, I have more than $800 free per month, that $800 is just purely investment money). But...

I asked the BC whether it's possible to put a motion in the EGM to be "allow $2000 for fencing of unit 4" but they said it's not possible. They confirmed it needs to be a motion for the exact quote from the company. Is this correct? Which obviously makes it much hardware for my...

Speaking of LVR: what is an acceptable time frame to ask the bank for an appraisal to determine your current LVR? Every 12 months?

Thanks mate. Only half of what you said makes sense :eek: I'm keen to hire the share market but it's a big scary place without having much experience. I also though of a Managed Fund for the next 12 months putting +=$800pm into it, but there isn't many out there that take an initial...

Firstly, a big thanks to everyone at Somersoft. I've learnt a tonne of invaluable advice in the past 3 years. I joined here way back when I first got my first "100%" loan (100% LVR!) back in 2007 and been reading/learning ever since. Essentially I took on the risk (well, the bank did) to get...

That was the plan, but at the moment my brother in law can't do it because he's over booked.

Thanks Olly. I think your thoughts about price is spot on. I appreciate the job might noe be $250, but $1600 for 10m of fencing as far as I'm concerned is unacceptable. This is where my curiosity lies. How obliged am I to accept *any* quote if the price is excessive? I asked our Body...

Hi All, By owners Corporation I assume you mean the Body Corporate itself? As in, owners don't need to chase up that money from the adjacent property? Thanks

How do I determine this? The piece of fence in question in not common property, but part of that units own court yard. It is adjacent to the neighbors property. My BC seems to think it's a BC issue. But to be honest, she's not exactly switched on.