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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...

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...

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...

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...

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...

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...

One of my IP's has the following fencing issue that needs to be resolved. I was hoping for feedback from others in case they have been in a similar situation. 10 meters of external, adjacent to neighbour perimeter fencing needs repair. This section of fence is contained 100% within the...

Hi Ladies/Gents, Two quick questions: 1: IP was built in 1960-1970 and was renovated in late to mid 90's. Is it still worth getting a depreciation report? 2: Does the price of the depreciation report go against cost base or can I just claim it in next years tax report as a single...

Hi, I just received an email from Tenant asking/questioning/requesting to have additional people stay in the apartment. Essentially he is the only person on the lease but I know of the other person currently living in the apartment. He has asked if he can have another couple staying...

My previous tenants moved in the main security door worked without a problem. Six months later they are moving out and the latch on it is broken. (the bit that goes in/out into the actual house is stuck in so it just slams open and shut) Is this reasonable to deduct from the bond the full...

Entering I've done and wasn't too bad. My first IP's first tenant is leaving and I need to do all the 'Exit' forms. Can someone be kind enough to confirm a couple things for me please? Notice of Intention to Leave. Is this compulsory? Exit Condition Report. Is it correct to ask the...

My parents are located in a prime location that is currently under massive expansion by the government. They are smack bang in the middle of a highway expansion project that is in the design phase and looking to be approved at the next federal budget. The property is already 'locked' and...

I have an advertisement on realestate.com.au through Landlordschoice. Area is great, price is right on the money and I think the ad is really good. It went up Friday morning. I got one call booking an inspection straight away and at the Satuday inspection had 3 parties show up which was...

When is an acceptable time frame for accepting rental payments from tenants if the due date is every second Friday? As long as when I wake up that morning it's in their I should be happy? I have NO intentions of requesting it's in their before hand. I just mean to bring up the topic of...

PPOR will be IP1 this Saturday and thus I need a sworn evaluation. Can anyone recommend a place in Brisbane and suggest how much I'm looking at? What is the minimum required by the ATO?

I have a rental on domain.com.au and it was an absolute waste of money. $220 and it's got 60 views and only one call in 5 days. It's a bargain for the size/features/location and there's 4 other properties in the same range as it (300-350, same suburb). Is it possible for me and a DIY PM...

I'll try to keep this question as simple as possible, so please let me know if I should provide more information. My IP goes on the market on the 1st SEPT 2009. If it takes 2 weeks to find a tenant at my proposed $320/pw, for negative gearing purposes, was my income $0 for those 2 weeks...

It's IP1, so I'm not experienced but I'm looking for Landlord Insurance. Is there a 'general' template I can use for how much to cover the insides for? Body Corp insure the outside of the building. So I will need to redo the polished timber floors, hot water, all plumbing, kitchen, rooms...

Is it worth the $25 or so per week? I used to have my apartment rented and it was under a PM when I got it. However, I didn't receive anything and to this day still look back and try to justify the why they got the money. I can see there usage if you have multiple properties or a bad area...