Hi All
About to finally make the move from Owner Occupied to IP on our First Property.
I'm trying to come up with an accurate in and out of the costs involved / Processes involved.
Here's my list of things sofar.
1. Depreciation Schedule ( 900 from depreciator.com.au)
2. Accountant consultation fees for Basic Structuring moving forward( have no good accountant yet, can anyone recommend some-one Brisbane West)
3. Property Management Fee's ( Filled out Pure-rentals online request but haven't heard back, is a flat fee Property management as good as it sounds?)
4.Body Corp/Council Rates, have just read that Water can be charged back to tenant if the Unit is inspected and certified?
5.Landlord Insurance( looking at EBM for this, any idea's how much 3 bed 2 bath west Brisbane would cost?) Do I need any other forms of insurance?
I'd like to get as much right now as I've found things are always harder to change down the track.
Also what sort of Deposits are required for a second IP.
The Current IP purchase cost was 380k we owe 320k on the loan, so if property hasn't devalued would the bank consider 60k equity?
How would we be able to use as little deposit as possible without cross collateralization
Thanks
About to finally make the move from Owner Occupied to IP on our First Property.
I'm trying to come up with an accurate in and out of the costs involved / Processes involved.
Here's my list of things sofar.
1. Depreciation Schedule ( 900 from depreciator.com.au)
2. Accountant consultation fees for Basic Structuring moving forward( have no good accountant yet, can anyone recommend some-one Brisbane West)
3. Property Management Fee's ( Filled out Pure-rentals online request but haven't heard back, is a flat fee Property management as good as it sounds?)
4.Body Corp/Council Rates, have just read that Water can be charged back to tenant if the Unit is inspected and certified?
5.Landlord Insurance( looking at EBM for this, any idea's how much 3 bed 2 bath west Brisbane would cost?) Do I need any other forms of insurance?
I'd like to get as much right now as I've found things are always harder to change down the track.
Also what sort of Deposits are required for a second IP.
The Current IP purchase cost was 380k we owe 320k on the loan, so if property hasn't devalued would the bank consider 60k equity?
How would we be able to use as little deposit as possible without cross collateralization
Thanks