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Got the keys - now what?

Discussion in 'Property Finance' started by Nimble, 15th Dec, 2015.

  1. Nimble

    Nimble Well-Known Member

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    I got keys to my first ever IP in Perth about a month ago. Since then I had some landscaping done and I signed up with a PM. Property is currently being advertised for rent. What's the next step? Is it getting a valuer to come in and tell me how much it's worth, how much I can borrow for my next IP and give me a depreciation schedule? When is the best time to do this? Now - before tenants move in or wait for market to pick up and do it then to get better figures?

    Is there anything else I need to be doing? I already have a letterbox, rubbish bins, all services connected except internet, clothes line.
     
  2. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Get a depreciation schedule done by a quantity surveyor, and wait for some good tenants :)

    It's probably too early to get equity out, but if you have other funds you could start planning number 2 at least.
     
  3. larrylarry

    larrylarry Well-Known Member

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    Agree. And get an accountant who understands property investment. Too early to draw out equity IMHO.
     
  4. Nimble

    Nimble Well-Known Member

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    Thanks guys. Forgot to mention this is for a home just built.

    Have you got any recommendations for Perth? My PM mentioned BMT and Depro.
     
  5. Scott No Mates

    Scott No Mates Well-Known Member

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    I hear @fullylucky has prepared his own depreciation schedule.
     
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  6. Bran

    Bran Well-Known Member

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    Step 1: Buy a property

    Step 2: ??????????

    Step 3: Profit!
     
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  7. JacM

    JacM VIC Buyer's Agent Business Member

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    BMT is good ... pricing for schedules depends on area. Sometimes a certain depreciation company has to pay commuting costs for their closest assessor to attend and thus another company is cheaper. Check a couple out re pricing.

    I'd be waiting to have a tenant secured on your current property before you get too excited about the next one. Firstly for peace of mind and secondly because if you went for another loan the lender would want to see property management statements showing that your first IP is actually bringing in an income.
     
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  8. Sonamic

    Sonamic Well-Known Member

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    Get BMT through now, before tenant goes in while it's all sparkly and new and of no inconvenience to the future tenant. And Congrats!
     
  9. Nimble

    Nimble Well-Known Member

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    Thanks again guys, I went with BMT :) Keep thinking they stand for Big Meaty Taste!
     
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  10. Shady

    Shady Well-Known Member

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    How early is too early to get a bank to revalue for the purposes of equity redraw?
    If a full paint, new carpet, bathroom tartup and yard tidyup was done is there an opportunity to revalue within weeks/months? How about if a few surrounding homes started selling for 15-20% more than what you paid?