probably silly questions but

Discussion in 'Money Management & Banking' started by Synergy, 13th Sep, 2019.

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  1. Synergy

    Synergy Well-Known Member

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    First ip is weeks away from being finished. depreciator and kspec booked in.

    q1: Does the pm decide how much they can rent it for? I have read xmas time is a bad time to put a rental up?

    q2: If the investment loan cost $520 to service a week but can only get a $500 a week in rent, the $20 shortfall is that what i need to track for when tax time comes around?

    q3: If you pay more off a week are you losing out on tax deductions?

    q4: The garage floor will be plain concrete, is it worth painting to protect from oil spills?

    q5: do you work out the total cost for appliances then choose the appropriate terri sheer landlord protection? Guessing its better to over insure but how much? I can choose 60k to 100k protection...
     
    Synergy, 13th Sep, 2019
    #1
  2. The Y-man

    The Y-man Moderator Staff Member

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    Q1 - YOU decide the rent, but take the advice of a good agent. If you are unsure, check the market in the area for similar rentals.

    The Y-man
     
    The Y-man, 13th Sep, 2019
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  3. The Y-man

    The Y-man Moderator Staff Member

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    ...plus a whole lot more - depreciation, rates, repairs, insurance, the list goes on. I'd suggest talking to a good tax accountant.

    The Y-man
     
    The Y-man, 13th Sep, 2019
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  4. The Y-man

    The Y-man Moderator Staff Member

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    There's a whole load of other complexities here - do you have an offest account? Is the loan P&I or IO?

    The Y-man
     
    The Y-man, 13th Sep, 2019
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  5. Synergy

    Synergy Well-Known Member

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    All income into offset ppor and IP are p+i
     
    Synergy, 13th Sep, 2019
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