What are the costs involved in having an IP, & PM recommendations

Discussion in 'Property Management' started by Travel4Food$, 11th Jul, 2019.

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  1. Travel4Food$

    Travel4Food$ Active Member

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    On the settlement sheets, i'm seeing 3 insurance types
    Insurance - BMC
    Insurance - (Community Scheme)
    Strata Insurance

    and then Strata Levies

    Why are there 3 types of insurance?
     
    Travel4Food$, 12th Jul, 2019
    #21
  2. Travel4Food$

    Travel4Food$ Active Member

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    Thanks Luke. What are letting costs?
     
    Travel4Food$, 12th Jul, 2019
    #22
  3. Travel4Food$

    Travel4Food$ Active Member

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    This is one of my main concerns as well, especially as the apartment is brand new. I'd like to sell it without having to fork out extras to repair damage, etc..
     
    Travel4Food$, 12th Jul, 2019
    #23
  4. Beano

    Beano Well-Known Member

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    Income tax from all the profit you make from the unit.
    My largest cost will be income tax next year overtaking interest .
     
    Beano, 12th Jul, 2019
    #24
  5. Travel4Food$

    Travel4Food$ Active Member

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    I wish! This will be severely negative geared
     
    Travel4Food$, 12th Jul, 2019
    #25
  6. Beano

    Beano Well-Known Member

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    You must be looking at the CEO of banks and drawing too high a salary from your investment :)
     
    Beano, 12th Jul, 2019
    #26
  7. Michael Mitchell

    Michael Mitchell Property Manager Business Member

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    I don't understand it either from the info provided, are you able to scan and post the whole sheet or doc (redacting personal info of course etc)?
     
    Michael Mitchell, 12th Jul, 2019
    #27
  8. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

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    Apart from not getting any income while the property is vacant, letting costs are the advertising/marketing and fees charged by your property manager to find a new tenant. In Sydney we charge 1 week plus GST as a letting fee and a $99 flat rate marketing/photography fee. I have also seen fees such as lease prep, tenancy database check etc fees charged.
     
    Mel Morgan, 12th Jul, 2019
    #28
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  9. Travel4Food$

    Travel4Food$ Active Member

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    Imgur
     
    Travel4Food$, 14th Jul, 2019
    #29
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