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10 mistakes new landlords make - and how to avoid them

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Your Investment Property | 05 Dec 2011, 12:00 AM Agree 0
What are the most common blunders new landlords commit when starting out their investment journey?
  • Lisa | 27 Oct 2012, 11:15 PM Agree 0
    Hi, We are considering renting out our 6 year old home as we cannot sell. Can someone recommend a good source for some advice as well as any recommendations? Thanks
  • jane | 02 Apr 2013, 10:10 AM Agree 0
    Don't despair of selling Lisa - your property may suit a rent-to-buy scenario which could end up being an even better outcome than selling. You'd need to get some help from an experienced investor with this strategy, and run the contracts past experienced lawyers and accountants to check everything first. Dymphna Boholt should put you on to some good contacts. Chan and Naylor accountants in Sydney should have experience in these contracts and the accounting side of things plus some good contacts. Jane Slack-Smith and Nathan Birch may have information about rent-to-buy which could help. At this stage you need more info before committing to something as renting is a whole other ball game which it sounds like you're not really keen on. There are tax implications for that too so you do need professional advice. Property Investor's groups and Federation, plus Your Investment Property are a good source of information. It would be helpful to talk to an expert to gauge what your overall objectives are and why you are even thinking of selling and what your options are before you dive in.
  • Graham | 30 May 2013, 06:53 PM Agree 0
    We have just finished preparing our new investment apartment for rent. Can we reuse an old depreciation schedule from a previous investment amended with the new property details . Without spending another $700 to get a new one prepared?
  • Pamela | 31 May 2013, 02:12 PM Agree 0
    In response to Graham's comment - no you can't use your old depreciation schedule with the new property details updated. You need to get a report on your new property prepared by a quantity surveyor specialising in tax depreciation who is also a tax agent - Deppro would be happy to help you organise a report on this property - please give us a call for a quote on 1300 888 489. Our fees are very competitive and under the $700 mark in metropolitan areas.
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