Glad we kept a home base

palaceboy · Veteran Member

Glad we kept a home base

RosieW · Guru

palaceboy wrote:
RosieW wrote:

We surely have! Very short trip (for us) to the USA for a wedding. We can go for up to 6 weeks without impact. Although we probably won't do it again in a hurry - 3 dogs means boarding means $$. We have a favoured kennel who offer 'double value' vouchers twice a year, but it still hurts.

We've also left the bus parked up and gone to visit family for a couple of weeks at times. Several showgrounds (our preferred option) have reduced the weekly fee for us when we've asked the caretakers to keep an eye on the place - their stated reason in each case being we won't be there, so won't use much power/water, and they like to keep good tenants.

Great to read, wow your doing it the way I'd like. Travelling with a Husky though Blimey!!! Does he/she come back when you call, has it dug a hole through the floor of your camper, has it managed to get into the fridge. I blame a husky we hosted for a couple of months for teaching our American Staffy bad habits, Like destroying the whole garden and jumping 6 foot fences lol :) ,

-- Edited by palaceboy on Wednesday 24th of October 2018 03:55:53 PM

Nope. He is a very good boy. Super calm. Actually better than the kelpie and kelpie-dingo (although to be fair, the kelpie is a boundary rider/protection dog, and the kelpie-dingo is also a worker). Stinker is just a pet, which is good because he is a derp. A lot of huskies are poorly trained though... he comes when called even when outside the yard. And we are on 65,000 acres in the Outback with roo, pigs, emu, cattle, goats, snakes and who knows what else at present so it is kind of scary having him off.

https://www.youtube.com/watch?v=Kytvi2GxYIY - Goats

https://www.youtube.com/watch?v=-jmjKcZM6YA - Recall

He absolutely loves going out to work with us - the pic is him at the end of his first day as a 'real station dog'

LUCKY LOZ · Veteran Member

Some good info here. Thanks for tips. Happy trails.

2-Smiths · Veteran Member

palaceboy wrote:
2-Smiths wrote:
Mike Harding wrote:
LUCKY LOZ wrote:
And hope the tenants dont destroy the place
As mentioned earlier; I have sold up.
However I do know a few people who have rentals, including the house next to me, and each one has a horror story. The lower the property value the more horror there seems, unsurprisingly, to be.
I don't necessarily agree with this.

The people who are renting our place own property elsewhere. I'm told (and would believe it) that owners make the best tenants, as they can understand the pitfalls of having someone trash your house.

Plus, we have someone trustworthy managing the place for us (as in a Professional Property Manager). And Landlord's insurance (just in case).
There are always risks involved in renting your place out (we've had both good and bad experiences in the past). For us, the "balance" was in minimising/mitigating those risks as best we could, so that we can potentially bank some extra savings on our travels...

I considered renting out my place, but baulked when I realised I could be liable for paying some Capital Gains Tax. Thats one hurdle I hadn't anticipated.
So not only do they take 50 cents in the dollar, of of the government pension, earned over the assets test limit of 345K for a couple, but you also are liable for a partial capital gains tax bill for that portion of time you rented your "own" property, which is a right liberty in my books.
https://www.ato.gov.au/General/Property/Your-home/Renting-out-part-or-all-of-your-home/

-- Edited by palaceboy on Wednesday 24th of October 2018 12:50:07 PM

-- Edited by palaceboy on Wednesday 24th of October 2018 12:52:57 PM

-- Edited by palaceboy on Wednesday 24th of October 2018 12:59:33 PM

Correct me if I'm wrong, but the CGT component only "kicks in" if the place is rented for >6 years, which we do not intend to do.

Aus-Kiwi · Guru

Plus I doubt there will too much gains the next few years . If anything its negative the last 12 months . If its used as centre address / postal point ? You hardly have a problem.

yobarr · Guru

2-Smiths wrote:

Correct me if I'm wrong, but the CGT component only "kicks in" if the place is rented for >6 years, which we do not intend to do.

That,too,is my understanding after advice from a couple of Accountants I spoke with.Cheers

yobarr · Guru

Aus-Kiwi wrote:
Plus I doubt there will too much gains the next few years . If anything its negative the last 12 months . If its used as centre address / postal point ? You hardly have a problem.

That would be right,Graeme.Apparently all you need is to have bills etc going to the home address. Because I have done Solar properly,my home NEVER has a power bill,so when I rent the place I will leave the power bill in my name and possibly get more rent as well? Cheers

P.S I have owned several rental properties and I am well aware of the pitfalls,so I completely agree with the comment suggesting that the lower the property value,the higher the likelihood of bogan tenants,and property damage.Just saying.

RosieW · Guru

The lower the rental value, the higher the likelihood of bad tenants and property damage.

I used to work for a cleaning firm: we did commercial, industrial and residential work.

One of the worst houses we ever did had been rented by 2 lawyers. At the time, in regional Tasmania, when your average 3 bedroom was around $160/wk, this place was around $300/wk. It was trashed to the point of needing to be basically gutted and renovated.

So while it IS true that lower rents can attract bogan tenants, even those who pay more can be destructive arsehat ferals.

Ron-D · Guru

RosieW wrote:
The lower the rental value, the higher the likelihood of bad tenants and property damage.
I used to work for a cleaning firm: we did commercial, industrial and residential work.

One of the worst houses we ever did had been rented by 2 lawyers. At the time, in regional Tasmania, when your average 3 bedroom was around $160/wk, this place was around $300/wk. It was trashed to the point of needing to be basically gutted and renovated.
So while it IS true that lower rents can attract bogan tenants, even those who pay more can be destructive arsehat ferals.

Try suein them biggrin

palaceboy · Veteran Member

yobarr wrote:
2-Smiths wrote:
Correct me if I'm wrong, but the CGT component only "kicks in" if the place is rented for >6 years, which we do not intend to do.
That,too,is my understanding after advice from a couple of Accountants I spoke with.Cheers

Hmm I could be wrong, but that's not what I was told. However the tip re leaving powerbills and post as is is probably enough to take care of the CGT issue, one would think. So very useful information.

If someone has several rental properties, one would imagine they are fully self funded and not interested in anything to do with the Government pension. However I'm not sure where the majority lie, I would imagine it's in the realm of part government pensions. That being the case, then if one earns 36K as a couple, which one would assume is the kind of income one would be getting from an annuity as minimum.... Then any income beyond that means you lose 50 cents in the dollar of the pension..... ergo half the rent. I'm probably being too detailed here. Still trying to get my head around this complex issue. It's very relevant to me at present, because I would love to rent out my Coburg house (Inner Northern Melb) and go on the road. However I think from the point of view of certainty, I'm probably better off downsizing. Which I'm not exactly endeared by.

Just explaining why I'm pushing this topic a bit.

Great feedback, more research needed by me.

Wizardofoz · Guru

Very true Rosie...I have a house that the same tenant has been in for the past 24 years (1 year old at the time) and she is the best tenant you could ever ask for. So good that her rent, while right at the top when she commenced the lease, is now about $200pw. Below market rent, her sons now even internally paint the house, I just provide the paint.

I would not get away with it nowadays, but at the time, I knocked her application back, the agent that had her told me that she was a single mother with 3 kids but had a good record and was an excellent tenant with him and had a solid public service job for the past 7 years.

I relented but increased the rent by $20pw, saying the add was a misprint and the $160pw should have been $180pw, well today she is still there and I have promised her tenancy until my kids inherit the home, then she will have to deal with them!

Sometimes you just never know, however, today there are such a great range of checks available that any agent worth their salt should be able to provide full references and credit checks, which as the owner, you should be given to peruse and make the final decision.

Aus-Kiwi · Guru

Our place is rented out by sons mother and Sister in-law. No issues . Some of these things people find excuses or problems rather than reasons . Trust me there would be NO or little gov old age pension if was an investment property. But capital gains tax is something else . You PAY that when you SELL . Besides depending how you get along with family? They can be on title too . Or better still part of your super portfolio. Its still your ONLY home TMK. So theres no CGT . If your accountant says you do ? Get another one !!

-- Edited by Aus-Kiwi on Thursday 25th of October 2018 05:42:18 PM

palaceboy · Veteran Member

Aus-Kiwi wrote:
Our place is rented out by sons mother and Sister in-law. No issues . Some of these things people find excuses or problems rather than reasons . Trust me there would be NO or little gov old age pension if was an investment property. But capital gains tax is something else . You PAY that when you SELL . Besides depending how you get along with family? They can be on title too . Or better still part of your super portfolio. Its still your ONLY home TMK. So theres no CGT . If your accountant says you do ? Get another one !!

-- Edited by Aus-Kiwi on Thursday 25th of October 2018 05:42:18 PM

Nice one :) Like you said earlier though CGT is probably going to be a moot point over the next few years or so anyway..

Personally got a lot to celebrate today, My LSL is approved, which is a lot trickier than one would imagine at AusPost. So just 13 weeks left before I finish night shift for the first time since 2001. Then 26 weeks off minimum whilst I sort out how I'm going to organize our retirement. I almost certainly wont be going back fulltime at least. Both of us are leaving full time work.

Wizardofoz · Guru

Good luck and happy days.