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  • #995387
    jsoh
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    we will be getting our first investment place and am thinking to manage it ourselves. Is there any tips how we should maintain the accounts so that it will be easier during tax time?

    We’ve read that it would be beneficial to go for a course but at the moment we’re a bit hesitant, anyone with experience think we should?

    #1201608
    Paul – FS Concierge
    Keymaster
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    jsoh, post: 238944, member: 32664 wrote:
    we will be getting our first investment place and am thinking to manage it ourselves. Is there any tips how we should maintain the accounts so that it will be easier during tax time?

    We’ve read that it would be beneficial to go for a course but at the moment we’re a bit hesitant, anyone with experience think we should?
    If you do not want’t to do a course – the information you will learn is mostly available at the Library or online, look for investment property forums online.

    #1201609
    Mark Jeffreson
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    One tip: consider getting a depreciation report for your property from a quantity surveyor. They only cost a few hundred dollars and may provide you with thousands of dollars worth of deductions against your assessable rental income.

    I’m not sure if I’m allowed to plug them in this forum but I can supply the name of a specialist company I recommend to clients for this purpose.

    Cheers
    Mark

    #1201610
    Mischelle
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    • Total posts: 805
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    Hi Jsoh,

    Managing yourself is rather easy and there are a lot of tools out there to help you and as Mark said get a depreciation report. I have 6 Investment properties in total but I only manage 3 myself, the other 3 are out of state so I have an agent for them.

    Now to the nitty gritty:

    1. Get online in your relevant state and download all the required forms and fact sheets.
    2. Make sure you know how to lodge the bond with the relevant authority.
    3. Get a copy of the standard lease for your state.
    4. Download a copy of the state legislation for your records.
    5. Get access to the TICA database (http://www.tica.com.au/index.php) if you choose to do the tenant applications yourself, or you can use an agent for the search and then take over management.

    Now for the management side – I prefer to do this myself and I use software that pretty much covers it all including communication with my tenants, they download an app that they use to notify me if there is an issue or maintenance is needed.

    There are a few software tools but I use one that does everything for me, including expense tracking and end of year reports etc, and it’s affordable. (https://www.rentingsmart.com.au/)

    I have also tried Property Tree (more for agents I think) and Rent Book (which I found a little outdated).

    If you need any further help let me know.

    Cheers
    Mischelle

    #1201611
    Corey
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    congrats, not sure what State the investment property is, however the NSW Office of Fair Trading has information & legislative requirements.

    IMHO you would be best to invest in your education plus protect your investment property & do a course eg Real Estate Institute of New South Wales offer courses

    keep us posted

    Cheers
    Corey

    #1201612
    bb1
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    I always consider that even if you go along and learn only one thing, or get other options confirmed, you are ahead of the game.

    just make sure its not one put on to purely sell you property. go for something independent

    #1201613
    2nite
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    • Total posts: 28
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    Hey Mischelle.

    Cool rent tracker. I myself was actually looking at reviewing some Software to track my rents. Currently reviewing mypropertytools.com.au.

    Whilst managing personally, I’ve set up a direct system which costs peanuts. Visit edebit.com.au.

    #1201614
    Mischelle
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    2nite, post: 239356, member: 17016 wrote:
    Hey Mischelle.
    Cool rent tracker. I myself was actually looking at reviewing some Software to track my rents. Currently reviewing mypropertytools.com.au.
    Whilst managing personally, I’ve set up a direct system which costs peanuts. Visit edebit.com.au.

    Hi 2nite,

    mypropertytools.com.au has some cool functions, but I don’t like having a 3rd party handling any money, my tenants pay direct via EFT and I track that. Other than the agent managed IP’s of course.

    One of the biggest parts of managing my IP’s is the comms, maintenance and inspections and the tools I use do all of this for me, other than the actual work :).

    Thanks for the heads up about other tools, it’s always good to be aware of others that can make my life easier. :)

    #1201615
    2nite
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    It’s all good that tenants EFT in to your account and I have one that pays on time too. This other one who is only new in to their Lease is already 2 weeks in arrears hence why I set up DD. Theyve already missed their first payment and I’m going to go all legal on them shortly. ;-)

    If things don’t get back on track after 6 months they’re out.

    Hey Mischelle

    Mischelle, post: 239358, member: 60404 wrote:
    Hi 2nite,

    mypropertytools.com.au has some cool functions, but I don’t like having a 3rd party handling any money, my tenants pay direct via EFT and I track that. Other than the agent managed IP’s of course.

    One of the biggest parts of managing my IP’s is the comms, maintenance and inspections and the tools I use do all of this for me, other than the actual work :).

    Thanks for the heads up about other tools, it’s always good to be aware of others that can make my life easier. :)

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