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Yes, you've made your point, however,I know LLs that have claimed maintenence costs back, have also increased the rent, and in one case managed to get insurance, yes illegal but it happens, double or even triple dipping. I'll dob in anyone I find doing that. I can't, why should LLs. Anyway I'm in the middle of a Tender so got to go and lose another 17% to keep the country afloat. Might go into dope growing, better pay.
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Business investment re property
Ross Barnett is pretty much spot on.
The risk/return comparison is what disadventages NZ business so much, and not just in comparison to compartatively safe investments such as fixed-interest and property, but in absolute terms.
I actually think there is some and could be more venture and investment capital available in NZ, but that the investment opportunities are not strong enough to attract it.
Those who demand that landlords like Pat Baker should 'come clean' about the profitability and tax contribution of their business should expect the same of software developers.
2M doesn;t sound like a lot to me?Comment
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Doesn't this comment say it all..
So who do you blame....the Government or the banks?Yet the overdraft for our borrowings still has to be secured against our house because the banks won't lend against a business,"There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho MarxComment
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The particular LL had a tennant that caused damage, no problem, got a contractor to make repairs, then managed to claim it as maintenance, and increased the rent on the new tennants, and claimed insurance as wilful damage by a tennant. Thats going a bit to far, just an opinion. In construction, we call that double dipping, so do insurance companies. I'm not saying all LLs do this, just there needs to be controls, the only agency that can put those controls in place is the GOVT. If one of my employees wilfully damaged our offices, can I claim all that. Insurance, yes,increase my margins, no, maintenance, no, and at the end of it all the LLs sell up properties that have been literally modernised, at the tax payers expense and make a good gain. Property portfolios,when sold, should inccur a capitol gains tax. Again, my opinion.Comment
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So not illegal at all then? If it's a genuine repair, then it's an expense. The insurance was something they paid for so why not claim? If the landlord can increase the rent and the tenant accepts it, I don't see the problem. Double dipping in insurance is selling the client the same thing a second time after cancelling the first policy. You're complaining about a business owner making the best they can of a situation within the law?!Originally posted by egan123You can find me at: Energise Web DesignComment
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The computer nerd showed he had a total lack of understanding of anything other than his computer screen. which is fairly normal these days. What more can we say. Better he got educated, just like I don't understand programming he doesn't understand property and finance etc.Comment
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What Viking? Are you saying you disagree with Drelly?Squadly dinky do!Comment
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OMG - Do houses grow bigger over the years! You plant a house - LOLOriginally posted by Keys View Post
Talk about talk yourself into it.
That silly granny, claiming she's productive because she pays interest, rates and a property manager and of course maintenance. Everybody does that. If she sells the bloomin houses, the next person will do the same, even if they are an owner occupier. The only difference is the property manager. Duh!Find The Trend Whose Premise Is False - Then Bet Against ItComment
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Davo36, no, with the fellow in the article that knows about software but it seems stuff all about property and finance. The fact that he had to use his house as collateral should tell the man its worth more to the bank than his software.
He hasn't stopped to think what will happen to his loan should the value of his collateral fall and the bank want some money back. DUH, some people just should not be let out to play.Comment
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drelly, if a tennant wilfully smashes a wall in your rental property, you can call the cops, and get rid of them, then you make a claim against your insurance to cover the repairs. If you then slide it through as a maintenance claim on your tax return, that is double dipping, and its against the law, you are recovering the loss twice. OK if you then increase the rent for the next tennant, well thats up to the tennant whether they accept the rental price. Can you not see that, you seriously think thats ok, well I think the IRD would agree with my assertions, I could be wrong, so to find out, I'll ask them next week and post there response.Comment
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By the way, to empty water in your ceiling, all you do is get a rubbish bin, then drill a hole, about 10mm should do, and let it stream into the bin, "water pressure" just like a fan drain. Then you can fill a small hole. Easy Peasy.Comment
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Hi egan
Taking the example you have given, there is usually an insurance excess on every claim. This excess tends (but not always) to be higher on LL policies.
What the LL MAY have done is claimed the insurance and then claimed the excess via maintenance. That is not recovering the loss twice, that is getting full recompense for costs incurred.
Whether the LL has made any repairs or done any maintenance between tenancies is irrelevant to the next tenant. They either take the tenancy or not, at whatever price that the LL sets. That is a case of a willing offer made and a willing acceptance given.
Just another way of looking at the situation and a guess, and I could be totally wrong.Patience is a virtue.Comment
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Right, yes I agree with all of that.Originally posted by Viking View PostSquadly dinky do!Comment
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The insurance would be in the name of the company and therefore the claim would go through the accounts. Nothing illegal there.Originally posted by egan123You can find me at: Energise Web DesignComment
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