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Advice for owning my 1st rental property
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Hi guys,

How are you? I got myself my very own first rental property from my very 1st property that I build from scratch in one of Melbourne suburbs. I would just like to ask what do I need to do being my first time as a landlord and in managing taxes. Questions:

  1. What insurances do I need get? I've got the building insurance and the landlord insurance as suggested by my agent. Do I need to get anything else?

  2. I've set up a fence and landscape in my property, I just wondering if I do need to do anything else?

  3. Do I need to set up another camera, aside from the one the builder set up?

  4. In regards to taxes, do I need to hire an accountant to help me manage my work income from the real estate income?

  5. I can totally tax refund all the house cost that I did for the property like the fences, landscaping, etc? If I can tax refund it, can I tax refund it 100% or only a certain percentage.

  6. Lastly, if I do miss anything, what do I need to do as a better landlord and a better real estate owner to properly manage my property so that it will last 25 years or so.

Thank you.

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1 year ago