I agree with all of your comments, you know what they say, a bird in the hand …… !

I think I will just cut my losses, make a fresh start and put it down to experience ! The $55k will still give me a descent deposit to buy another IP and I will probably save myself a lot of headaches over the next 12…[Read more]

In my opinion buying 6 positive cashflow properties given the current market conditions could be an absolute disaster ! To buy positive cashflow properties they would need to be in rural areas. These areas have experienced HUGE growth over the past 6 years and in my opinion prices will be going down over the next few years…[Read more]

Sounds like you are doing a fantastic job with Dual Occs. I think Dual Occs have huge potential. Once I buy my first 1 or 2 IP’s I will definately branch into this area.

Surely there are some positive cashflow investors out there who think my investment strategy is flawed ? What would you do with $420k given the current market…[Read more]

Easymoney, I would…[Read more]

Herb, I am also very interested in dual occ and hope to branch into this area when my portfolio grows a little ! Do you see dual occ investing as too risky for beginners ? Is it a nightmare trying to get council approval for subdivision ?

I love the idea of purchasing a run down property with a large backyard,…[Read more]

Congratulations on your property portfolio ! Several million in real estate is a fantastic achievement ! Have you also invested in shares, property trusts, etc to help pay for your negatively geared properties ?

Why don’t you start drawing down some of your equity to start living ? Go on a holiday, buy a new car, have some fun ! I…[Read more]

Luci, if you put “my” 420k in your back pocket its not going to earn any interest ! I would invest it, much better return !!! [biggrin]

Serviceability will be my biggest issue over the next few years but I still prefer the idea of negative cashflow over positive. My plan is to use the Peter Spann…[Read more]

I have considered buying my girlfriend out but our current loan on the PPOR is $400k. I would also need to borrow an extra $60k to pay her out ($460k total). I would love to do it but I think that would be stretching things just a tad !!!

Personally, I think mortgage insurance is pretty minimal when you look at the big picture. It will allow me to borrow an extra $40 or $50k and when that is invested and compounded over 10 – 15 years the difference is amazing !

My goal is to be financially free in 10 years time. Some people may laugh at this…[Read more]

We are now going to sell after 3 months so that means IP number 2 will come faster than I first thought !

You have put a HUGE smile on my face [biggrin] I thought I was going to have to wait over 12 months before getting any cash ! I think we need a new solicitor who knows what they are talking about !!!

Cheers,

Brad

Jo, I realise I asked this question earlier and that is why I asked for some clarification. My ex just told me that her solicitor said she must live in it for 12 months to avoid Capital Gains. I told her that was a crock of <edited> and she didn’t believe me that you could sell after 6 months. If it 3 months…[Read more]

I have asked all of my friends and family and have a few contacts to follow up on.

Cheers,

Brad

Cheers [biggrin]

I thought the Scoresby and the Mitcham / Frankston freeway were the same thing ??? [blush2]

Thanks heaps for the advice, I will take a drive down there within the next few weeks and check out some of the houses !

Brad

I was just about to ask the same question about Franskston and Julie beat me to it !!!

I think Frankston has HUGE potential, especially with the Scoresby Freeway due for completition in 2008. This will provide easy access to the city and also the eastern suburbs.

There are many cheap properties in desperate need of a reno and the…[Read more]

In theory, if I had 4 cash flow neutral deals that were paying off my loan, is it possible to borrow an extra $300,000 on top of the $300,000 already borrowed ? Do the banks regard rental income the same as the income from your job ? I assume they use a percentage of the rental income (to safeguard against…[Read more]

Terry, can you please give me a few ideas as to how I can be “creative” to fast track my property purchases. Trying to save for future deposits while I am paying off a $300,000 loan on a single income could take years !!!

Brad

You have put a big smile on my face !!! [biggrin]

Thanks heaps for the quick reply Monopoly [biggrin]

Can anyone else confirm that it is 12 months and not 6 ? I am sure I have seen people in this forum say you must live in PPOR for 6 months before you are Capital Gains free ???

Thanks !

Some great advice. I have just joined my local library so I might just keep reading some books. The best thing is that it is FREE so I can keep saving those deposits !!!

Cheers [biggrin]

I eventually got my arse into gear and built my first house at 22. I am currently building my second house and will hopefully use the equity in this property to purchase my first IP !

I am…[Read more]

Surely this is a smart way to get started in property investing !

Buy a house in need of renovations, claim FHOG, live in and renovate for 6 months, move out and rent property to tenants while living / renting somewhere else. In the right location this would surely be cashflow positive after the…[Read more]

I agree with Richmond, it is not worth doing a dodgy on the FHOG and that is why I am asking these questions to find out what is legal in terms of renting your PPOR !

Correct me if I am wrong but is it possible for us to buy a house in my friends name, claim the FHOG, live in and renovate for 6…[Read more]

Not planning on doing a ‘dodgy’ !!! Just curious to find out what my options are to get renters in ASAP so I can start paying off my mortgage !

Is it legal to receive rent for your PPOR while you are still living there (in the first 6 months) ? ie : my partner will advertise for 1 or 2 housemates to rent while he lives in the same…[Read more]

Is there any way around this ? How long will he have to live in the PPOR to receive the FHOG ? I think it is 12 months but not sure !

Is there any way that he could still call it his PPOR while renting it out to someone else and living with his parents ? It sounds a bit dodgy to me but may be possible ? Maybe he…[Read more]

Cheers [biggrin]

Can I borrow up to 80% of the house valuation or is it 90% ???

If I can borrow 90% then I will be able to get the $495,000 ($550,000 x 0.9) but 80% will mean I can only borrow up to $440,000 !!! It makes a HUGE difference !!!

I am sticking with PropertyGuRu on this one !!!

These are the issues that I need to know before I jump in head first ! I will draw up an agreement with my friend for the new investment property stating that we will go halves in all costs such as maintenance, property management, etc, etc.

I may be asking too much to borrow $495K based on my current situation but this…[Read more]

NATS12 : I am building a house with my girlfriend but my investment partner is my best mate who is a he ! There aint no gay shit going on here !!!

We have full mortgage insurance for the $395K loan. Can you guys recommend any good mortgage brokers in the melbourne region to discuss some options ?

Thanks heaps !

I just read this thread and there are some awesome reviews on hundreds of investing books.

Go to the following link :

https://www.propertyinvesting.com/forum/topic/6845.html

Bradles C

Sounds like both Property and Stock Markets are a little hard to predict at the moment !

I think the property market may take a dip before it starts to pick up again. Interest rates are sure to rise after the coming election and this could send the market into a downward slide ???

Thanks for the advice [biggrin]

Bradles C

I see that you are also interested in the Stock Market ! If you had a choice would you invest in the Stock Market or Property ?

From what I have been reading, the Property Market has hit a plateau and may take 6 or 7 years to experience another boom (according to API magazine). Positive Cashflow properties are also…[Read more]

I am 25 years old and like the idea of early retirement !

No plans for kids in the next 5 years and hoping to obtain some positive cashflow to eventually replace my current job (within the next 10 years).

I want to start investing ASAP but am not sure whether borrowing $500,000 at this stage would be over commiting…[Read more]