Great post Shahin !

Pleasure.  Check back in with us and let us know how you are going

Local councils often run free courses on some of the key skillsets for running small businesses….

JT7 wrote:

Hi Richard, 

Any chance of you and Nigel getting down to Sydney anytime soon…..? Or are you going to make me travel all the way to Brissy to buy you that coffee…? LOL!

I've been waiting for Richard's Melbourne visit for over a year now hahaha.  I'll flip you for it JT.  Heads Richard is required to visit Melbourne, or Tails…[Read more]

I'd question whether her shoe collection is "worth" $60k because people don't like to buy shoes that have been on someone else's skanky feet.  She certain "paid" $60k for them…. but as for their worth… what's the price of a pair of shoes at a Salvos store these days? $5 ?  

Your PPOR has a bank value of $825k and it has only $550k of debt.

You could get a new bank to pay out the existing loan on your PPOR and start a brand new loan.

The end result would be that you'd end up with cold hard cash sitting in an equity account and you could withdraw it and
use it to purchase an investment property you see.

I figure it…[Read more]

If IP1 has been good to you why would you sell it?  The money you spent on stamp duty buying into it would be waste.d

Have you thought of refinancing your PPOR to access the equity in order to fund a deposit on IP2?

I'm intrigued… what's this mysterious other paperwork you're referring to Paul?

Interest Only

Blade328 wrote:
Thanks for your response Catalyst. We really want to capitalize on the equity we have on our house. We are both young and have good jobs so we want our money to start making money for us so it will help us with our future.

We don't want a get rich quick investment we are in it for the long haul and want our property port folio…[Read more]

Not sure why you have predetermined a 4 bedder.  You want to buy whatever is in demand, in a locale poised for good growth.  Maybe that's a 4 bedder, maybe it's a 2 bedder.

donavan1970 wrote:
JacM,

You are correct.

I need to select the right property for all the reasons you mentioned, and will take all the risks into account.

All I meant was that if the right property is in Brisbane or Melbourne or overseas it really doesn't matter, but the property and the critical factors are vitally important, to any…[Read more]

Think about where you would live if you found yourself a Gen Y person without assets and struggling with the cost of living.  What would be the first budget cut you would make?  Food?  No?  Hanging out with your friends sometimes?  No?  Medical care?  No?  Car?  Jackpot.  It's a big expense that you can avoid if you live near the facilities you…[Read more]

Hi Donavan

I personally disagree with the mantra of not caring where the property is located so long as it makes money.

You want the asset to be relatively low-risk, because you probably are not wanting to sign up for any more financial stings this lifetime.  So would it be appropriate for you to have a go at a mining town?  Probably not.  You'd…[Read more]

Hi Donavan,

Sure.

The accountant I used to set up the SMSF for me (and the bare trusts required by the lender at acquisition stage) is:

Douglas McCracken-Skeggs
He can be found at the office of Ron Skeggs and Associates, 275 Geelong Rd, West Footscray 3012, tel 9687 0933.
His email address is doug@raskeggs.com.au

Douglas also does my SMSF's…[Read more]

I've heard a few negative results from people that used ESuper too. 

Hi Donavan

For under $70k I got a SMSF set up and funded the deposit and stamp duty on its first property.  For $110k you'd be able to set up, buy one place, and be close to having enough funds to buying the second.  Further they will well and truly have paid themselves off by the time you hit retirement age, at which time you can choose to use…[Read more]

Banks change their minds every 5 seconds about the kinds of properties they do and don't like, and the kinds of buyers they do and don't like.  One week, a purchaser who works as a contractor will be able to borrow $500k from a particular bank to purchase a property.  A week later, said bank decides it doesn't like contractors any more.  If that…[Read more]

Happy New Year to you guys too !

As the others have pointed out, it depends what you want to do with it. 

If you have bought something and plan to keep it to rent it out, you might decide you want to just get it to liveable status, or nudge it to the next level of tenant.  Perhaps you might only need to do an extreme clean.  Or maybe change the floor coverings and the taps. …[Read more]