Total Members: 148,118

leewizza

  • Hi Ivan. Yeah I know this re: broker giving advice…
    :(

    Anyway, yeah at this stage we are keeping it. It’s truly bounced and found the bottom (we believe). Our March trip will tell us for sure.
    I think we could create more equity with the capital we actually do have so it seems crazy to use all of that to pay out a shortfall and start from…[Read more]

  • Yeah same boat. As my first foray into property investment I naively followed a property “mentor(very loose term)/mortgage broker” into a 10 unit development who bought one themselves.
    Down about $150k now but who knows?
    Worst part is that this mortgage broker bought one themselves AND convinced all of his retiring clients to do the same, just…[Read more]

  • Hey there. Werribee traffic = awful! It’s only going to get worse with the addition of so many (10s of thousands) of new dwellings still going up over the next few years. I’m personally looking at St Albans but for $350k unfortunately you won’t get much land for a development at all. Maybe Deer Park?

  • Hi there… Im with Giddo and DLPP…
    I dont think you’ll get much better than that, purely based on the fact that people will expect to pay less than the ad price.
    Maybe next time you’ll have more of a buffer.
    Either way, best of luck.
    There have been some really experienced posters on your thread, if you reread it again you may find some really…[Read more]

  • The book which helped me get started was one called “Real Money, Real Estate” by Brad Sugars.
    I have read about 20 PI books in 6 months and it would have to be the most memorable (probably because it was the first I read). But I never read much before reading that one and it inspired me to no end.
    Oh, and the stuff listed through all these forums…[Read more]

  • Originally posted by giddo:
    My only suggestion would be to get a builder, plumber and sparky to look at it and give an estimate.
    I always think anything can be fixed up if the structure beneath is sound.
    exhappy]

    Thanks Giddo…
    should these inspections be done prior to putting in an offer? Is there a way around this? Otherwise it will be…[Read more]

  • leewizza replied to the topic young and rich in the forum Forum Frolic 13 years, 5 months ago

    Originally posted by Jarrah:
    WHAT, NO BILLIONAIRES?! BAH!

    Yet…. [smiling]

    “Practise doesn’t make perfect. Perfect practise make perfect”.

    Lee

  • Thanks heaps for your story.
    That is what I keep missing, real stories about how ppl did it.
    Did you turn it into an office? Demolish and rebuild?
    It’d be great to know.
    As for getting off my chair. It’s a bit hard (I work 6 days a week) and not many (if any) RE agents are open Sundays.
    I need to work, being only 22 and not a lot of fin. backing…[Read more]

  • Originally posted by andrew west:
    Lee

    Im on the bottom rung of the ladder too with one IP under my belt but think that you have missed the point. There is no golden goose that you walk up too with a bucket and then walk away with a 10% yield. If you think that you can buy CF+ off the shelf you need too look somewhere else. But if you do this…[Read more]

  • Originally posted by echidna:

    I have approximately AUD$230K to spend, so my choice of areas is limited.

    I was previously considering Central Werribee.

    I was planning to use a buyers advocate to deal with finding
    the right property. Can anyone suggest a few Buyers advocates
    in Melbourne who have sound reputations ?

    Any advice…[Read more]

  • It’s about time someone said it. Well done!
    I too believe it is impossible to find these CF +ve properties.
    Not one so called mentor or even guru investor seems to be able to tell us newbies how to do it without maing no sense.
    All I want is for someone to write a book or hold a seminar which isn’t about purely motivational talk and 1980’s…[Read more]

  • I would recommend “Real Money, Real Estate” by Brad Sugars. It was the first property investing book I have ever read and I wasnt much of a reader either. It certainly opened my eyes and now in the last 3 months I have read about 15 books on PI.
    If it wasnt for the eye opener that Brad Sugars’ book gave me I wouldnt be on the fast track to wealth…[Read more]

  • Originally posted by mum:
    Hi Lee

    How good are you at spreadsheets?

    It is not too hard to write a spreadsheet for yourself. It just takes time and effort which you may be better using looking for good properties. A few hundred dollars buying good software easily pays for itself if it means you can easily do what-ifs to your scenarios.

    If you…[Read more]

  • My bad… Sorry :(

    “Practise doesn’t make perfect. Perfect practise make perfect”.

    Lee

  • Only advice I can give you is wait until you have saved some more money (eg 5%) and are finished your apprenticeship. It’s all very well to invest and rent out your house you buy but what happens if you cant find a tenant for a few months of the year. Can you afford to pay the $1400ish mortgage each month.
    By buying an investment first before your…[Read more]

  • Hi there,
    Best of luck with your plans…
    I bet you know hundreds of ppl our age that are spending all they earn (if not more) on a day to day basis with nothing to show for it. Good on you. The only advice I can give is to keep your dreams in view 24/7. eg, keep a picture of that 911 on your desk, in your car, in your wallet and on your roof…[Read more]

  • Thanks everyone for your help. It seems that my only option is save money… pour money into the mortgage… Maybe I’m a bit impatient at times. I only have say $50k equity in my current home and by what everyone is saying here… The only way to invest in property is if you have much more equity or cash…
    Is there any way to do it without having…[Read more]

  • Originally posted by Property Passion:

    Might i suggest to talk to a broker? just so you can make sure you have the right loan structure in place for your home, and any future investment you might make in the future.

    “It’s not how much money you make, It’s how you spend it that matters.”

    Aspiring property developer

    Giulio Taranto

    Am…[Read more]

  • Originally posted by mapleleaf:

    Let me know if we can send you our template we use (a simple spread sheet…)

    We also recomment Steve’s 2 books!

    Good Luck,

    Mapleleaf

    Achieve the Dream!

    thanks heaps… please send to [email protected]

    also, please name these 2 books
    tah!

    LW

  • Thanks heaps guys…
    when you say create equity by renovating, does this mean backyard, etc?
    We built our home and inside has all you need. eg, 4 b/r, a/c, porcelain tiles, etc… however we have no backyard at the moment (just dirt). Front yard is lovely and looks a treat.
    Do you suggest that we save the money for the backyard or refinance it…[Read more]

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leewizza

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