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Maybe look into getting landlord / property insurance too. Keep us up to date with it!
Sorry to hear about all that.. hope it all works out [
] One question though, how’d you end up buying a property in Darwin if you live in Tasmania? What were the circumstances surrounding it? []Awesome
Thanks for that VERY quick reply.Hi Judi,
Have you tried looking in the paper yet? I’ve found that the Trading Post can sometimes have some very cheap kitchens for sale.. e.g. 2-3yr old kitchens complete with appliances for less than $500. It might save you having to take measurements and finding doors to fit etc..Rooney.. does your company do cheapish customer kitchen cabinets? (i.e. white laminate) I bought some overhead cupboards that came with some extra doors/drawers which could be used to make the bottom part of the kitchen/bench but need the cabinets.. let me know if you do
Cheers
Ok.. when I said that Redfern would boom I didn’t mean BOOM as in cocktail bombs etc.. hahaha. I hope they clean up the area soon
Start with one property.. then once you’ve gained experience, buy another and so on . You wouldn’t want to buy ‘a few’ units with little/no experience and/or knowledge of what you’re getting yourself into.. [8]
In regards to investing in Tassie.. if you’ve studied the area you are wanting to invest in, then you should have a rough idea if it’s a good area to invest in or not. You can’t really be 100% sure what the growth in the area will be like but if you’ve done your research then your chances of succeeding will be a lot better. I myself wouldn’t invest in an area I’m not familiar with.. especially in a different state. I wouldn’t be able to have a peaceful sleep each night unless I had a kick arse PM looking after my baby.
I’m a bit confused about what you mean when you say ‘spending $10,000 towards each property’.. I’m assuming you’re referring to the deposit? You can use a deposit to calculate roughly how much you can borrow, however the loan amount depends greatly on your ability to service the loan so I can’t answer your last question [
] Goodluck with it all! [^]Éveryone would love to have a positively geared property. However, what’s good for one person might not be good for another. You just need to sit down with someone and have a close look at your financial situation and see what’s best for you. Just ask yourself what your goals are and then see which method would be best to achieve them. Our first property is only slightly negatively geared at the moment, we’re out of pocket maybe $1000 each year. Our second property however puts us around $9k out of pocket each year.. I’m on the highest tax bracket so this helps me out a tad. I couldn’t see someone earning a lower income benefiting from this set up though. I’m sure there are some good tax accountants on this board that can help you out [
]Anyone? [
]Awesome, thanks for all the replies everybody. It looks as though this may be a feasible goal!
Hopefully in a few months we would have built up enough additional equity and paid off some more of the loan to put us in a more secure position to go ahead with the next purchase. Our loan is through the CBA/Colonial and we’re paying 6.4% interest fixed for 3yrs. We had quite a few headaches with the latest purchase as we had some communication problems with our mortgage broker (to put it politely). I know where we’ll be refinancing next time Thanks again everybody!You’re right elves
We’ve been annoyed with the property managers for a while now but haven’t done much as we feel sorry for the owner. He’s in a bit of financial strife at the moment so we don’t want to cause too much trouble for him (he’s trying to sell the property to repay debts). My girlfriend didn’t want any more trouble as we could be moving out this week (the property managers have a few interested parties). I was thinking about the situation with the keys today and the more I thought about it the more it got to me. I’ll be reading up on the Fair Trading site more thoroughly tomorrow as we only skimmed through it a couple of days ago. I’ll try and keep everyone up to date if there’s any progress. [^]
] One question though, how’d you end up buying a property in Darwin if you live in Tasmania? What were the circumstances surrounding it? [
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