[wdemirdonderMember@wdemirdonderJoin Date: 2007Post Count: 24]

August 24, 2008 - 3:49 am

Cheers guys for all your help, so lets say I’m new to investing and this would be my first IP.

Would LOC be the best option, and does anyone know if this is true ?

1. You can buy a IP and as long as you don’t live in it, you can later purchase PPOR and get FHOG

[wdemirdonderMember@wdemirdonderJoin Date: 2007Post Count: 24]

August 24, 2008 - 3:45 am

So as long as you dont live in the IP, you can use FHOG later on when you choose to purchase PPOR.

Is that true ?

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August 22, 2008 - 6:01 am

This is going to sound really stupid but i got mixed up, of course i know what a IO loan is.

i meant to ask what is Line Of Credit, LOC

[wdemirdonderMember@wdemirdonderJoin Date: 2007Post Count: 24]

August 22, 2008 - 2:34 am

Thanks for the advice.

I think its best to buy a IP first and miss the FHOG.
I want to get into property sooner rather than later and the only places i can afford are rural, which are pretty good investments anyway. But due to work i cant live their as its to far.

I guess things can change though in the next year, so ill keep reading and watch the market

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August 21, 2008 - 10:35 pm

Wow, I would love to get more information on how to by a IP first and use my FOHG later on, and secondly my idea would be to purchace my first PPOR and then have tenants living with me.

Is this a good idea ?

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June 2, 2008 - 4:39 am

I really appreciate all your comments guys !!!

Im now wondering if it would be a good idea to buy a property as soon as i can or waite a little longer and have a bigger deposit ?

Is now even a good time to buy, after reading the news i can see the property market isnt doing so well (overall),  am i better to waite atleast a year ?

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April 27, 2008 - 12:50 am

I really apperciate all your comments and advice.

After reading all your comments ive come to the conclusion of starting a plumbing trade at the end of this year 2008, ive already been offered an appertiship and i will begin that after completing my HSC. I will work hard that year and save everything i make, ensuring that i will have a good deposit as well as good saving history for the bank.

After my second year i will begin to search for my first IP, and get a Line Of Credit (LOC) loan…… Is this a good idea ?

All advice would be appreciated

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March 3, 2008 - 9:27 pm

Chris.

Im looking to buy in Melbourne my self, that is of now – things may change though. I want something for around 150k hopefully a house because i believe that the land value is worth more than the property itself and over time i like you would like to renovate.

My strategy would be to buy-hold all my propertys, because of the cashflow returns.

At the moment im just reading books on property and searching the web for usefull info about property, although next year i hope to start taking an added interest and starting inspecting propertys.

My plan would be to buy my first property over the next year, year an half and do my plumbing appreticship. As each year passes add one property to my assets. Finally start my own business and look after my propertys.

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February 26, 2008 - 9:26 am

Thanks to everyone for the help and time answering my questions.

This month my mind has gone crazy i have been reading as many forums as possible as well as realestate.com.au/realestate newsletter, Domain.com, and ninemsn news section for information on the property market.

i am also currently reading "How to create an income for life" by margaret lomas.

Im finishing year 12 in 5 months and im pleased to say i have an appreticship lined up with a plumber up the road. Once i start work im going to save and much as possible and work and study hard so i can acheive my goal of purchasing a property in Melbourn by 2010.

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February 11, 2008 - 2:13 am

Does anyone have any other suggestions, that could help.

Any advice would be appreciated

[wdemirdonderMember@wdemirdonderJoin Date: 2007Post Count: 24]

January 14, 2008 - 11:13 am

Name: William
Email: [email protected]

[wdemirdonderMember@wdemirdonderJoin Date: 2007Post Count: 24]

January 13, 2008 - 9:56 pm

Thank you to everyone that has taken interest to my situation all your advice has been fantastic ! Im only replying so late because i have been in bali for the past week and a half. I spoke to a plumber today and he wants me 2 work for the next 2 weeks for him, so im hoping that if i work hard enough ill get a job !!!

If anyone wants to contact me personally my email and msn is [email protected]

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December 27, 2007 - 9:04 pm

Scot no Mate.

Your right Scot, thats what everyone around me says. I might be a plumber cause ive done some work experience and i enjoyed it, and i havent bought a car, for the exact reason of saving money, plus with the people that i want to work with i would be issued a car. Its all sweet.

Its just $400 or so a week doesnt seem like alot, but i guess its better than nothing. What sort of property did u buy for your first and did u get First Home Owners Grand ?

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December 27, 2007 - 9:01 pm

Francesca.

Would i be able to put the property under my mums name as if she is buying the property, but i just look after it and of course pay her the initial deposit, so that i dont loose my FHBG and in a couple of years once im reading by my second property live in for a short period and ask my mum to put the first property in my name ?

I believe this would be a good idea if it could work somehow because my mum has a fantastic credit history, our house is fully paid off, and it most cases she would pay a lower rate of interest, because as the bank see's it she is a lower risk customer.

My exspenses are low at the moment,  Ive only had to pay driving lessons and save extra money for Bali, although once i come back i will have to pay 150 a month insurance for a car, which will be a big problem. ( I Didnt buy a car im borrowing my mums, but shes on her P's to so insurance is alot higher than normal)

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December 27, 2007 - 11:27 am

Francesca.

Your right about the mines didnt think about my age, i guess i dont have any qualifications. Im passionate about property i guess.  

Financial freedom sounds good, Im not really interested in retiring young althought i dont want to be an employee and make my boss rich, id rather work for myself and put my ideas into good use. At school im studing Business and Economics among other subjects and i enjoy them.

This is my plan at moment but it always changes lol.
For example i leave school and take up an apprentiship in plubming, i live at home and my living expsences are low. Ive asked my mum and she has agreed to help me anyway she can, now ive done some work at a realestate agency and i found out i could use my mums property which we live in as insurance to the bank and they could lend me money.

then my mum or bank would be like the lender im not sure which, and i would pay of the P& I with my personal earning, tenants and depreciation. could that work ? for my first property

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December 27, 2007 - 10:54 am

Francesco.

Well im not sure about Uni, im not even sure what i want to do when i leave school to be ohnest. At the moment im working hard i have about 4 jobs, unfortuantly most of my money has been spend on driving lessons and my trip to bali over the new year. I have these for jobs thought for work experience because i love working im just not sure what i want to do.

I would really love to start my own business but i think thats more of a long term goal, ive had some thought in plumbing but then again i think i can do better. At one stage i was thinking of working out in WA in the mines were i could earn some good money, spend nothing and purchace some property for example in bali.

My biggest problem at the moment is deciding what i wanna do once i leave school. I want to buy property as soon as possible because at the moment i believe the market is doing well especially melbourne.

once again i would like to thank you for your positive feedback and time.

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December 27, 2007 - 10:38 am

HI: Francesco.
 
I really enjoyed reading your message it has really boosted my confidence, even though i read so much and have saved a good amount at so young im always still worried which i think is normal. Ever since a younge age i have been interested in property and my mum noticed this so she bought be severel books. At first i didnt read them because i was never interested in reading but just recently by chance i gave them a chance and ive been hooked now i read when ever i have a chance and constantly on the net one sites such as realestate.com and domain reading their newsletter, watching videos and looking at property

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December 27, 2007 - 10:33 am

Hi: Duckster & Scot no Mate.
I really apperciate what u have both said and the time that you have taken to try and help. Ive would be interested if you dont mind a short message on how you both started out. ( meaning if you have bought property how was it done ).

[wdemirdonderMember@wdemirdonderJoin Date: 2007Post Count: 24]

December 27, 2007 - 10:30 am

Hi: red123nz

Thanks for your comment im adding now as we speak, i would be more than happy to speak to you. I look forward to see u sign on !