Forum Replies Created
Partners in Prime nah I havent found anybody I can trust that much!
Thanks everybody, you sure are full of info I hope I can be the same to another newcomer someday! I thought the aim was to get to 10% or above? I have found a couple of properties that return 7.4% is that good enough?
House call-Glad you got that out!! There is so much to learn and I love it. I am so excited to be able to be in charge of my future and not have to be a slave to the 9 to 5 (or in my case 6.30 am to 11.30 pm) ethos. Stamp duty- what can you do- the government has to have their share, no use worrying about it, just look for bigger and better opportunities. Why did you take the opportunity in Tas?
Oops sorry v8ghia I agree with you about being in the market now. Do we still apply the 11 second "rule" in this climate? I have found a property selling for $130,000 (this doesn't take into account purchasing fees) with rental return $185 p/w. By my reckoning this will cover the loan repayment but maybe not the associated ongoing fees like rates etc. In this regard it will be slightly negatively geared – is this the sort of thing I need to look for? Or something even cheaper to purchase?
Thanks JacM,
Good info, I will certainly do the ground work. I have found a bank that will lend to me without touching my super. I agree with you that now is a really good time to be in the market. Its easier to get another loan if you have already one, much like getting another job is easier because you've already got one! I live in Qld but am looking at North West NSW or will even look at property in Tas. Does it matter where I live?Well I dont have much but that just might work!
Terryw you're funny – QBE I knew, LVR sort of, and LMI I did know. I have asked a couple of banks and credit unions and not one of them has asked for assets! They all just want a deposit (buggar) I do, however have the settlement letter and sales contract in case (but I dont think so). You have helped.
What sort of problems should I look out for in a potential IP? ( I have my eye on one which will return a net of around $10 – 20 per week with nothing to do) is that too small?
Cheers
WenderThank you Terryw and Richard It wont take me long to save up I know. Richard you have used some acroyms I am not familiar with please elaborate
Cheers
