first investment

Viewing 5 posts - 1 through 5 (of 5 total)

rainmaker
Member
@rainmaker
Join Date: 2003
Post Count: 3
August 25, 2003 - 5:36 am
hi all
this is my first post so bare with me
just finished steve’s book and changed my investment focus completely
i have just started building my 5th ppor since moving to aus 7 years ago
figures to date,old house $357k, demolished it,
new house starting, contract price & finishing $380k, will be valued around $900k with $100k debt.
i have also sold a % of my biz recently to realise about $180k. I’m stuck have been looking
for positive geared as steve suggests but would have to invest in areas fairly remote to perth
that rely on mining etc to keep rented, has anyone else these same issues or would i be better off in other states
the one property deal i did come across that fits steve’s profile is a bit on the large side for me first up
24x 1 bed apartments in south hedland, brick
& tile, rented at $150 week each, poss strata
asking $1,295,000
the agent is ray white in port hedland 08 9140 2300, hope this is of use, apologies if i rambled
and no i don’t work for ray white[]
ShaneB
Member
@shaneb
Join Date: 2003
Post Count: 62
August 25, 2003 - 6:57 am
My first investment was with my Dad in ’75. He asked me for 10 bucks and said he’d give it back by payday (or else he’d pay interest) – the bastard never gave me back a cent. I suppose the moral is to be very careful with your money – especially with older people!_
hilary
Member
@hilary
Join Date: 2002
Post Count: 146
August 25, 2003 - 7:16 am
Rainmaker, Hi, and welcome.
This is a great earner, so why don’t you try to bag it? Maybe even get a joint venture?
I’m sure you could get this deal by yourself, you have excellent equity, plus a great deal of cash.
Are you afraid of big deals? You have the means to be independant – go for it[]
ShaneB
Member
@shaneb
Join Date: 2003
Post Count: 62
August 25, 2003 - 7:19 am
Yeah I agree! Go for it! But be very very very careful!!
rainmaker
Member
@rainmaker
Join Date: 2003
Post Count: 3
August 25, 2003 - 7:33 am
quote:
Rainmaker, Hi, and welcome.
This is a great earner, so why don’t you try to bag it? Maybe even get a joint venture?
I’m sure you could get this deal by yourself, you have excellent equity, plus a great deal of cash.
Are you afraid of big deals? You have the means to be independant – go for it[]

thanks hilary,
my only sticking point is my ppor is just going
to site, so the equity available would be based
on land value which is 450k, valued by anz few months back, i have no problems with big deals
just the mindset of it being my first investment property and having that amount in one deal?
i will also have to find a different lender as
anz are restrictive on their lending in regional areas
are you finding many positive gearing opportunities?
thanks