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  • Profile photo of Istvan051Istvan051
    Join Date: 2005
    Post Count: 221
    Profile photo of freeman cooperfreeman cooper
    Join Date: 2006
    Post Count: 115

    Hi Stephen,

    You sound like a level headed kid.
    I wish I had saved $30,000 when I was 18,
    I hope it all works out for you.
    It’s people like you that make it.
    Good luck


    Profile photo of RealEstateQueenRealEstateQueen
    Join Date: 2005
    Post Count: 69

    Hey Stephen,

    Well done, i bet you worked very hard to save that money. Thats awesome just on its own, and good on you for not wanting to waste it and create a life for yourself through property. I started at 17 myself, and it has only done me favours.

    First thing you should do is go into your bank, and ask to speak to the lender. If they dont help you, find one that will. I dont know what your dad is into, but i think for your first one, you should go through a bank, its a bit safer until you know more about financing.
    The lender will tell you the sort of fees you will need, with a good deposit like that, you will be able yo purchase something for 300,000, but you will probably pay lenders mortgage insurance, if you buy something for 300k, but with house prices the way they are, it means you dont have to wait, and its a factor that can sometimes not be avoided. Its like stamp duty, we all hate paying it, but its gotta be done!
    Second of all, go into your local bookstore and buy as many books as you can. Id even take some of your savings, maybe 500 and buy heaps. 500 might seem like a lot of money, but its not when you factor in the information you can soak up out of these books. This is how i learnt everything in the beginning, and no one person can tell you everything, no one simlply has the time! There is a lot to learn, and if you truly want to do it, youll read as many books as you can. There are hundreds available, but here are a few of my favourites:
    rich dad poor dad changed my life and lots of other people i know, its by robert kiyosaki.
    real estate riches by dolf de roos is a good starter book. its packed with lots of stuff all of it good.
    1,000,000 in property in one year by steve mcknight. this started me off oneof the first books i read.
    this is just to name a few, there are plenty more.

    Thirdly, get out there!!!
    go to opens every saturday, and speak to the agents, you will learn so much by doing this, and it will also give you a feel for your area, in terms of prices etc. it can be a bit scary going to your first one, but the payoff is huge. you will learn heaps. Also, check out the net, there is heaps of free information on here, but be wary of all the so called experts. take it all with a grain of salt. is the best site ever to learn about prices, and you can save alot of time by being on here weeding through the crappy ones. its actually my homepage im on there that much!

    Ask your dad lots of questions, i think what he is trying to do is to get you to learn it all for yourself. he doesnt want to just give it to you, youll appreciate it so much more if you learn it yourself. And im sure if you went to him and said, what is lenders mortgage insurance, he would tell you as he would see that your trying to learn.

    Most of all, never give up, and remember, a good deal comes along every week, so never think you have to buy this one because you wont see anoyher great deal come up, you will!
    I have thought so many times, oh ill never see a good deal like that again, but you do if your hunting for them!

    Good luck!!!!!!!!!!!!!!!!!!!!!!!!!!!![thumbsupanim]

    Profile photo of Istvan051Istvan051
    Join Date: 2005
    Post Count: 221

    Hey Andrey,

    Thanx for that, yes i did work very hard for my money…lol
    Been through a lot of crap to get there, especially with other peopel who dont understand the logic of trying to get money to work for you

    For my first one ill go through a bank

    Jus a quick question, how much % of the vaule of the property would you usually need to aviod having to pay morguage insurance?


    I have rich dad poor dad and am reading it atm[biggrin] its great!

    Cheers Stephen

    Profile photo of Richard TaylorRichard Taylor
    Join Date: 2003
    Post Count: 12,024


    When the LVR is > 80% LMI is normally required.


    Richard Taylor
    Residential & Commercial Finance Broker.
    Licensed Financial Planner.
    Ph: 07 3720 1888
    [email protected]

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    Email Me

    100% Investment Finance now available on selected properties. Email us for further information.

    Profile photo of Jessica3Jessica3
    Join Date: 2006
    Post Count: 26

    Stephen, you should also look into the types of joint ownerships such as joint tenants or tenants in common.

    Joint tenants means you have equal rights to the whole of the property, rather than a specific share.

    If you die, the other joint owner automatically inherits your share of the property. This is the case regardless of anything that is said in your will.

    Tenants in common could be suited for couples in new relationships and friends and/or relatives who are buying together often choose to be tenants in common. This means that you each own a specific share of the property. You don’t necessarily have to have equal shares.

    If you die, your share of the property doesn’t automatically pass to the other legal owner(s). It will go to whoever is named in your will or, if you haven’t got a will, to your next of kin. If you want to leave your share of the property to the other legal owner(s), you can say this in your will. You can also change your legal ownership into a joint tenancy, but only if the other owner(s) agree to it.


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