All Topics / Help Needed! / New to PI – Would love your help and expertise!

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  • Profile photo of Chris89Chris89
    Participant
    @chris89
    Join Date: 2011
    Post Count: 49
    July 1, 2011 - 1:02 am

    Thanks Derek, Im going to buy that book shortly. I read about the book and does sound like it will answer many ofmy questions, thanks alot!!

    I have also looked into a few books that you suggested Jamie. Struggling to just buy one rather than numerous you guys have suggested haha!

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    July 1, 2011 - 1:42 am

    Grab them from the library…or just loiter around Dymocks reading :)

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of ScottsdaleScottsdale
    Participant
    @scottsdale
    Join Date: 2011
    Post Count: 63
    July 1, 2011 - 2:06 am

    No problem Chris. I’ll happily send you some books if you’re struggling. If you don’t mind a lot of highlighting and underlining, PM your address and I’ll send a list of what I have. As long as I get them back when you’re finished I won’t mind forwarding them. Although will have to pester some friends for the ones they’ve forgotten to return!

    Lomas and DeRoos are next on my list as they’re always highly recommended on the forums. There’s so much to learn and absorb that you’ll be dreaming about property… Or maybe that’s just me!

    Regards,
    Derek

    Profile photo of Chris89Chris89
    Participant
    @chris89
    Join Date: 2011
    Post Count: 49
    July 1, 2011 - 2:42 am

    The library is a great idea, will have to check that out.

    Thanks Derek, no im not struggling :) Just no point of buying nurmerous books when I will be on one for a few weeks haha. It's just about choosing which book is going to be the most beneficial, but I will definitly have a reade of the Yardney book you suggested.

    Thanks though :), much appreciated.

    Profile photo of proptymanproptyman
    Member
    @proptyman
    Join Date: 2010
    Post Count: 19
    July 1, 2011 - 2:47 am

    Hi there Chris,

    welcome to the wonderful world of properting investing and in your case, home ownership!

    Before you start investing, get a good deposit behind you.  Do remember there is bad debt and good debt when it comes to property investing.  If you buy your own home, that is bad debt because the interest is not tax deductable and you basically just owe the bank lots of money.  So if you buy your own place to live in, try to get it paid off as quick as possible.   On the other hand, when you purchase investment properties for others to rent out, you can claim your interest payments and other expenses like rates, water, some depreciation etc….

    yes it is possible to buy many negatively geared properties regularly but you need to be able to make the repayments and service any other llittle nasty surprises like new hot water services, cutting trees down in your yard, termite inspection and eradication, fixing faulty appliances like dishwashers and airconditioners etc… etc…..

    If you plan to negatively gear, don't go in too deep…. who knows you could lose your job and then you are still in a position of making all the repayments without your job income.

    that's why positively geared properties can be a good option also… both have their advantages.

    Feel free to contact me if you would like more info. on positively geared properties..

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