Having been to numerous seminars and read a fair bit I have decided that the best way to set-up an IP without paying all the middlemen is to do it myself. However, how do I select a good property? if I do all the research on suburbs (Melbourne) and inspections it will take lots of time. I know Wakelins offer this but they charge 2.5% of purchase price as a fee – havent ruled them out but that would be about 7k on a 250k IP. What about asking a couple of RE agents to find me one then checking its valuation independently? I’d appreciate anyones thoughts.
Thanks, EdHey Ed,
What sort of properties are you after ? What are your deisred goals from property investing ??Enjoy
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(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert EinsteinThanks Andrew,
Well my goal is to own 3-4 properties to fund my retirement in about 15 years time. I would aim to hold 5-6 by then and sell off a couple to pay out the IO loans. However, the other difficulty I see is that of cashflow – I can set up one IP but it would be a long time before I can get a second one if they are neg geared. I have fairly high income,tax,equity but loan servicability will be the limiting factor. The concept of positive cashflow keeps cropping up in this forum but Ive not seen it in many other places – where I can I learn more? Does it mainly apply to wraps and country properties?
Thanks,
Spocky
Hey Ed,
What sort of properties are you after ? What are your deisred goals from property investing ??Enjoy
AD [:0)]
(Andrew)“”Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.”
Albert Einstein
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