Forum Replies Created
Fred
Harsh comments, which are unwarranted. Ive been visiting this site for about a year now and bought my first IP last year. Yes, my experience and knowledge in investing is limited but the advice and reading what other people do or think has been invaluable to me.
Being geared right is the key and not overcommitting, unfortunately listening to the stories on TV or on the net people have got caught up in buying too much on credit. My only debt is a low mortgage on my home and the IP, I drive a 1980 Sunny and use my credit card wisely, just another wise initiative I read about on this site. I'm considering purchasing my 2nd IP but will only buy if the price is right. Why wait a few years if there is still a good buy and a profit to be made.
Anny
Hi All
I'm considering placing an offer on a house in Canberra which is in a good area but has a slow combustion heater and the old small brown electric heaters in the wall. Would this put prospective tennnts off due to the hassle of dealing with wood and is it a worry for me as a Landlord as it is messier.
I quite like wood heating but I would think we are a minority.
Anny
Thanks Michael
I'll answer your questions which will add to my due diligence. I'll probably be making an offer in the next week.
Anny
Hi Cattleya
Thanks for the feedback. I will keep it and analyse my situation in a year or 2, I think the capital gain will be OK but am unsure as it is only a 2br. I have to consider as you say whether a 1.6% return is enough. Even if I totally owned it the return is low. In time I could sell it and buy a 3br with hopefully a better return or just buy another one.I can service any unexpected expenses, as I have a high income. Certainly, not an easy game IP buying but I will succeed and no doubt learn as I go.
Regards AnnyLeilah, I also agree with Steve 'spend less than you earn', obviously you could afford $100,000 on your wedding and manage your finances well. My point in the first post was for those spending more than they earn, using credit to pay for their wedding, car and mortgage resulting in the couples both having to work. One of the brides of the 3 weddings I attended is also pregnant and can only stay at home for a short period of time after the baby is born because they can't afford to pay their debts with one income.
The 3 weddings I attended are relations and I'm concerned they will have to struggle due to having too much debt and what if one of them gets ill. I'm all for spending money on what you want but only if it is affordable, why have financial stress if it can be avoided.
Hi Jayro
Your setting a great example for the young to follow, maybe if they see some real life examples some couples may see the light and follow suit. Its great your wife agrees with you, keep it up.I work in Canberra where property prices are too high for me to afford. I went South to Cooma and have purchased my first investment property, 2 br house on a 900 m2 block for $140,000, excellent value adding prospects. Although I bought a 2 br It's possible to purchase a 3 br house below 200k. Cooma is an hour drive from Canberra on the Monaro Hwy, Coles opening next year, extension being built to the gaol and of course a tourist town on the way to the Snowy's. I have nearly finished building my own home on a rural property 50km from Cooma and was pleasantly surprised I could purchase 95% of the building materials from Cooma. The only product I couldn't buy were the Hebel bricks, which I purchased in Canberra. Population only 9.500 but has all the conveniences.
My sister bought a home in Springvale and I thought it was a rough area and wouldn't increase in value. The house has increased in value and she has been living in it for a few years and hasn't had any trouble with the locals.
Hi Giulo
I am an owner builder in NSW and it is every 6 years.Anny
