Thanks for the fast reply guys, much appreciated!Cheers,Brad

Fantastic !  Thanks heaps Terry and Amanda,Cheers,Brad

Great feedback guys, much appreciated !

I agree with all of your comments, you know what they say, a bird in the hand …… !

I think I will just cut my losses, make a fresh start and put it down to experience ! The $55k will still give me a descent deposit to buy another IP and I will probably save myself a lot of headaches over the next 12…[Read more]

Thanks Michael !

In my opinion buying 6 positive cashflow properties given the current market conditions could be an absolute disaster ! To buy positive cashflow properties they would need to be in rural areas. These areas have experienced HUGE growth over the past 6 years and in my opinion prices will be going down over the next few years…[Read more]

Thanks Herb !

Sounds like you are doing a fantastic job with Dual Occs. I think Dual Occs have huge potential. Once I buy my first 1 or 2 IP’s I will definately branch into this area.

Surely there are some positive cashflow investors out there who think my investment strategy is flawed ? What would you do with $420k given the current market…[Read more]

Thanks for the advice Michael ! Interest rate rises, rental vacancy, etc could place some pressure on the serviceabilty so I think its important not to borrow to the absolute limit. I think you have to take a certain degree of risk for this plan to work but I will always keep some spare cash in case things go “pear shaped” !

Easymoney, I would…[Read more]

Thanks Herb and Marisa !

Herb, I am also very interested in dual occ and hope to branch into this area when my portfolio grows a little ! Do you see dual occ investing as too risky for beginners ? Is it a nightmare trying to get council approval for subdivision ?

I love the idea of purchasing a run down property with a large backyard,…[Read more]

Bofclark,

Congratulations on your property portfolio ! Several million in real estate is a fantastic achievement ! Have you also invested in shares, property trusts, etc to help pay for your negatively geared properties ?

Why don’t you start drawing down some of your equity to start living ? Go on a holiday, buy a new car, have some fun ! I…[Read more]

Thanks for the advice Luci and Bofclark !

Luci, if you put “my” 420k in your back pocket its not going to earn any interest ! I would invest it, much better return !!! [biggrin]

Serviceability will be my biggest issue over the next few years but I still prefer the idea of negative cashflow over positive. My plan is to use the Peter Spann…[Read more]

Thanks Terry,

I have considered buying my girlfriend out but our current loan on the PPOR is $400k. I would also need to borrow an extra $60k to pay her out ($460k total). I would love to do it but I think that would be stretching things just a tad !!!

Thanks for the fast reply guys !

Personally, I think mortgage insurance is pretty minimal when you look at the big picture. It will allow me to borrow an extra $40 or $50k and when that is invested and compounded over 10 – 15 years the difference is amazing !

My goal is to be financially free in 10 years time. Some people may laugh at this…[Read more]

No worries Jo !

We are now going to sell after 3 months so that means IP number 2 will come faster than I first thought !

You have put a HUGE smile on my face [biggrin] I thought I was going to have to wait over 12 months before getting any cash ! I think we need a new solicitor who knows what they are talking about !!!

Cheers,

Brad

Thanks for the fast reply guys !

Jo, I realise I asked this question earlier and that is why I asked for some clarification. My ex just told me that her solicitor said she must live in it for 12 months to avoid Capital Gains. I told her that was a crock of <edited> and she didn’t believe me that you could sell after 6 months. If it 3 months…[Read more]

Thanks for the advice guys, much appreciated !

I have asked all of my friends and family and have a few contacts to follow up on.

Cheers,

Brad

Northern suburbs (near Whittlesea),

Cheers [biggrin]

Cheers Jo, you have mail too ! [biggrin]

I thought the Scoresby and the Mitcham / Frankston freeway were the same thing ??? [blush2]

Thanks heaps for the advice, I will take a drive down there within the next few weeks and check out some of the houses !

Brad

Hi guys,

I was just about to ask the same question about Franskston and Julie beat me to it !!!

I think Frankston has HUGE potential, especially with the Scoresby Freeway due for completition in 2008. This will provide easy access to the city and also the eastern suburbs.

There are many cheap properties in desperate need of a reno and the…[Read more]

Thanks Terry and Kerri, great advice !

In theory, if I had 4 cash flow neutral deals that were paying off my loan, is it possible to borrow an extra $300,000 on top of the $300,000 already borrowed ? Do the banks regard rental income the same as the income from your job ? I assume they use a percentage of the rental income (to safeguard against…[Read more]

Thanks heaps for the feedback guys !

Terry, can you please give me a few ideas as to how I can be “creative” to fast track my property purchases. Trying to save for future deposits while I am paying off a $300,000 loan on a single income could take years !!!

Brad

Thanks heaps Monopoly !

You have put a big smile on my face !!! [biggrin]