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Thanks for the responses,
Sounds like I need to tighten the reigns. I know we spend way too much, our credit cards bills are around $4000 a month, but that includes all insurances, (house and cars), repairs to cars, rego, petrol, food etc… but still way too high for a family with 2 kids.
I am going to change loan from P&I with ING to a professional line of credit with Comm Bank to try to reduce spending. It has fees of $300 a year but in long run over several properties it should work out.
I earn about $63000 a year but with OT I get up to around $100k. My Mortgage is $600 a week on PPOR so on my (wifes)spending habits I would be going backwards.
I play lotto every week and it costs $20 so that's were that figure came from if I quit playing.
If I reduce spending I would be willing to put extra money in to service loan.
I have about $200k equity in my home that I am looking to use for deposit but I want to start off slow, say a house worth about $200k.
Thanks for the link LA Aussie, I'll check it out.
Cheers all, MickI contacted them about 6 months ago to ask how the same agents name was on every listing in every state. They stated they are a buying agent. Basically, they look in the real estate websites like realestate.com and find properties that they think will be cash flow positive, they then post them on their site without the realestate agents knowledge (they did this to an agent friend of mine about 6 months ago). If you sign up with them they negoitiate the price for you and make sure it will be tenanted before or just after settlement for a rather large fee of course.
Yeah, seemed to be heavily negative geared focused, and once you have enough equity (around 500k I think) you then retire and draw out $50 000 a year out of your equity (line of credit) tax free to live off, then the next year do the same on your next property etc… then by the time you reach your last property, the first property would have risen a fair bit more so you start again. Am I getting this? so effectively you can retire. Is that the go?
Thank you Runniniv, just went to ABS website. There's alot of info on there, cheers
Hi, I'm new to property Investing and haven't bought one yet. I have about $250k equity in my home. My question is not about the names of the best suburbs, but how to research an area. I am having trouble finding info on various aspects, including pop growth, industry, rental demand, average median price, rental vacancy, improvements for area etc… I am keen to do the research but need to find the right channels. I am looking all over the country in all states trying to find a deal. Any ideas
