Forum Replies Created
- angelinsydney wrote:Hi Quickchick,
You have a brilliant brain for math. That kind of analytical thinking is what you need.
Hi Matt,
Interesting question. If I bought it for $970K, I would have needed to use my own funds. The 20% deposit alone would be a whooping $194K. The increased stamp duty is almost a non-event anyway because I used largely the “buyers” money. In this manner, I only has to come up with $22,000.
At the same time, what money I saved I bought a duplex in Millicent, SA for $185,000 returning $250 per week.
Instead of lumping all my available funds in one property, I ended up with a prime property in the Northern Beaches and a duplex, too.
Sometimes the only way to move forward to create a win-win situation for all.
I hope this has enlightened you. Thank you.
Angel
Hi Angel,
I am a noobie investor so please excuse my lack of financing knowledge. How come you’re not required to put down any deposit with what you did? You still had to take out a $970k loan right? Excuse my noobie question, please educate me.
Thanks,
ChrisThanks for all your advices guys, really appreciate it.
My hunt continues………
Hi Luke,
Thanks for your response. I think the majority of people in that suburb have a car as there is nothing within walking distance (besides the beach and an outdoor 50m swimming pool). There are however frequent buses right outside the property (1 every 10mins) that takes you to the shops (5mins to the shops) and train station (30mins to the closest train station).
There wouldn’t be an opportunity to add a garage as it’s a unit. I looked at some data for the suburb and 61% drive to work while 30% caught public transport.
But you’re right, so far the more I think about it the less I’m liking it as there is no garage OR off street parking (you have to drive into a different street as it’s on a main road with clearways).
Thanks,
Chris
