Forum Replies Created
My girlfriend and i have a car each… I’ve got a 2004 Holden VZ SV6, Bought it through work and saved over $10,000 off new price. My girlfriend has an ’86 Ford Telstar TX5 GHIA (it’s got air, power windows, the works!) with over 300,000 clicks.
On another note, we are getting a $60,000 payout from the sale of a house that’s going to knock nearly 20 years off the home loan. WOO HOO! Investment properties here we come.
yep…
should be a good series, especially with all of the single people looking to get up to mischief[inlove]
I saw the first show last night… that hotdogs guy looks like a bit of a weiner!tribe_of_dan,
Yes i did use the FHOG to help with the deposit and buying costs. My parents offered me $3,500 as a gift… of which i have only used $1000 for necessities such as a $500 factory second washing machine and other bits and pieces. I had already saved around $6,000. (I also used LMI, which was covered by the FHOG) I bought where I live, which is a medium sized town called Naracoorte in South Asutralia. The house was somebody elses ‘renter’ @ $145 p/week and is in no way cf positive, which doesn’t really matter to me as yet as there are improvement options.
Hope this answers your queries
Cheers
hi,
I’m 19 and bought myslef a PPOR about a month ago. I’m planning to do some reno’s myself eg. front garden, paint inside and out and maybe the kitchen. Hopefully i can add substantial value without spending too much and then i’ll use the equity to borrow for my first IP. The plan is for one before i’m 21. Then i’ll be on my way to financial freedom![biggrin]
Cheers
thanks mate.
I have a three month old kelpie x Border Collie x Coolie, i think he might have some labrador in him as well. his name is Bailey. I found him 3 weeks ago… someone had dumped him on the side of the road, and seeing nobody claimed him, i kept him.
The 11 second rule is in Steve’s first book. If you have read it thoroughly, it will give you an explanation as well.
Currently, I have finance for my first property. The rate is fixed for three years as i am on an age based wage… I am able to make as many extra payments as I like without penalties… I suppose it all comes down to your lender
I met mine at a ‘Blue Light’ Disco when i was 15. A couple of my female friends introduced me to her and we hit it off from then. I reckon it was my killer dance moves that pulled her in! [thumbsupanim]Even though we lived 50kms apart, we saw each other every weekend even when i didn’t have my licence. I had to rely on my parents to drive me to visit. (Lucky they liked her!) We’ve been together three and a half years as of the 18th and have just signed the contract for our first (of hopefully many) properties.
Interesting point vtxdevo…
I’m 19 and in the process of buying my first PPOR. I also have a car loan. I have calculated for myself how much i believe i can afford to pay off of a home loan while saving a deposit for an IP. Any house over that amount i wouldn’t even bother looking at. Living with parents is the best way to save for a deposit in my opinion… no rent to pay apart from doing the dishes and mowing the lawn!
I see Michael’s point about SOME young people having no idea about the financial fundamentals. Most people my age are out Friday and Saturday nights blowing their week’s wage (sometimes more) on booze. I just think to myself that these are the people who are going to be living in MY IP’s and paying for my financial independence because they can’t afford to buy their own homes. [biggrin]Shellby,
I would find a couple of reputable property managers in the area you are looking at, and throw some questions at them… asking questions about vacancy rates, average rental per property and the like will help you to discover if the area is worth the risk.
Cheers
Destined
Rocket,
Before everyone rips into you, look under the search function for Derivex… Big Rob/The Mortgage Adviser goes into great detail on interest free loans. Have a look, it will answer all of your questions.
Cheers,
Destined
Hi,
May i suggest you buy Steve’s new book ($1,000,000 in property in one year). It is more up-to-date than 0-130 and gives you more of an insight into how to ‘find’ these +CF properties. You’ll need to work more on finding a solution to a problem, thus CREATING positive cashflow than having a +CF property handed to you.[smiling]
Thanks for your reply lukis…
It’s great to hear from people who are going well in their property investing. Yours is a more inspiring story than others, as myself and my girlfriend are on about the same wages as you were when you first started out.
I am looking to be a buy and hold 4eva type of investor too… It may not be the way others choose to go and it may not be the best way, but it is my way![blush2] I am fairly close to buying my PPOR and will hopefully be able to buy another in approx. 1.5 years if everything goes to plan.I look forward to hearing others’ stories
Destined
Hi Jake,
It is good to see another ‘south aussie’ on the forum! You sound as if you’re in the same sort of situation as myself. If you don’t mind me asking, what suburb are you in? I’m in a country town of approx. 6,000. What sort of areas are you looking to invest in (without giving too much away of course)? What has been your biggest difficulties so far in starting out?
Sorry if it sounds as if i’m being nosy, I think it’s interesting learning about others.Cheers
Destined.Thanks Oldtimer,
It is good to hear from someone on this topic. I thought there would be heaps of people jumping at the chance to share their stories. Obviously there aren’t as many successful investors reading the posts this week [blush2] he he
I believe your story IS exceptional considering you have been able to retire early (and comfortably) ahead of the rest of your peers. Good on ya![biggrin] By the way, where are you based? I wouldn’t mind hearing more stories from you.
Come on everybody else.. share those stories, You know you want to!
HAPPY NEW YEAR!![party] [party] [party]
Destined
I can only answer a couple of questions as i am in the process of buying my first…
At what age did you start investing in property?
I’m 19 now, and hoping to start my investing in the next few monthsWhat difficulties did you have in doing this?
Finance is my main problem as i am on a commission basis, I have been told i need to be at my current job for another month before it can count towards my income.Was your first property an IP or PPOR?
Will eventually be my PPOR, the current place i’m looking at has tenants until at least mid 2005… maybe move in to it or look to extend the lease until i get a payriseHow long did it take you to back up your first purchase with another?
Not happening as yet… would like to build enough equity in my PPOR to buy one within 2 yearsHow long did it take to acquire 10, 20, 30 or more properties?
N/AWhat are your plans for the future, ie. how many properties will get you to where you want to be financially?
I currently really enjoy my job, so staying employed for another 10-12 years full time sounds ok, I would really like to be financially independent by 30 and be able to travel to Africa and work in my sponsor child’s village in Ethiopia (through CCF Australia)Hope this answers the questions well enough
Destined
Hi Robert,
I am currently living with my parents rent free as you have suggested i should do. My girlfriend would be living with me when we eventually decide to move in… we don’t want to take a loan out in both of our names if we can help it.
My personal loan is rather large, as it was for my car. Is there any way of rolling them into one? I have approx $16,000 at $90/week owing. The property is going to be on the market for $138,000
Ok…
So you’re saying that if my dad was on the loan application, I couldn’t get the FHOG? Are we still able to increase my serviceability if we did not disclose with the bank that he was a ‘silent partner’? i.e We make it look as though he is a 50/50 partner but really myself and my girlfriend are paying the loan repayments and he is paying nothing?I’m just trying to get my foot in the door as soon as i possibly can. I don’t want to ‘work for the man’ all of my life.
Thanks for your input guys…
Terryw, you said: “Spouses can generally be added to the loan even though they are not on title. In such cases, their incomes and liabilites will be taken into account.
Generally this cannot be done with third parties, including parents.”
Why is this the case? Why is it that it can’t be done with my dad? I will have my girlfriend living with me, but i don’t particularly want to get a loan with both our names on it… yet (we’re only 19)
AND…. to make things worse, I just found out early this morning that the house i am loking at is open for inspection today. So, now we have to rush to make a decision on my finance options if the house is suitable/acceptable.
