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I do read, read, read and LOVE every word of it! Would like to start to act, act, act!
What I’m really wondering is “is it realistic for me to expect that if I put all my time and energy into looking for real estate deals that I find one that’ll pay a years equivalent wage ($25,000) within 6 months??? I’m hoping to achieve this firstly by a quick reno and sell deal. This then would allow us to live comfortably whilst I dedicate my time to PI. Would love to here from someone who’s thrown in there job and stepped out of there comfort zone, did it work out for you? Like I said before my husbands wage would cover the rent/bills/food but that would be about it so am I risking putting us in debt if I don’t find the deal I’m after? What would Steve suggest I do??????so far I have 2 self-employment tax returns both with a taxable income of $15,000 as I make about $10,000 in claims as it is a home based business (childcare). If say I finish working in January when we move and make money on PI in the first 6 months, that income would then be added onto my 2004-2005 tax return. Would the finacer wait 2 years of tax returns from the one occupation or will they see PI as another occupation and want 2 years of PI tax reurns before they finance me? would a lo-doc help our situation? the other issue is my husband who has worked in the same job here for allmost 7yrs will be starting fresh at a new job, will he need employment with the new company for a period of time before they finance us or will they look athis track record?
try ebay. Type in search words such as ”property” ”investing” ”seminar”
Best advantage you got is your age!! I moved into my first home at the age of 17 (husband 19) the house was put under My husbands name as you have to be 18 to purchace property (here anyway) Keep saving as fisrt thing you’ll need is some sort of deposit and put your efforts into finding a job (or studing towards one) that pays the bills untill you find your feet with porperty investing. WHERE THERE’S A WILL THERE’S A WAY! Just a word of advice: Go to the bank or finance company you want to get a mortage with and spend the next 3yrs ticking of the checklist some egsamples are sustain a job for a period of time, income to loan ratio, deposit ect! ‘mortage broker’ should know more! Set your goals and let the reat come to you!
HAVE A GOOD XMAS
claire[biggrin]Show is on tonight (Friday). Can’t wait!!!!!!! Be a great chance to see everybody in the flesh.
LOOKING FORWARD TO MARCH SEMINAR [headphone]
don’t think I have much to offer in the way of mentoring but would love to know how the seminar was! I curious to know what I’ll gain from seminar that I haven’t already gained from Steve’s books. We have tickets for his March show in Melbourne and have payed approx $2000 in tickets, accomodation and flights- I’m crossing my fingers that it’ll be worth it!!!!
Just a suggestion; These forums are an excellent way to get the advice you need and it’s free (thanks Steve)
I too asked the question “why such a huge difference?” our broker (Invester Finance) said because they take into account that if we had a loan amount of $700,000 then we would also be recieving $700pw in rent which would add to our income of $54,000 (combined, i’m only 20 and am at home with 2 kids!). So what’s the verdict guys? Sell or Rent?? after reading your comments I’m leaning more towards the renting out at least for a little while as we can always sell later.
Confused!!!
thanks for your feedback. Here’s a better look at our situation. How did I buy a property 2 1/2 years ago at the age of 17? Our town has a homenorth scheme that helps low income families buy homes in the territory; hence we payed $157,500 for our 3 bedroom home in Alice Springs. Today it is worth $240,000. We have decided to move to Port Lincoln and after talking to some brokers it seems that useing equity we are able to purchase another property to value of $240,000 or if we sell and take profits we can borrow up to $700,000. We are now thinking the more leverage the better. So here are our options
a) sell and take $80,000 profit to re-invest this will allow us to borrow up to $700,000
b) keep, rent out at $290pw (mortage $260pw)use equity to re-invest this will allow us to borrow up to $240,000
I love my home and don’t really want to sell but it would free up allot of money to invest with.
We will be attending Steve’s seminar in Melbourne on March 19th. I have read about 13 books on PI and am ready to take action but don’t want to regret renting/selling this house later. Would love some more feadback!
Thanksdon’t suppose you know any details we could track them down on?
try ebay
I brought my family a list of gists from world vision on their behalf incl a school pack for a child in africa, eye sugery, immunisian and few other things. Total cost $200, tax back $60!!
