Michael and NobleOne, thanks for your contributions.

And what do you guys essentially mean when you say “do your homework twice”? (Assuming I’m already pretty confident and sure about some deal)

Derek, are you suggesting that it isn’t difficult finding deals fitting the 11sec?

P.S Btw, are you a more CG or +CF kind of person?

techa, I think you misunderstood.

What Richard did was hold an option to purchase at $800,000. Eventually, the option to buy was used by another party who paid $1.35M.

Which means to say he made $1.35M – $800k – $1000 (option money) from the deal.

It works a little like flips.

Richard, you mentioned knowing your market and town plan … Can you expound a little more on what you meant?

What about some of these:

1) http://www.realestate.com.au/cgi-bin/rsearch?a=o&ag=&s=qld&c=26483272&tm=1098413115&id=101917890&f=0&p=10&t=res&ty=&snf=rms-bri&cu=&fmt=&header=
2) http://www.realestate.com.au/cgi-bin/rsearch?a=o&ag=&s=qld&c=45837337&tm=1098413248&id=101962806&f=0&p=10&t=res&ty=&snf=rms-bri&cu=&fmt=&header=

Suppose if I had a deposit of $30k .. Would that suffice?

Hmm, that’s an idea but wouldn’t I have to pay more for a 2/3 bedroom?

Another question I need to ask is when is a ‘0’ downpayment desirable and when is a 20% downpayment desirable.

This is what I’m confused about.