i am starting to feel that my biggest mistake was using St George 3 years ago to buy my PPOR.Went and saw the 'loan lady' on Saturday morning, to refinance and look at pre approval for an IP, with my hopes and dreams ready to begin… left there feeling like i was told i was too young to bother with IP's and i cannot do a, b, c etc – this after 5…[Read more]

i am having the same issues with valuations… i think i will try another valuer through another bank, cant hurt right? a couple of extra hundred bucks for a possible outcome of owning my first IP.

Thanks Jaster.

The thing that bothers me is that the agent is probably lying about the offer to make me submit an offer of $182k or so when they probably havent got an offer of $170k.

I was in your shoes about 5 weeks ago. I have read 5 books since2 of Margaret Lomas'Steve's 2 booksand Investing in Real estate for dummiesMargaret's – 20 must ask questions before you buy – is a great one. It gives you links to websites to find all the data you need and i couldnt put it downREAD READ READ!And then get out and meet  some real…[Read more]

We have already seen 2 other brokers and felt they did not know enough about investment loans / products so went with an investment specialist instead. Got our preapproval through 30 mins ago, valuation on PPOR in the morning. could be shopping this weekend.

Exit fees depend on which loan we go with – this hasnt been decided yetThey will only lend 90% for an investment.getting our house valued tomorrow which will be the clincher for us as we would like to have a 20% deposit for our first IP

Surround yourself with like minded people – dont discuss property investing with people who care more about the footy on the weekend or when they can head to the pub…Talk to us We care!I look at my parents who are (divorced) 50 and 52 years old and still, dont even own their own cars… thats my motivation, to never be like this and thats all…[Read more]

Thanks for the positivity guys. There are a few people on these forums who like to bring you down a peg and i really feel i have read enough books and done enough research on this one for it to be my first IP.  We had a broker over last night – and yes we did our homework with him too! he was the 3rd one we 'interviewed' and we are going with…[Read more]

so here is the update, i went and saw the agent, the unit sold for $20k above the asking price on the 2nd day of its listing…. the agent tells me he was BOMBARDED with investors wanting a very positive cash flow property.So the unit sold for $140k, rent is $200 a week, 14 year tenant who pays his rent each and every week – i saw the…[Read more]

Thanks for the advice…I will inspect to check for damage / fire hazards. But yes if its under market value then i would  look at the rental history to make sure its not lies then either keep him as he is ahead in rent or kick him out and find new tenants….Shall keep you posted

Thanks Duckster and Terryw.Trustee – thanks but you dont have enough information on my situation to make such demotivating comments.

I am currently talking to my bank who wont let me access the equity in my house unless we have 80% LVR. We are sitting at 82%… very frustrating as a great investment property passed us by on the weekend.We are currently re assessing our options as we would like to get started!Steve and Richard i would love to know your thoughts on my question: S…[Read more]

Agreed. I bought my first house at 21, 3 years ago for $380k. We didnt realise at the time that we bought VERY well… it is one of the only 4 bedroom houses with a pool and entertaining area and spa within our post code! Got it valued today – $430k.Not bad for 3 years – $50k – we certainly couldnt save that much in 3 years. We owe $362k = $68k…[Read more]

Isnt it funny how things can change in 1 day.Got our house valued today – $430k, owe $362k…Getting closer to unlocking the equity…. seeing the accountant next week…Time to bite the bullet

what about just taking our PPOR out of it and just starting with $10k. there are plenty of regional NSW properties with about 8% ROI after all costs are deducted etc, there are some cashflow positive properties that we can start with using our $10k

Hi Terry,i have done plenty of reading in the last 2 weeks and felt i was ready to have a crack to be honest.I feel that $10k is enough to get started and will get some advice from my accountant first i was hoping for a more positive response but thanks anyway

Thanks. just spoke with my bank and i am really optismistic now that i could be buying my first IP in the next few weeksEXCITED!!!Just gotta pick a Regional NSW town – possibly Forbes. Yes i am doing my research everyoneI am thinking 1 x buy and hold at 7.5% ROIand 1 x buy and reno and sell – A bit closer to home.PUMPED! bring on financial freedom…[Read more]

Read Robert Kiyosakis book: If you want to be rich, dont go to school. It was my favourite book until i read Steve's 2 investing books. Trust me, just read it

Thanks so much.i am beginning to think i need a new broker. i am in the penrith area in sydney if anyone can recommend one?