Many years ago, my goal was to have a nett asset of $1m. Today, my ultimate goal to be able to give away $1m!
Achieving it will make me a very happy.
Regards
Leon

Devil,
We might have looked at how to raise the $3800.00 short fall, but the real question you should ask yourself is, Is it a good deal and you have to put yourself under this STRESSED condition just to seal the deal?
Only you can answer this! Good Luck.

Hi Devil,
Here are some of the options you could try:
– Try to ask for the vendor to leave some money in the deal (say at 10%pa for 1-3yrs)
– Ask the agent to reduce his commission to help you get the deal done
– Can you delay the settlement?

Good luck!

[Just don’t go taking too much. Maybe 80% of any growth would do. eg IP valued at $300,000 grew at 10% last year = $30,000 so just take 80% of this = $24,000.

Hi Terry,
If you have 7-10 IPs, you are dipping into the growth once every 10yrs. There are ample times for the growth to compound. LVR ratio should not be a problem. The problem is as…[Read more]

Thanks westan. May be I have to do some research on the rental market at the area!
The property is head lease to a government department and sublease to its clients.
I do not think the PM is in any way related to the tenant!

Good on you Nathan. Let’s us know how you went!

I don’t have a written goal but I have a very clear picture of my goal. I have a set time and specific target to achieve. Like most people, all I have is an excel spreadsheet!

Buy and hold. This strategy also works and is least demanding on ones affort and knowlegde

These sort of stories make me realise how lucky I have been, I just got two home
loans and had unconditional approval within three days !!!! – I think I’ll be sticking with my lender & broker –

Gina, wait til you’re looking for your fourth of fifth IPs loans then you’ll find out what others had to put up with!

Kinks,
NO, not $7000 increase in a year but every 10yrs as you will access each property once every 10 yrs. I think it is a lot easier to have a income of $7000pa to finance the borrowing cost of $100Kpa than to have a income of $100kpa! Don’t you agree?
Cheers

Kinks,
If you really want to retire in 10yrs with $100K pa, there is another way of doing it. Instead of relying on the incomes, you could easily do it by supplement your $100K life style expenses from borrowing!
As others had already pointed out that to be able to generate $100K income pa at a return of 5%, you will need a 2M (50houses)of debt…[Read more]

JaneW150,
Unless you have enough equity in other properties or you have enough cash to pay for those deal, you will find that lenders will not lent on properties in a regional centre of less than 10,000 people on 80%LVR.
On the vacant properies, what are you plan after you purchased them? Remember, vacant lands will not give you any returns?

Cheers

Alexander,
My email is chial@ozemail.com.au.

Alex,
Where do you live? I might be looking for a property manager in the new year. Sent me your details if interested.

mconllins,
Did you ever live in the property before you rented it out? If you did, and you do not claim any other property as your Primary Residence at the momoent then you might be able to claim your house as your PR up to 6 years.

Wahroonga (gate coumminity, Sydney.

Hi ChrisHall,
You haven’t included the closing costs for you IP which will added up to about 10%, which mean you will have only $12K and not $22k. If you are willing to pay MI, you might be able to borrow up 95% of the purchase price. The catch is, MI itself is quite costly.

Cheers
[8D]

I agree with Sue. I bought a investment house at Auction and after spending about $15000.00 on a new kitchen I had qoutes from 3 real estate agent, they all show a 150k-200K from the price that I paid. At auction, you only pay a bit higher than the 2nd highest price! So never discount Auction![8D]

Hi babs,
The brokers might have over 30 lender on his book, but he will not be familiar with all the products. My experience is that they will sell you the products that they are familiar with. As they sell more of these products, they formed a closer relationships with the contact in these financial intitutes as well. So don’t be fool, you…[Read more]

Oops! Joyes Pl it is. Look like I will give that one a miss and wait for some distressed sale!
[8D]