I gross around $55k as a 22 year oldBrought my first IP 12 months ago for $340,000Reno for around $5000Val is now $425,000Now has $40,000 odd avail equityHave saved $15,000 during that timeRent is about NuetralNow I repeat

Mudassar Hussain wrote:
Thank you for your reply, After the first property, then i am not first home owner, so i wont get the grant, and i have to pay the stamp duty. so how do i manage the second deposit, and third or forth. Let say, i want 5 properties in a year, to follow Steve's formula. my first property hasn't grown enough equity to use,…[Read more]

714 Hopefully an infinite amount in the next 13 years…goal of retiring at 35!

WOW. I suggest you do some readingDo you have any idea how much you can borrow? If not why would you start looking?

Hrrmmmm I think its probably better to wait and save up at least the Stamp Duty and LMI then

hey abhargav, There is a 3 day leniency in WA.I was late by 3 days on my settlement 5 months ago but as it was in the 3 day "leniancy" period there was no panalty. The agent and vendor were very understanding and had no problems with the 3 day delay in settlement

propertunity wrote:

howardcm wrote:
Doesnt that mean though that you will never own the house? …. and if you keep getting IO loans then youll be doing a full circle of never owning a home outright but always paying the difference between rent and your IO mortgage? Sorry, 21 years old and very inexpirienced

Please tell me how, even using…[Read more]

I just really dont see the point, especially when it's CF+ paying P&IIMO there wont be a lot of capital growth over the next few years so I may as well be putting my money into the loan creating enough equity for another purchase of a CF + property. This way the IP's will be paying themselves off creating equity while I wait for CG to…[Read more]

maree_bradross wrote:
Someone much wiser than me will be able to explain why you should structure your loan interest only. But my understanding of it is you can claim the bank interest on your claim. You would be better off putting the money you would be paying off the principle into a separate account (line of credit) to use for future property…[Read more]

maree_bradross wrote:
If  you can get $400 per week as is – maybe go for this option as it is almost covering your repayments (are they interest only?). – when coupled with a depreciation schedule and other claimable items such as bank fees, visits etc it will cover the shortfall.When your between tenants I would do the upgrades – this way you…[Read more]

No takers?

miike wrote:
Sure, you can paint over it, remember however, that all marks will be visible…do at least 3 coats if using water based.Even sanding to smooth it out will help!Cheers,Miike

Thanks for the quick reply!I think the smooth look would probably look better though, what do you think? It's a 1960/70's 2 bed 2 storey town house, with j…[Read more]

miike wrote:
Hi howardcm,I had a similar dilemma a few months back and decided that i needed to plaster it.Depending on the size of the walls and amount of rooms this can be quite costly if using a tradesman…it can be done yourself although getting this right can be like climbing mount Everest without experience.Another solution which I used…[Read more]

No one willing to spare a few thoughts?

unwired wrote:
hi can anyone give me some advice where and how can i find the positive cash flow propertiesplease!

Ground floor 1 bed apartment in Vic Park, Perth. Deceased Estate, Council Sale. 5 mins to CBD, 5 min walk to cafe strip, 5 mins to Curtain Uni, 10 min walk to Vic Park Shopping Centre, 5 min walk to train line, plenty of r…[Read more]

-1157 haha hrmmm a long way to go!

I have just brought my first home. Moved in about 6 weeks ago.I had trouble at first as well with where I wanted to buy and found myself checking 50 suburbs every day. I started around Vic Park and Rivervale, looking for a Villa. I had always dreamt of living near the beach so then moved further South towards Secret Harbour looking at 3×2 houses.…[Read more]

Ahh yes I forgot about the Vics not getting the stamp duty reliefDoesnt really matter where the property is, if you find a buyer desperate to sell and offer a fast settlement you never know what can happen.I had a look at the previous sales history for the complex im in and 1 townhouse (same size building, slightly bigger courtyard but backing on…[Read more]

I thought because it was your first house you wouldnt be paying any stamp duty? In fact im certain as I brought a house 2 weeks agoI was in a similar positon a few weeks ago when I purchased my first property. Because of the LMI that I was going to have to pay as I only had a 15% deposit I would have been unable to borrow enough. The bank offered…[Read more]

I just brought my first place about a 5 min walk from the train station in PerthExcellent for getting to work and the only noise I hear is the horn when a train is coming to the crossingI'm lucky that even though the train walkway is only 15 mins from Perth CBD trains only come past every 15 mins in Peak hour and only once every so often at nightI…[Read more]