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  • Profile photo of IDV8IDV8
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    @idv8
    Join Date: 2012
    Post Count: 10
    January 28, 2012 - 6:03 pm

    Mmm I see where you're coming from – it just seems like paying rent is money down the drain. If I could save the down payment this year then buy something at a desired price range I'll be paying off my mortgage like I would rent anyway except I'd own the place. Like the place that expected $380 a week for rent, I had a quick look at the numbers and it would be possible that my mortgage would be just that much.

    My girlfriend and I would want to rent somewhere nice too so we'd be looking at a weekly $500-$600 between us paying someone elses mortgage off. Speaking of which, another question I wanted to ask.. lets say I purchased this place: http://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/NSW/Liverpool/?adid=2009455942

    Purely an example, how would I make money off of it? Or is it simply rent it out and HOPE you can get more than your mortgages monthly payments for it?

    Profile photo of IDV8IDV8
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    @idv8
    Join Date: 2012
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    January 25, 2012 - 9:21 am

    Great to hear :D So should my goal be to make the place pay itself off? I mean if I live in it for a year and my mortgage repayments are $400 a week and thats the only amount I can rent it out for, is that how I should look at it? I guess the overall thing I'd like is to be able to pay off my own home comfortably and earn extra income by building a portfolio.

    Profile photo of IDV8IDV8
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    @idv8
    Join Date: 2012
    Post Count: 10
    January 21, 2012 - 2:01 pm

    Thanks for your replies. Definitely taken a lot into consideration and thought about it a bit more, think the smartest move for me to do would be to aim for an apartment for my first buy then spend a year doing bits and pieces to it to increase value even if its just installing another aircon, new carpet or floor boards would be great and some DIY painting to hopefully give it some character. Hopefully after then I could rent it out successfully at a good price I'm happy with, either buy a house, townhouse or even another apartment and do the same thing until I'm in a more comfortable and secure situation where I can buy my dream home.

    Thanks again!

    Profile photo of IDV8IDV8
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    @idv8
    Join Date: 2012
    Post Count: 10
    January 18, 2012 - 7:30 am

    I'm more so just thinking ahead of what I could do. I rented a nice apartment in Liverpool, Sydney where all the new developments are, it was on the top level and $350 a week – can now see them for up to $400 a week. Complex had underground lock up parking, elevator, BBQ areas etc and the apartment itself was 2 bedroom, 2 bathroom and had 1 aircon unit. I saw it for sale for $309,000 and for me in my position I figured that'd be something I'd go for as a start to my portfolio.

    Profile photo of IDV8IDV8
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    @idv8
    Join Date: 2012
    Post Count: 10
    January 17, 2012 - 3:11 pm

    How would I figure out what would need to be saved for a property that was $600k? Or is it 10% of whatever the property costs? Are you able to recommend any books? Thanks for the reply!

    Profile photo of IDV8IDV8
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    @idv8
    Join Date: 2012
    Post Count: 10
    January 8, 2012 - 12:27 pm

    Thanks again for the replies :D How would I figure out exactly how much cash I should be prepared to part with before buying – or what could I expect a mortgage broker to advise me? I guess thats the first step and thats what I'm trying to do now, get enough $$ together to get things started.

    @heath06 That'd be a great idea – I've seen simple things turn a not so nice place into a really comfortable or cosy place to live by just doing things like a new and vibrant paint job, new carpet or polished floorboards, adding an aircon system in or ducted air. I'm guessing the more expensive parts would be turning a classic bathroom and kitchen into a very modern kitchen/bathroom – was that the most expensive part for you if thats what you did?

    Profile photo of IDV8IDV8
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    @idv8
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    January 8, 2012 - 2:24 am

    Thanks for the replies! I was hoping to buy my first property in the Norwest area (Sydney) as personally I'd like to live there but also because it seems that rental prices are a bit higher without the purchase price being pretty much impossible like somewhere such as Sydneys eastern suburbs. I currently live in the South West and rental prices are a bit lower but would consider buying somewhere such as Cecil Hills/Carnes Hill/Hoxton Park where the houses are a bit more affordable for what you get compared to Norwest.

    Are there certain companies that aim to help you create a successful investment in these situations? In terms of the different loans and what Jamie has stated above? Or would I simply pick a home loan company and tell them what I'm trying to do and they'd have plans for that?

    I keep an eye on house prices but mainly in areas I'd like to live so if things take a little more time than I planned atleast I'd be living in a comfortable and safe area that I knew – that being said I think I'd be more comfortable taking on my 2nd or 3rd investment that was in an 'upcoming' area. Thanks again!

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