Congrats and all the best! It’s always good to see people acting upon the info/knowledge they develop. Good on you!

Cheers

Jamie

I don’t think there’s a right or wrong answer and it can be dependent on your own situation. For instance, we’re about to move into a place that we’ll commence renovating straight away. We’re going to paint the entire place first – then start renos on the main room (so we can move our bed/furniture in) then the lounge/living areas and we’ll chip away at the spare rooms later on.

If you’re planning on renovating any wet areas it might be handy to get those done first because it can get quite messy.

Off the top of my head, try Adelaide Bank Frank.

Cheers

Jamie

Hi Frank

Not keeping anything secret it was just a general comment. For instance, Homeside will do 6.9% on their pro pack, the homeplus variable for deals that are sub 75% LVR and loans above $250k. Choicelend will do a little better, 6.88% but their variable product doesn’t come with an offset and the LVR will need to be less than 65%. These aren’t intro rates.

Cheers

Jamie

No worries at all. Stick around here, ask lots of questions, continue to develop your knowledge and you’ll have a strategy devised in no time.

Cheers

Jamie

Hi Josh

Welcome to the forum

If you’re happy with your current living arrangements (and they’re happy to have you!) then purchasing an IP or two might not be a bad option.

On the flipside, you won’t be entitled to the FHOG for these properties (but that’s cool, you can get that later) and these properties won’t be exempt from CGT if you ever sell them.

There’s been a few similar posts recently. If you do some digging around you’ll find some comments on the pros/cons of going down this path.

With saving a larger deposit, have you considered how much properties within your area might be worth by the time you’ve saved that additional amount?

All the best with whichever option you choose.

Cheers

Jamie

Hi Melanie

Welcome to the forum.

Perhaps you should contribute to the forum before promoting your free investor workshops. I don’t mean to sound rude but it’s not in the spirit of the forum.

Hi Johann

You’ll be able to get a much lower rate than that. If you had a $300k IO loan @ 7% (for arguments sake) you’d be looking at $1750 per month. There’s also depreciation and negative gearing (as mentioned above).

On face value though, it does appear that this property will be negatively geared by quite a bit. However, the amount you’re required to pitch in should reduce overtime as rents increase. Investors generally accept negative gearing in exchange for anticipated higher growth – do you envision this property achieving decent growth?

I have a spreadsheet I provide to my clients which provide estimated holding costs of an IP. Feel free to shoot me an email if you’d like a copy – you can have a play around with the numbers and run through some different scenarios with different purchase prices and rents.

Cheers

Jamie

Hi Alsfta

Welcome to the forum!

It’s a really good question.

Could you purchase something in Muswelbrook that you could add value to? Perhaps spending your “spare” time in Muswelbrook renovating your house and adding some value – after a year or two, you could have it revalued and possibly tap into some equity, which in turn could be used to invest elsewhere. In this situation, you get the best of both worlds.

If you were to adopt this strategy or if you plan on owning multiple properties in the future it’s important that you structure your finances correctly from the start. A good independent mortgage broker that understands investment structures will be able to help you out.

Cheers

Jamie

Hi Jessebear

I personally haven’t had experience investing in this part of the world but I’d be interested to know why you’ve decided to look into Romania? I stayed with some English friends in a place they purchased on the coast in Bulgaria back in 2006 and I remember it costs them the equivalent of about 50,000 pounds and this place was a mansion! They actually converted into a backpackers.