I’m surprised Steve isn’t atleast top 10.

Hi jac m. Maths was never my strong subject at school. Your calculations look spot on. Yes it is a free standing house in Laverton Vic. Believe it or not insurance is only $400. It’s only insured for $250k, just enough to rebuild.

I knew I forgot something… Water rates.

If its the fear of taking a risk that is holding you back, just remember you take risks everyday of your life. You take a risk going to work, you take a risk going shopping…. Be brave and see where it takes you.

Hi Jaime,

The deposit was cash and not borrowed funds. I was thinking about maintenance but not sure how much to allow. I do all maintenance myself and have mates in the right trades so doesn’t cost me that much.

So based on your adjustment of the interest component I’m negative geared $564 per year (if no major maintenance is required)?

Thanks again

Who is the chosen One?

I suppose you have to be in the right place at the right time. With a saving like that a headache or two is nothing.

Qlds007 wrote:
Agree UP.

Mine was a Mortgagee repossession previous sale price $1,240,000 we agreed on $565K.

These are the sort of deals i like.

Cheers

Yours in Finance

Richard, is this a typo??!!  Unbelievable 

I love that saying. Someday someone will have an answer and that phrase will be in the history book.

JacM wrote:
It's student accommodation.  Good luck getting it to grow in value.  You can do better with your money.  Take a look at houses in Ballarat for instance.

I agree, it may be cheap but its cheap for a reason. Renting it out would be hard with all the other competition.

I wish garmon was my mentor.

Dubstep if you win big this time will you lend me $70 to fill my car with half a tank of petrol for the week? I promise I won’t ask again.

Andrew never came back? So much for helping to answer questions!

I went to an auction last month and the only person that turned up was me! The agent still conducted the auction full knowing that i was interested in buying. Funniest thing ever!

Thanks for clearing that up Richard. 

For that price I think your going to struggle. You might find a run down 1 bedroom unit if your lucky.

A few of you have mentioned bridging finances, could someone explain in simple terms what it actually is? I have a very rough understanding of it.

Good old stamp duty, were would we be without it!

Catalyst wrote:

jmsrachel wrote:
Also, you must start paying rates, water, etc from date of contract not settlement.

Not MUST. I'd say can.  Depends if the vendor asks for it.

I just got early access. Paid rates etc from settlement. They even left the electricity on until settlement as they were coming and going moving stuff out.

I always…[Read more]

Also, you must start paying rates, water, etc from date of contract not settlement.

I done this last month. I signed a license agreement which states what ever happens I’m liable. It didn’t cost me anything to set up, but the vendor needs to agree to it.