When i first read freckles post i thought this guy would have to be the most negative person on Earth. But after a while you realise he actually makes sense, knows what his talking about and not afraid to tell it as it is. And i love the graphs!!

His only looking out for you and not throw your hard earned cash away

See, property investing doesn't have to be boring.

Do you really want to be here still at 100?

At what age can you have a mid life crises? I’m guessing 35?

For under $300k you would be better off looking in Laverton. If I was a betting man I would bet my life that Laverton will increase in Value faster then hoppers crossing. Remember Laverton is zone one and easy access for the freeway.

I’d say it would be cheaper to re direct the pipes through the roof. Saves you damaging the slab, tiles, etc.

The question you need to ask your friend is have you done this with your money before? Or do you want to practice with my Money first?

I remember the days when you wouldn’t dare to mention you live in Newport, Yarraville, williamstown, etc as you would have been labeled scum. Today I don’t bother looking its that expensive. Sure traffic isn’t the best but nothing like the east.

Freckle you took the words right out of my mouth!

I have a cat that can locate oil if anyone’s interested

Andrew I think you’ll find the suburbs you’ve mentioned have boomed. Even spotswood is untouchable. I agree Melbourne road is a shocker but its not deterring people from buying.

I'm actually trying this approach in Melbourne. The biggest no brainer is you need to buy them cheap and below market value. Other wise you will be wasting your time. 

I also try and do most of the work during settlement. Negotiate for 2 – 3 month settlement with early access via a license agreement.

Funny you mentioned that! i was going to say i can do the job for 10K and i'll fly up from Melbourne!

Let us know what the outcome is. I’m guessing It’s nothing serious, just a lazy plumber scaring you.

Nguli, question is why didn’t the plumber do this? Couldn’t be bothered I guess

If the water meter still runs while the tap is off then you have a leak. The hot water issue could be you might have a small tank? Remember, if your tap has a leaky washer the meter Will still turn. There must be evidence of a leak some where. If there isn’t I wouldn’t worry about it.

How has the plumber come to the conclusion there is a leak in the pipe? If you had a leak, and its leaking all day there would be signs of damage around. He wouldn’t be the first plumber trying the good old scare tactic. If he was a decent plumber he should atleast be able to locate the leak to a specific area.

Sounds to me your plumber is charging you through the roof! Get a second quote as some of these prices you have quoted are ridicules.

Too hard basket. Students don’t clean, keep the house messy, the pretty good returns end up going back in maintenance. I think it will only work if you have the time to monitor the property and keep on top of things.

I’ve also noticed posts regarding overseas deals have gone very quiet. I wonder why?