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  • Profile photo of Sammy88Sammy88
    Participant
    @jokerace56
    Join Date: 2015
    Post Count: 6
    October 21, 2015 - 6:49 pm

    Hi Jason,

    Just finished reading through Matt Leeworthy story. A Very driven individual.

    Best thing I got out of that is the quote his father made “small fish taste sweet”.

    Thank you for the link Jason.

    Profile photo of Sammy88Sammy88
    Participant
    @jokerace56
    Join Date: 2015
    Post Count: 6
    October 21, 2015 - 6:36 pm

    Wow guys, thank you for the replies and assistance, didn’t know this forum would be this helpful!

    Kate,
    I’m very new to all this and getting my first investment does feel chilling. But i don’t want to be diagnosed with Analysis Paralysis.
    Since i’m new, I’m not very comfortable with giving advice about Preston units.
    Here’s a link you can find interesting, unless you use it already =p : http://www.realestate.com.au/invest/2-bed-unit-in-preston,+vic+3072?zoom=10&tab=sold
    All I have gathered is a good investment is one bought under market value, that has good rental yield (maybe over 8%?) So that its self sustaining.

    Solomon,
    Haha its funny you show me that, i have it in my phones calendar to attend.

    Here’s what I have learned so far since posting this topic:
    It may be helpful to save cash doin the reno’s myself. But an extensive one may not be best.
    Its good to keep the investment property clean and basic.
    I highly renovated place isn’t going to increase the rent significantly enough to cover the costs of an extreme makeover.
    If i was going to do a really nice reno, I would save it up to the time right before I sell. So that its selling while its sparkling =)

    So thats my progress on the topic so far guys, hope you gained something like I have, and further suggestions and discussion is very much welcome!

    Regards,
    Sam

    Profile photo of Sammy88Sammy88
    Participant
    @jokerace56
    Join Date: 2015
    Post Count: 6
    October 20, 2015 - 8:27 pm

    Jamie, Corey

    Thank you both for your replies.
    I do think your right, saving the 10% deposit+Stamp duty is the better option.
    Based on my budget, saving 30-40k should take 2 years.

    I only worry that during this time houses can go up in price, and I may miss out on appreciation value of a property if i bought earlier.

    When I consider future advancement into a second investment, I can now see how the personal loan can impede my future prospects.
    A clear cut deposit will count as equity to help acquire a second investment sooner.

    Cheers guys,
    Sam

    Profile photo of Sammy88Sammy88
    Participant
    @jokerace56
    Join Date: 2015
    Post Count: 6
    October 19, 2015 - 8:51 pm

    Thank you for the prompt reply.

    I live in Thomastown Vic, 3074, living with parents.

    Most properties around the area are in the $450,000 price range. Too risky for my first investment i think. I would like to take into account the scenario where I cant rent it out and need to cover repayments myself.

    So renovating, holding and releasing equity to fund further property purchases is best?

    I have been looking at areas such as Melton Vic, only because of my price range.

    Cheers
    Sam

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