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Sounds like you are keen to purchase this proprty. It looks great, and you are happy to pay $90 per week now, but have you considered long term? Do you plan to continue purchasing property? $90 per property is a big chunk. Just a couple of properties requiring this much weekly outlay can really affect your quality of living. My husband and I looked into defence housing several years ago and found there was a markup on many of the properties and while rent is guaranteed, a comparable house in the subburbs had higher rental returns. Please be careful.
I have a 20 year old who has no interest in investing in proprty much to my dismay. Whatever your career goals, they do not need to interfere with your investing plans. I can understand your parents concern if they are negative gearing their proprty. It is too high a cost for a young student to carry, however, you are lookingh towards positive cashflow investments – ones that can help to boost your income while you study. The decision for TAFE or UNI can only be made by you. I am sure your parents will back you whatever your choice may be. I bought my first home at 18. If you do your math correctly, you should do well. Good luck!
Boy, can I relate to having an unmotivated partner!!! My husband took quite a few years to convince that investing in property was worthwhile. We began approx 4 years ago- just in time for the property boom. Unfortunately we approached property using negative gearing. After spending so long getting my husband motivated, I read Steve’s books. It took only a short time to convince him that we need to aim for a positive cashflow, so now we are selling EVERY INVESTMENT PROPERTY. I am very worried that he will be too cautious to reinvest. We will come out way in front from our investments after tax, and I am very keen to leave my current job so I can focus on full time investing, but… Here’s hoping.
