Forum Replies Created
Hi there Money,
Congrats, I think that’s a fantastic achievement to be very proud of. Wish I started when I was 18 yrs old, my husband and I finally pulled our respective fingers out when we were 28yrs and 37yrs respectively.I’d love to hear who/what motivated you, does school encourage you down that path (certainly didn’t in my day) Did your parents assist, teach you to save etc. How did you earn your $$$, part time work etc? I am asking because I would love to teach my daughter (only 4 at the moment) so that when she leaves school she will also invest in her future and not have had to stuggle like her parents.
Well done,
Cheers,
LeoniGreat cover,
I went “green” with envy just reading the title, lucky ducks [biggrin]Also appropriate that money is generally “green”.
Now the million dollar question, how much and where’s my copy?[^]
Cheers,
LeoniHi Dave,
I too agree that Penrith is a great area (in particular Lemon Grove) as I’ve got an IP there myself. Prices are reasonable, rent not bad and vacancy rates are low.One word of caution though, please investigate, read, research and do your homework first before even touching a property. Its very hard buying into a market you are not familiar with and you could end up with a very expensive mistake.
We are about to purchase IP 3 after 8 months of researching (as finances weren’t organised yet)
My research folder is about to burst from all the info I have collected from Councils, internet, post code prices and houses I have visited.
Goodluck,
Cheers,
LeoniHi Bear,
I agree with Simon, don’t see a financial adviser first, they will only confuse you and probably talk you out of any ideas you have. I have been through 3 advisers myself and if I had listened to them I’d still be only “thinking” of buying property, not actually doing it.A mortgage broker is the best place to start, I’ve just used one that’s been fantastic as we are re-financing our current 2 IPs and buying our third. A broker who can think outside the square (within legal limits), who doesn’t know the word NO with lenders and who keeps you informed along the way is your best bet.
Goodluck,
Cheers,
LeoniThanks Simon,
Yes, that answers most of my queries, what about tax deductability on the original $75,000 used to purchase IP3? As it now forms part of IP1 & IP2 homeloan (both which will remain IP’s and are rented out)?Will the ATO say, hey Leoni I know you originally used the money to purchase IP3 but now 12 months later you’ve converted to owner occupied so it no longer forms part of your IP1 & IP2 loan and hence is not tax deductable from this day forward?
Cheers,
Leoni
