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  • Profile photo of lila77lila77
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    @lila77
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    March 31, 2012 - 7:14 am

    I'm a bit intrigued as to why you are talking about FHOG and rent at the same time as I don't believe you can have both unless you live in the house (?for 6months within the first year). If you plan to live in the house and rent it out  at a later date then forget my comment but otherwise some more research may be necesssary. There was a forum topic about this issue recently so it may be worth doing a search.

    Profile photo of lila77lila77
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    March 29, 2012 - 11:05 am
    Jamie M wrote:
    Have you read the 20 Must Ask questions book? I thought that was a pretty good one.

    Scope out ebay for second hand investing books. There's usually a few bargains to be found.

    Yep read that one, I thought it was very informative.
    I like e-bay for second hand books too but as I have a kindle, which I'm a bit addicted to, I buy 'books' for that if available. I started to read the richest man in babylon (ebook cost $3.99!) today – next one will be more focused on property investing though.

    Profile photo of lila77lila77
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    March 29, 2012 - 10:58 am
    JacM wrote:
    Hey lila where are you based?

    Adelaide – looking to invest anywhere in Australia though.

    Profile photo of lila77lila77
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    March 28, 2012 - 10:04 am

    After reading this entire post I'm very disappointed that Booge didn't follow up with what Nathan Birches seminar was like. I know this post is old but Booge if you're out there can you do a quick review?

    Profile photo of lila77lila77
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    March 28, 2012 - 8:19 am

    Thanks everyone . David4000 I'm already onto the mags too, buying API but thinking the library might have some of the other mags to keep expenses down. I'm also looking for my next book, maybe another margaret lomas one? I'll have to take a look at the recommended reading list on the forum more closely. I'm getting really excited about my first purchase now  

    Profile photo of lila77lila77
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    March 26, 2012 - 12:52 am

    Thanks Richard, yes all makes sense. Just one question about the redraw once IP has value increase: Is this new draw down tax deducitble (it is new borrowings afterall)? 
    Now I'm off to try and find the right property!

    Profile photo of lila77lila77
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    March 26, 2012 - 12:05 am

    She is a real estate agent. I had decided before I met with her that it was not a good idea as I had done some more reading inbetween making the appt and the actual appt. I was going to cancel but in the end decided as long as I promised myself NOT to sign ANYTHING I would meet with her as it might give me a bigger insight into what 'method' these types of developers/real estate agents use. When I asked her if I found a property myself but wanted her to help with the negoiations she looked horrified. I also recognised that she kept trying to sell by impressing me with floorplans, glossy photos and a/c, stainless steel appliances etc.
    @jacm good advice, I would never buy anything without doing the appropriate research (even my compact camera had hours of research done on it!!!) but I guess I it would be nice to have an honest mentor to use in addition to my research. I guess rather than someone leading me blindly I would like someone who I could use as a sounding board when I find what I want to buy (this is extra important as I'm doing this by myself ie. I'm single). I would also like someone to do the negoiations for me as I've only ever built houses not bought already established. 
    I will just have to use the forum as my last little bit of encouragement, also looking into using Nathan Birch due to the many recommendations I've had from the forum.
    Thanks everyone

    Profile photo of lila77lila77
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    March 25, 2012 - 11:45 pm

    Ok. So this is why interest only is better? As the interest repayments on one loan for $300,000 is going to be the same as 2 loans for $100,000 & $200,000 vs paying P&I which would be about $350/month higher (using ~7% interest) with the 2 loans scenario. 
    Now I'm starting to understand the financing I just have to find the IP (I think that's going to be the hardest part but also the most exciting bit).
    Is it better to borrow up to 80% on my PPOR then borrow the remainder against the IP OR borrow 80% on the IP and the remainder on my PPOR (or doesn't it really matter)?
    Thanks Jamie.

    Profile photo of lila77lila77
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    March 25, 2012 - 3:25 am

    Thanks Jamie, I think your suggestion is the best option as I want to do as much of the research myself. 

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