TheMortgageAdviser you have jumped to conclusions again, I said “for example”. These are not the figures, and the actual figures are more like I keep the rent the same as what she is paying now ($125 a week) and I pick up the rest, of approximately a high 190k property, so therefore my share is going to be larger anyway that I have to pay

I think a few of you were pretty qiuck to jump the gun there. Maybe i just didnt explain myself too well. But Surreyhughes got it right. Of course I would ask my Mum to buy the house as well with me, but she cant afford it. She’s a single parent & only a part time worker, with no assests AT all other thana cheapish car. At the moment we have cheap rent off a relative but we dont want to live here anymore. If we move somewhere else to rent, of course the rent has to be higher, and its not really possible to do because once I move out of home with my mother then she has no way of being able to pay that rent by herself. But if I buy a home, and she rents it off me for under market value, and then I pick up the rest, I dont see that as a bad thing. I dont mean to sound offensive or anything, but as nice as it would be for me to be in the financial position to buy a hosue for someone just to help them out and live in it for FREE and NOT charge rent then of course I would do it, but serious what 20 year old can do that? We both only work 3 days a week.

Just another reason as to why I am initially against purchasing too many IP’s is I was thinking for example if I had 5 IP’s (my maximum in my plan as of now) and if at any one time say 2 of those didn’t have tenants in them (maybe a bit unlucky but sitll very possible) with the possiblity of myself having moved back into my own home i am to buy and paying off the mortgage off that, I would be in financial troubles trying to pay the other 2 mortgages at the same time. I have already planned on having approx $5-10k saved in the bank for any unexpected expenses, this may be enough to make having 5+IP’s a safe bet but I guess for now don’t know until I’ve tried it and actually entered the real estate market.

Wanted to come on here and thakn everyone for their replies. The seminar idea definately seems like the way to go. So far I have brought Rich kid Smart Kid and $10 million in 10 years. Enjoyed both reads. Will def. purchase a couple more books in the coming months.
Turboz – I have to wait until next year to purchase 1st property because I dont have a big enough deposit so far – want 20% deposit for first house. I’m not strictly against having more than 5 properies, I guess its just cos I like being in control of things, so I would prefer to manage the IP’s myself, rather than having a property manager do it for me, and I wish to continue working while renting these properties out so if tenants move out i can afford to pay a few weeks worth of the mortgage, so if I had alot of properties this might get stressful and very time consuming. We’ll wait and see how things go, at a later date might purely love investing and not be able to stop!
Could I also point out the reason why for my 1st house I am saving for 20% deposit is because I would like the 1st house to be the house I live in later on, so will get the FHOG and move in for 6 months then move back home for a few years to get back to saving for the IP’s while I rent out my PPOR. Can I ask if this sounds like a good idea, and what would the tax implications of doing this be? Meaning, in terms of tax would this go in my favour or not? Cheers!
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Thanks all for your replise, I really appreciate your help and thoughts. Dazzling, I take onboard your advice and I will get to work on planning and mapping this out a bit more, I’ll write it all down so it’s not just thoughts in my head anymore. Do you (or anyone else) have any tips on what I should look for in a 1st property to get me started? Any particular areas or price ranges, etc.