Nat
You took a big bite  and now you need to chew like Crazy .

Now you know its better to start small and grow big then start big and not be able to grow at all.
…Time patience and chipping away at the debt is all you can do for now…
keep chewing Nat eventually you will be able to swallow this lesson down and  be in a position to  look for an I.P to add to the portfolio. I know its frustrating  but you just have to wait it out………
good luck !

 unfortunaly  you are bound by the contract …if the value was higher then the amount on the contract would you like them to increase the price to reflect the current market value ?
remember its only a perceived value of what some one MIGHT be willing to pay..
 this is the problem with buying off the plan you have an equal chance of gaining value or loosing it not because it cost any less to build but because no one is willing to pay the  asking  price under the current circumstances for what ever reason… over supply , no buyers, high interest rates,  bank wont lend  etc etc..
The tax implications of both scenario's buy or don't buy are better answered by your accountant…
if you bought with intent of investing then you may be able to write off the loss if how ever you were buying to live in it  well that's another thing entirely. talk to your accountant and solicitor before deciding your next move.
good luck !

Contact the local council, they may have copies on file
Good luck !

Hi Johann
Buy land build and rent
      or
Buy house  and rent ?
Buying land and building can  be a very expensive undertaking, when you consider the time and money you will need to spend in locating the land and then transfering ownership which could take up to 6 months from now.
. After this you will also need to have access to various amounts of money to continue the other stages of development ,  building plans development applications and the other stages of the building its self  you could be looking  at a  wait 0f  another 12 to 18 months   with out   seeing any return on your investment.
 You will of course have capital appreciation i.e the house may be worth more then it cost to buy and build…but you will need to hold for a minimum of 1 year from the time of completion to avoid high capital gains tax if you decide to sell .
If you rent  you may be able to gain from  $220 <??? depending on the  local market demand.  

Remember you will have to service any borrowings from your own income for any were up to 2 years or more .

 Your second choice is to locate an already existing 2 or 3 bed room property for the amount of $150,000, and then you may be able to rent it for $140 < $170 per week.
and if you do your home work you could  be receiving a rental return with in a relatively short time compared to  the first scenario.
depending if you have  the $150,000 cash to buy out right,  this  choice might give you a negatively geared  neutrally geared and if you borrow the whole $150,000 a negatively geared property.
If you have the $150,000 in cash you could use this as a deposit to buy more lower priced properties and borrow the balance.
 Depending on the condition and location you would have more then enough cash flow from the multiple properties to cover the loan repayments.. and over a time  fix the properties up so that they have an increase resale value and  hopefully an increased equity to borrow against for further acquisitions…. 
.
These are just a few possibilities to consider..
good luck in what ever you decide to do

Hi
If i was you I would not  pay any thing untill you talk with the building inspecter and confirm every thing has been done (To Lock Up )  correct specs, materials, workmanship and quality is acceptable …  windows and doors fit no gaps, weather seals are all in   etc etc  take it easy  check every thing and make sure  your self  that things have been correctly  done ……  if after this you find all is well and how it should be then    GREAT your ready to release some more funds…
Dont get in a panic 
Remember its your baby and your in control !
 

Hi World changer
any other web sites for U.S property ?
Have friends in Georgia New Jersey and Ohio , would you think it better to start looking in these area's ?
 I.e local knowledge feed back and places to stay when / if  I go over to purchase….
thanks for any tips !

Hi MoneyHoney
Congrats on the I.p's and the PPOR..
There is not enough info to analyze all the possible scenarios  and what the out come of choosing any of them would be….
lower your $500 weekly income to $240 and  remove the $350 repayments ?
 
Would it be better to refinance and extract all the equity over both IP's and reinvest in more income producing properties ?
Sorry I can't be of more help

Hi

Once you decide which property or properties you want to make an offer on you inform the owner or the agent of a price your willing to pay "the offer" most people make it subject to finance building and pest inspection.
This gives you a pull out strategy if you find later that the house needs major repairs is termite infested or your Bank wont accept the property for  mortgage.
 It also gives you  a bargaining point to ask for a price reduction due to the need for repairs to be carried out  etc
Once your offer has been accepted most agents will ask for a deposit , you can give $500 up to 10% of the total offer price. They will issue you with a sales advice/ offer contract which must have the councils property /sererage plan   attached.
 You need to also give the owner or agent the name and contact details of you solicitor conveyancing agent. I  use the same Solicitor/conveyancing agent  who lives locally to me and who has become familiar with me and my investments .  From this time onwards you conveyor should handle every thing in consultation with you.
They will Contact the agent and the vendors solicitor conveyor and   they should arrange for  the following checks to be carried out before you sign any contract
1 pest inspection
2 building inspection
3 Property Survey
4 local water electrical authority search to see if any thing is owed
5 Title search to see if any liens or mortgages exist over the property or any other issues that might affect the purchase of the property example Divorced deceased estate.  
6Council  certification.. this is optional and is a notice from the council that no unlawful structures additions or any other issues are pending before the council. 
 7 they  will also calculate the difference in the cost of the rates owed over the property so that you are only paying a proportion of the rates from  the date you take possession.
8 They should arrange and calculate the taxes and duties to be paid over the property
9 your Solicitor conveyor should explain and go over the contract of sale with you and ensure that every and all checks are carried out  and you are satisfied with the results and are still willing to proceed with the sale before signing.
Once you sign and the vendors solicitor receives and has the vendor sign the contract  you have in most states an agreed date of settlement   NSW 42 days from exchange of signed contracts, but you can negotiate any length you and the vendor may  both agree on longer or shorter settlement date…
remember you should have already arranged finance over the property and have an unconditional agreement with the lender to provide the funds before signing the contract. 
Your solicitor conveyor will receive from your lender the funds loaned and will disperse these funds to pay any and all obligations due  etc etc
its may sound complicated and I may not have explained it properly but its always a good idea to have all the checks done and searches made before you actually sign the  contracts as you have in most states a 5 day cooling off period from the date you exchange contract to with draw with out penalty.
So best thing is sit  down with your solicitor and talk about your intentions so they are ready and also they can explain things to you clearly .
PS
Good luck  !

I have a hybrid family trust ( hybrid discretionary trust) and an ABN connected to the trust 
GST account in the trust/company name   $6 monthly fee same as my St George freedom Account.
Interest off set account in the name of trust/Company  no ongoing fee's  $150 one time set up fee,  same cost for an individual to set up.
Extra loan fee's on IO loan in my name and trust  name  … last loan cost was   $125 for guarantor fee of the trust/company  and $125 for my self as guarantor  2 x 205  morgage fee 2 properties and $100 Loan  set up fee  TOTAL $760
 . New  investment loan  with in last month..Cost for  trust /company to take out IO loan.  Cost  $300 , no other fees  Saved  $460 …
My wife is designated tax payer as she has the lowest marginal rate. tax benefits of the trust can be offset against her taxable income.
Tax/accounting…
Accountant put  MOAB on my P.C for me and showed me how to use it ..Now I just enter the info… as long as I keep very exact records of all income and expenses incurred for or  by the trust.
At tax time I down load it on to  Disk and send them a copy its easy for my accountant to put the tax return together.  Accountant fees  $200 last year.
I'm still learning how the trust works and also tax regs change constantly but I like having a trust  
I can't work because I'm disabled but I can be involved in  the trust  and trust investing/investments ..so its good for me…an my wife can run a business under the trust as well so its flexible.
 

Glad you worked things out
You lost some money but you handled  it  well  ! 
Shows  charecter  !!!