Good on you mate for identifying that critical information early on in the game… Because this could potentially cost you a lot of money to fix later on.

Cheers!

Sorry Sam as I do not know any good Granny Flat builders, if your are getting almost the same price with the builders you’ve spoken to so far, and you have checked their track records and done due diligence on them. I would go with the one that is very easy to deal with and gives sound advices along the way. This is invaluable for myself if I am to build another granny flat in the future as I will know the steps involve next time and what to look out for. its just me though.. :D

Regarding demand in Campbelltown, I will call a few local real estate agent to confirm this information. They are the one with the property management group that would have research this area already. I can provide you with a suburb report to help your research if you want.

Good old law of demand and supply.
If no one buys it, people will stop selling it.
And as what Redwood said, people are still buying it because they chose that path. Hence people are still selling it in different size shape and form.

geez.. and here I am thinking that I have very high hopes for asking free accommodation and all expenses paid… you wanted a house! lol.. :)

That would be the best option for you. I am not an accountant so I can’t give you advice on this matter. Just make sure that your accountant is also a property investor as they would have been on the same situation as you before thinking about this structure.
Just keep in mind too though that this will cost you a bit of money to set up and maintain. So it could be beneficial for u or could be detrimental to your investing journey especially on the early days of property accumulation. There’s a few accountants that posts here too that is also a savvy property investor.

Hi Dave,

People here will be needing more information from you to be able to help you further.
What is your current financial situation?
Why are you sure that you don’t want to buy in your own name for starters? What made you decide to rule this option out?
Do you know that costs involve in setting up trusts? Also the ongoing costs for this?
This could costs hundreds of dollars at the beginning of your journey which may or may not impact you. Also, if not done correctly at the start, if will also cost you heaps more to rectify things later on.
Unless you have sat down with your accountant and finance person regarding your own individual situation, do not close the rest of the options in buying properties and be fixated to one form of buying.
I know some people who uses their own name, their partner’s name, and trust accounts depending on each circumstances.

By the sound of things, it seems like you have just finished reading one of Steve’s books and decided to follow his path. Which could very much work well for you, but each person’s financial situation is different.

Hey Dave,

Terry’s article will answer your questions. If you have anymore questions, don’t hesitate to post it here.

Cheers!

That’s a deposit for a property already! :)
I would be also be very very interested to hear from people who paid that large amount of money!

let us know how you go with whoever you’ve picked… :)

BuyersAgent wrote:

Yep as per above its not normal or advisable but just an example of how I did it when I was particularly impatient.

But by doing this way, this has helped you get where you are now, right?. So it end up to be a very good decision at the time for you.

tjay7 wrote:

All,

Thanks for taking the time to read and comment. I think I will take the option of being patient and save the extra 4-5k like everyone has advised. Unfortunately salary offers as much overtime as you like for a $0 return. There are two options I am looking at, and they are quite far apart. I’m looking at buying a 1bed/1bath/car unit in fortitude valley. Or a 3bed/1bath house in the ipswich area, most likely Bundamba. The longterm goal is to have positively geared rental portfolio, also buy, renovate, sell a little further down the track.

Tjay,

Just be very mindful of the time. That is why I asked how quickly can you save up for the $4-5k shortfall? IF it will take you a while to save this up, the market that you are eyeing on could move as well and will end up asking you to save up an additional $2-3k again. Have you considered moving to the next suburb of your current target area and maybe the same properties can be purchased at a reduced price? If you wait until you have saved $25k to buy a $250k property, when the time comes you might not be able to see anymore properties around the $250k mark and will need you to save up to $30 instead to get in.

As what most investors say “Its about time in the market and not timing the market.”