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mate u’re doing better than me when i was at uni, i had $0…i’m pretty late to this investor thing but my biggest advice is hang around in this forum, there’s some great advice and people in here..all the best
i see…thanks guys..yeah marc’s right about people getting attached to a PPOR, i guess i’d feel more ‘secure’ having no debt on one property instead of having 3, 4 IPs and be massively in debt…so does a MISA account effectively have the same effect of making extra repayments? I was offered to setup one but declined because i didnt earn as much back then and never have any cash after repayments…
hi marc, yeah richard’s sorting me out aright! Selling the cars is not an option for me, i’m nuts about my cars, it’s the only ‘hobby’ i have really, i don’t go on holidays for example…they dont cost much to run, one’s in storage at mum’s house…and no debt on them…i worked out if i can manage to get another ip with mum i’ll still have about $1800/month i can save, should i be putting this $$$ into my first ip becasue it’s giving me crappy yield? It’s a $410k house returning $950/month…just to save me heaps of interest and to get enough equity so i can get a loan to buy my own home?
Buy a Ferrari instead! Nah just jokes…good to see young people thinking about their future…i live in a mining town and most guys your age are on $100k…unfortunately they spend it all on HSV cars and grog…
hi terryw, i actually lived in that property for a year to get the FHBG, will i still have to pay CG in the future?
thanks so much for all your advise…i’ll have to slowly digest them..i’m horrible with money…i’ll speak to an advisor asap…thanks again!
yeah derek you’re calculations are correct! Extremely tight for the first 6 months…repayment is $2300/m i earn approx $3000/m after tax. So $700/m to live on…good thing is i don’t pay rent, only expenses are food, petrol, bills.
But I did some research and apparently
I can rent out the other rooms during the compulsory 6 monthes of residence! So that will ease the squeeze a bit. Now i want to ask how do i declare the income from the rent of my spare rooms?
Can I just keep a book and get the tenants to put a signature in every week after they’ve paid me rent?thanks for the advice derek! Just want to ask what is a PAYG variation? And what does it do? last year i earned $52k before tax.
yeah i’m planning renovations at the moment…I hate the shaggy smelly 80s style carpet!
yeah i understand it’s not a race…i definitely have the patience, just need guidance, A LOT of guidance [biggrin]
anyway here’s the house if you guys want to have a look.
speak to u soon Jo…
Brenda: i got about $20000 cash but that’s for a deposit for my next one! hehe…it’s gonna be TIGHT for the 1st 6 months(living in it to get the 1st home buyers grant) have to cough up $2300/month!Lucifer: don’t really get your post…i’m pretty dumb when it comes to figures…i know cash flow is really BAD but like i said before i got CG in mind.
Jo please check PM!
thanks for clarifying simon, lucifer! i do need a new broker! and a new solicitor as well! he told me the wrong thing too!
YC, on the FHOG site it states u can rent the rooms out as long as the house is still the principle place of residence…
yeah kay does have a good point…but like he mentioned 50k houses are in mining/rural areas, i’m worried about capital grwoth in these places..whereas the $400k place whilst not near a capital city, have nice water views…the house itself definitely needs work(new paint,new doors/lights), intersting kay mentioned depreciation on buildings cos the house is only worth bout 60k(25yr old house)…so i’m buying it more for the land…but i’m very happy with the price cos other properties in the area they’re asking round $460 to $500k…infact i like the place so much i’m thinking bout keeping it and in 15 years or so knock it down and build a bigger 2 storey house…also i would like to ask your opinions on investing in units?
yeah kay buying interstate’s no good for me, not enough time to go look interstate although i’d like to go down to hobart and have a look in the future..any comments on hobart?
anyway i’ve made an appointment with the solicitor to sign contract on thursday…keep you guys posted..
hi all! thanks for the good advice! you lot are an inspirational bunch… looks like i’m gonna have to get steve’s book…anyhow i’ve decided to buy that 400k house as my 1st investment….i’ll let you guys know how i go…
