Forum Replies Created
Hello all,
I really appreciate the feedbacks from you guys. Tried looking but still no positive results. Will continue to look for a local builder either for this property if time allows or just be more well-prepared for the next property.
Thanks heaps guys!
Jimmy
Hello Rugbyfan,
You must be getting annoyed with the overwhelming requests. Hope you can cope with another one!
Thanks for your time and two thumbs up for your generosity!
Jimmy
Hello,
I have just finished steve’s book and immediately went on a shopping spree. I have just come across a property (2 hour drive from metro area) which is selling for $60,000. The wonderful thing is that it will be tenanted until the end of next year with a weekly rent of $130.
I must say that deals really do exist! You just gotta put in your time and always carry the attitude of looking forward to learning, rather than discovering your first pot of gold! I have found the hunting process to be quite enjoyable!
All the best and happy hunting!
Jim
Hi Target,
I think you might want to consider to not sell it before you celebrate the first birthday of your ownership since a few months have already passed. Even a small capital gain of $10,000 will attract taxes of approx $4,000, which I believe can surely contribute to your wealth creation plan.
As for now, if your Melb property is significantly negatively geared you really should find a way to stop it from eating further into your pockets. I think if both properties will result in a neutral cashflow position it’s really not a bad idea. Afterall, while paying your rent somewhere else you are actually still building up your equity in both properties.
I am not sure if what I suggested is your cup of tea but if you can spend the next few months saving a little for another cashflow positive property, your passive income empire will start to build up its momentum.
All the best and happy hunting!
Jim
