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Hey Clea,
I procrastinated for way too long before I purchased my 1st IP. The main focus for me was +cf and I looked at both commercial & residential. They both had pros and cons. I ended up with a commercial motel apartment which the company leases back from me. It has the best of both worlds! I don’t have to worry about tenants, the operator has the same vested interest in looking after the property as I do, I have a contract in place(21 years) with guaranteed rent and increases, I pay NO rates, body corp, etc. It’s a very easy buy and forget property. The rent goes straight off our mortgage, I then pay the interest at the end of each month and keep the $ 200 difference.
Since the wife and I bought it it’s been hassle free. We are now going to sell it to raise some capital to start a new business (which will kick off in Feb 06). But, I wouldn’t hesitate to buy a similar property down the track when our business gets established.
It’s done us very nicely, but now it’s time to move on. As I say, it suits us – you need to do your own research and situational assesment to find the property that’s right for you.
Cheers
Russell 0414 498 152
[email protected]Hey gang,
you guys are great! he free flowing and honest feedback/advise has been very much appreciated.
At the end of the day I like to do my own research and make my own decisions, but, after 4 years of um’ing and ahr’ing, I’m just getting alittle impatient. Anyhow, I have made the decision to go it alone. I’ve realised the best resources are right under my nose, and that’s you guys!
You’ve got nothing to prove and nothing to gain from me, and you’re actually doing it.
Thanks heaps, I’m addicted to this forum now!
ps. Kirstin, don’t take this the wrong way, but I’m glad you’re having the same thoughts as I am and wonder the same things as I am. I don’t feel quite so lonely!
Russ.
