Hey Alex,
Congratulations, the frist step is the hardest![8D]
Odds are nothing will go to plan and there will be times when you wonder if it’s all worth while. Believe me it is![]
My advice is when something goes wrong, get pro active and make it work! Don’t take no for an answer![}]

Good luck!
Scott S

P.S. Get a good solicitor this will make…[Read more]

I’m in a simmilar situation, ie don’t own an IP yet but have spent large amounts on seminars, travel and accomodation, learning about and finding the IPs I’m currently purchasing. The amounts are not tax deductable from income as such, but I’ll definatly check out adding them to the cost base of the properties we’re buying to reduce the effects of…[Read more]

G’day Justin,
I jumped in with both feet and haven’t regretted a minute of it! (well maybe one or two[])
I purchased 2 IPs and am yet to settle but its been a valuable learing tool.
I don’t think buying 2 has made me learn any faster but I’m twice as far ahead for it.
If you can afford the worst case senario (probably paying back two vacant…[Read more]

Making my own lunches is saving me about $335 a month, that allows for the cost of the food that I take from home.
I also agree totally with Stephanie shopping just before close is a beauty, there are many bargains to be had.[]

Cheers,
Scott S

“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph…[Read more]

Gday,
It’s not mentioned in this article but servicability is becoming a problem among borrowers in Australia because most of this debt is being used to fund lifestyle rather than wealth building assets.
I too had fallen into this trap, but fortunatly woke up before it was too late![]
Now one of my goals is to reduce my personal debt by at least…[Read more]

Hi guys,
No probs with insurance Dave,both my places were insured no worries as soon as I signed the contracts. I actually checked out insurance on a place that I know does get wet, and they would still insure it (although at a slightly higher rate).
It’s not so much secrecy Essykay, but I found that half the learning was in finding the places…[Read more]

Hi Guys,
Gavalynn, just come here for honest advice we’re not all experts (especially me[]) But theres a lot to be learnt here, no need to be a financial member, I don’t think there is such an animal.
Buy some of Steve’s stuff if you want a bit more education “Property secrets revealed” is actually the notes and a recording of one of his seminars…[Read more]

P.S. I added heaps of terms and conditions as a trade off to paying the full price. They included, 3 month settlement, $500 deposit, rental records to my satisfaction, and acess to renovate before settlement. these were on top of the standard clauses, finance, building and pest etc.

“Aim for the stars and you’ll shoot the top of the telegraph…[Read more]

Hi Lizzie,
When I put in the offer on one of the places that I am buying, I went in 10K below the asking price(it needed 10K’s worth of work), the vendor refused the offer, saying that he had allowed for that in the price and wanted his full asking price, I paid it because doing the sums it still added up. Don’t miss out on a good deal over pride,…[Read more]

G’day R
I had that same feeling, I actually wish i was there about 8 months ago, nothing was happening and things that go for 80 – 100K pretty much straight away, were going for 50 – 60K and sitting around on agents books. I’m just glad I got in when I did.
As soon as the two I’m buying now settle I’ll be back up there to buy a couple more!…[Read more]

Hi Kooringal,
I’m from the north side of brizzy too.
I’m in a simmilar situation to you where none of my friends are into property and all I ever want to talk about is property, so if you ever want a chat I’d be more than happy to get together sometime. I think AD is in the process of organising something official, for all the locals as…[Read more]

G’day richmond,
I too have bought in QLD and have heard many of the same stories about “The Southerners”
The city that I’ve bought in has had the same internet buying rush. I think that agents actually appreciated me giving them the courtesy of letting them show me through properties, most were up for a good chat and were an invaluable source of…[Read more]

Sorry Jars, I hope I wasn’t too confusing![]

Hi Fullout no they are in central QLD and interstate investors are just pushing the prices up at a stupid rate, I just hope that there are more deals like this in the place before it settles down. I do think that these prices are a little inflated by the demand, but demand still seems strong when all…[Read more]

Hi guys
just thought I’d throw this topic back up front for doug.
I’ve also done the due dilligence, and they are a good prospect, especially for someone in SA.
Thye are tempory accom for contractors new to the town, and as there is a shortage of housing in the area they are always tennanted, usually young families.
They come with a list of…[Read more]

If the house is removable give sell it (or even give it away), on the condition that cleanup of the block is carried out by the purchaser.
I know of people who have done this sucessfully, the only drawback is the extra time that may be involved.

Cheers,
Scott S

“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of…[Read more]

G’day Brad,
You’ll have no trouble getting what you want within 15 mins from the CBD.
hwd007 old queenslanders (or character home as they are affectionately called), are the hot ticket around Brizzy especially to reno and resell, or hang onto and use as an equity base.

Any area 5 – 10 ks maybe a little further, of the GPO thats going for 240K…[Read more]

Hi Fullout,
It’s never the best time to buy, in my opinion, but anytime is a good time! Did that make sense!!!

If you cannot fund a deposit try getting creative with your purchases. Ask the vendor to finance your deposit ( I was suprised that a vendor of a IP I was looking at was more than happy to do this).
but make sure your not over committing…[Read more]

Howz this sound,
“I have a business that creates the opportunity for people to purchase their own home, where they normally could not”
Or something like that.[]

Cheers

Scott S

“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anon

Hi Trying,
I might seem overly simplistic here, but why not buy properties that will increase your serviceability rather than decrease it[?]
I’ve just mentioned it in another post, but here goes again, this time I’ll be more specific.
Ive recently bought(well they’re under contract) 2 positive cash flow IPs that have seen nearly 50% growth in the…[Read more]

Hi Jars,
sounds like a plan! Just be careful not to confuse cashflow positive with positively geared.
I personally feel that you will need to mix both from what you are saying.
Positively geared (ie you loose money on the property to reduce tax, ending up with a higher after tax income), to reduce your tax bill and positive cashflow to provide…[Read more]