Forum Replies Created
Hi Steve,
Since posting this and reading through the replies and then reading through more posts / getting a better understanding I certainly have now shifted away from my original idea where I was looking at units (specifically for the cheap entry point and being close by).
I did watch your webinar on Saturday and it was awesome! I came away from that with a better understanding / more confidence around adding value to properties (took a photo of your floor plan upgrade of a 3 to 4 bedroom as an easy visual reminder of the topic). I also loved that spreadsheet – I have made my own spreadsheet that is VERY similar – had spent hours and hours over a couple of nights perfecting it for what I think I needed out of it; now seeing how close I was (only missing 2 or 3 things that yours has) really helped in adding confidence that I’m on the right track.
I was interested in joining your group for access to the virtual hookups and facebook page but I wasn’t sure if it would be suitable for me in my current position as it sounded like it might be more suitable for current investors – not someone still on the fence about entering the PI game (especially given the limited slots available).
Anyway thanks for replying, your points you mentioned here I did take those away from your webinar and noted them down, it made a lot of sense and was clearly explained and has allowed me to re-assess some ‘case study’ properties I’ve been looking at and realize that some of those aren’t actually suitable for what I want to achieve!
I’ve still got a way to go but with some more time and patience I’m sure I’ll get there and with all the assistance from here I feel confident that I’ll make this work!
Thanks Steve – really appreciate what you’re doing and it was great to see charitable contributions you and your family have made. Very inspirational stuff :)
Cheers
Thanks Terry, I didn’t understand what you meant when I first read your reply – but have since read through all of the newbie posts that Benny provided to me plus more general forum reading and I think I understand now: Specifically the borrowing against the main residence – my understanding is that this is because my current residence is completely non-deductible, however if I draw on equity to purchase IP this then allows me to claim the interest. When compared to just saving and using cash for a deposit this makes sense as the cash is non deductible? (not to mention the time the cash is not against my current mortgage meaning mortgage interest is being charged at a higher rate than it would be had the cash been paid against the mortgage as I received it)
Hey guys,
Thanking you both for the feedback so far – this is what I was looking for – I didn’t even consider the equity route but now having thought about it – it gets you the property sooner = earning you the money sooner (rental income) so over time it would definitely be more beneficial to get properties sooner (though so long as they are paying themselves off via rental income so I’m not having to top them up).
Richard: Sending you an email now (coming from hotmail account)
