Thankyou for your replies Derek and Advisor,
i know what you mean derek about the first property being your hardest, and being 18 doesn’t help. Lately i have been aproaching REA and banks about potential IP and loans and alot of them think i am just wasting their time. i also have the problem of being too old for a junior position, but not having enough experience for a full time or part time job. [grrr] very annoying.

i will not give up easily and i have a friend who is into +ve geared IP aswell. i will put a few propersitions to him as he is also in the same prediciment as i am. united we shall prevail.!!

i have also thought about the extended vacancy problems (12 weeks in spring summer) the only way i can think of structuring this deal without losing major amounts of rent is to make the period from 4 weeks before the begining of semester 1 to 2-3 weeks after the end of semester 2 with an option to stay over the summer period. this cuts it down to only 5 weeks vacancy. i could also have it so rent is paid by the month, semester or all in advance for a discount (like alot of colleges). the only other option is to rent out the apartment to family or friends over the christmas holidays. (i have a lot of relatives from interstate and they come up every year for christmas and new year, and i bet staying in a self contained apartment is a heck of a lot cheaper than finding a hotel for 5 weeks on christmas rates.!!!)

Yasmin
~Storm

oro?

advisor,
i forgot to mention that i do have a job, but i am only a casual worker at the local kmart (checkout chick here i come) it gives me maybe $400 a month and thats if i save evey penny. unfortunately there are no part time positions avaliable in the company and the managers are very vindictive (ie. you turn 18 and you get one 3 hr shift a week… not good)

as for refinancing to cover all deposit costs, i have already talked to my parents about that and well… they just turned their nose up at the idea. ie. i show them a property and all of my workings and ask them what do you think about helping me get this as my first investment property and my mother turns around and says… well your father and i have looked at getting an investment property for ourselves….. Nice…maybe we could refinance and get it for our own….
essentially i am left out of all her thinking from the get go, and it is the same with my father, but he is much more blunt with his explinations. (wheres the money going to come from? you dont have any)
so there is really no point in asking them.

the property its self is a 3 bedroom apartment that is desighned for university students. it is with in 15 mins of Griffith university on the Gold Coast (QLD) and would probibally have no problems with vacancies as the complex that the unit is in caters expecially for the student population. (very few of them around the goldcoast) the unit is fully furnished and each room has its own bathroom. When i was looking for a similar place at the beginning of semester the rent was about $160-180per week per room. its a great investment with a great potential as i have looked at some of the other apartments ( i was going to rent out a room my self and then i thought, hey why dont i try to buy one?)

~storm

oro?