I'm about to do the same thing but i have a lot of holiday leave and i've got a clause in the contract that tradies can go in before the property settles and give me qoutes and order the materials they'll need. That way the day the property settles they can begin work. I'll probably be there a few days after it settles to do the floors and walls/painting etc and check the work they have done…You could pull a sickie on thursdsay and friday and get a 4 day weekend   

There are plenty of other areas at or just below $100k with rents around $150 to $165 and the banks don't require such large depoists aka LMI is available. You really want to have your first IP as a property that will have both capital growth and cashflow. The capital growth will help you branch out to your second and third through equity etc I personally would only ever buy at broken hill if i had money lying around and wanted to take a gamble. Management/ maitence will be the biggest killer to cashflow as well. The properties look worn and in need of work in the coming future. Most country town tradies have a field day with out of town investors.

I dont think you would be able to claim interest on the personal loans so apart from servicalbility that would be another issue.

I am. One of the greatest tools to build a large portfolio

Congrats have fun with the teenage years

I did the course at Tafe and its a piece of cake it won't take up much of your time but i decided to stay working where i was. It was much easier to build a portfolio with a shift working job rather than 9 to 5 hours that is if you want to build a big portfolio or a small portfolio. If your looking at having a small one a 9 to 5 job would be fine. Just my opinion but,

Tony

I agree……. its just logical to have more properties if you can afford the depoists on them. Imagine having one IP paid off and recieving $200 cashflow a week or 4 properties breaking even but growing by 5 or 10% pa. You may not be able to access the money unless you sell but you will be making a better profit. Plus the more properties you get the easier it all gets. Cheaper conveyancing, property management fees etc.

They certainly are although from memory sinking fund is not

I'm at 7 atm and soon to be 8 at first they were just cash flow neutral and then as rents rose and after some small renovations(using youtube to teach myself how to tile and put kitchens together) it increased the capital growth and rents. The importgant thing to do is work as hard as you can. I used to work 7 days a week and still try and get as many hours of work into a week as possible. I know its a drain on your social life which is something i had to sacrifice but i wanted to retire when i was 30 and I'm still plugging away at it. Just work out your straegy whether buy and hold, flips or renovations and do as much research on it.Once you know what your targeting you'll be amazed at how many great deals pop out.at you. I have a link to an article on how i started out if you would be interested in that. Good luck

A jokes a joke