In that case, why don’t you determine a specific $ figure for payments you would be happy or comfortable with…that will dictate a maximum level of borrowing….That will give you your deposit required.

James

kaloni,

If you have no debt, shares, savings , IP’s and PPOR all paid off, then I would guess you could borrow 100% plus costs for your next IP.

James

How about the will kits that you can buy from newsagencies…Wouldn’t they suffice?

James

Soleil,

Try this link http://www.national.com.au/Personal_Finance/Calculators/hlspcc/hlspcc.php?page=both

Normal agents selling commission can be around 2% plus advertising (if you agree).

James

Onshow,

This happened to apartments at Dorcas Street South Melbourne just recently.

A friend of a friend had purchased and had only later found out that part (the lower floors) were designated for Quest Serviced Apartments. There was nothing in the contract which allowed him to void the contract.

Check with your solicitor and the contract. I would doubt very much that you would be given the ability to get out of the contract because of this.

I wouldn’t be happy though if I was you…..Good luck

James

Benson,

The house is too hot in winter???

Ultimately, you need to reference what other properties with a/c are renting for in your area. Sometimes, whilst it seems like a good idea to put it in, it doesn’t necessarily mean that you can charge more. It may however assist in keeping tenants or attracting new tenants more quickly when vacant.

Are you using a property manager? If so, they should confirm what increase you could charge. If not, go and speak to a couple to get their opinion about managing and get some of their ideas.

James

Fantastic question let me say…I wish I had the foresight to think of that when I was 17.

Start with books first…..Suggested first up reads would be (in addition to what Lumwood suggested).

1.Richest Man in Babylon (Clason, G.)
2. The Big Shift – The Bernard Salt Report, (Salt,

Other Advice (this will sound like your parents)
1. Keep adding to your skills, knowledge ie finish high school and then look at further education (whatever that might be)
2. Enjoy your youth…go out, live life. You need to have good balance in life to be ultimately successful
3. Travel (overseas) if you can at some time
4. Set high standards for yourself, hold yourself accountable but accept you might fall short at times – don’t be too hard on yourself.

This might not seem specific enough to property, but the reading yo do will start the knowledge journey. You also need a life context to this knowledge….then this becomes true wisdom..

Do you know family, friend who has invested in either shares, property or personal business. Talk to them about what they did, how they became successful. Use their knowledge and experience.

Of course, ask as many questions on this forum as you can. There are many knowledgable people here who will give you broad, sometime conflicting but well-considered opinions based on real-life experiences.

James

Can you get an I/O loan on your PPOR?

I always had the impression that this was for investments only.

James

DC,

Can only consence with the other sentiments. I am curently paying 7% in Melbourne and 7.5% in Qld. Letting fee is 1.5 weeks

James