Thats correctProperty purchased for 140k with 10% deposit and revalued at 150K We still have our own savings and 7k FHOG and only want to buy again for 200k or underStill cutting it fine though I guessWe were hoping to squeeze out 12 or 13k in lines of credit to throw on top of our  own money to hopefully get another loan

Thanks Michael …  So It sounds like it is feasable then ……We were a bit unsure thanks

Thanks again guysIt will be good for him to see some over opinions so he can have a broader view on it all

Great guys thanks for your insight….keep them coming

Great thanks again guys for the helpful information. Will definately be in touch with you again aswell Jamie soon once I have a few more things sorted out deposit wise

Thanks for that Richard. I actually googled your name trying to find a site to do some research on it as I recently had a failed attempt at getting a financed property through the US. If your parent is from england does it make it any easier to get it all through ??

HI Richard. How to do you go about getting finance for properties in europe. I have looked into it and I thought you had to be a citizen over ther

Great thanks for that. That has answered my question. So I assume the line of credit it also paid off over 30years as if it was shorter the repatments would be higher and affect your cash flow..??? is that correct???

Thanks again Jamie. Much appreciated

Thats good. Where did you get that from. I dont know know too much about granny flats which is why i posted the question. I just thought paying near 80k just seemed to be extremely expensive

Here is one I just came across after 5 mins on google http://www.kit-homes.com.au/chalet45.htm

Thanks for the posts guys. There are numerous sites that have the kit homes for around 20k . you then have to connect them up. I am only talking about little one bedders or studios though , not the 2 bedroom kit homes. Just something you can pop on the back of a block without having to get council approval. I was only browsing the net when I came…[Read more]

Thanks alot for that

Ok I am not sure how to change that. Can you email me at james_wood@amp.com.au thanks

Great thanks for the reply. I might have to ring around and check it out

Great thanks again

Thanks richard. Appreciate the advice from everyone. Definately some things to consider for my next purchase and to work with someone who has the same goals and passion as me. Dont want to be in a situation where it is the blind leading the blind. Orange seemed like a good place to invest with the high yields uni and upgrade to the hospital. I…[Read more]

Great . Thanks again for the advice. I have the May edition and will check it out. Its good to see a business give a reccomendation of another business. Ultimately I am after someone who has done it themself as I was at a financial planning seminar in which the planner had stated after I asked him that he didnt have any investment properties and…[Read more]

Great thanks alot for the tip. I have just had a horrible time going through an aussie home loans broker where he didnt give any advice on how to set the loan up and ultimately set it up wrong in the end with the wrong debit details. (we had split loans and he had my friend contracted to pay his loan off in 7 years so his first repayment was 4…[Read more]

From my experience in real estate I definately wouldn't reccomend it. As stated in the replies you could go ages without any income and it takes quite a while to build up a database of potential listings. Its best to get paid a wage and learn the ropes for a  year and then once comfortable try to get a job paying commission only. Make sure you…[Read more]