firstly hello all and i hope that i can learn from you all. i am looking to start aquiring IPs as soon as i can. i have just read 0-130 properties…. and i was so inspired by it all that we have self formulated a new financial plan that has all of our current debts cleared in under a year. thats three years early[
]. we are looking at saving enough cash deposit to be able to get a loan to purchase 2 properties to start us off. this will take us about 2-3 years untill we get our first IPs. is this a good way to go about it all or chold we start with getting one now and another in 2 years? [?]i wanna be freeeeeeee
[It depends on how much you want to spend! if you bought in country areas on the move with a high rental market, you could pay less because the house would be cheaper and you wouldn’t need as much of the folding stuff for a deposit! For the same that you spend on a deposit for an ip in the city you could buy 2 or 3 in some parts of the country and still be just as if not more cf+!
hope trhis helps.
I agree
Freeeeeeeeeeeeeeedom!!!!![
]we have recently seen a couple of 2 bed units in cairns for between 80-90K ea, with rental returns around 160/Wk. we were looking at saving around 70-80K in around 2-3 yrs and then bying say 2 properties in similar value to these (if they still exist). i was only wondering if we would be better to save say 20K in the next 12 months and buy one now and one in 2 or 3 years.
i wanna be freeeeeeee
Hi navymt
Why not buy one now, wrap it and use the positive cash flow as deposit for the next one. Alternatively, use the extra cash flow to discharge your other non tax deductible debts. Cairns is not a bad area but think about the extra costs on a unit such as Body Corporate costs.
Cheers Richard
[email protected]There is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Do you think buying in the country is a smarter move at this point in time???
Freeeeeeeeeeeeeeedom!!!!![
]
[/quote]
]. we are looking at saving enough cash deposit to be able to get a loan to purchase 2 properties to start us off. this will take us about 2-3 years untill we get our first IPs. is this a good way to go about it all or chold we start with getting one now and another in 2 years? [?]
The topic ‘new to the game’ is closed to new replies.
