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Great stuff MTR sounds like your flying!!!

Great post MTR!! I think it would be a fair comment to say not many people would get things 100% right the first time. Can I ask what your end plan is now?

Hi Lynchy, Thanks for the post and sharing your story, its great to see a bunch of young investors on here :) I think what differs between you and I and our dealings with getting a bank loan and serviceability is your property was 340k mine was 500k (median unit price for suburb is 650k so...

Where's the Y Man's opinion when you need it!

Great news!!!!

In regards to my next purchase (whenever that may be) does anyone know whether i could claim the FHOG? Aaron C you seem very knowledgeable so I hope you see this... As most of you would now know, my situation is 1 IP tenants in common with mother (she has a PPOR). I have never lived in the...

Armadale is a great area! You sound very focused and with a logical selection criteria, best of luck with it mate!

Hey 7smurfs! The bank views my serviceability as both myself and mum's income plus rental income. Even though mum hasn't paid a cent. Thats a great yield! what suburb is your property in? I did think about living in it for 6 months and doing a similar thing, but at the time i was...

Hey sam, Thanks for the post, for sharing your very similar story and for the great tips! Where do you plan on living when you do move out? Any desire to live in any of your properties? Best of luck with your developments!!!

Yeah I think making the first plunge into property is the scariest thought! A common piece of advice from people i have spoken to is: the right time to buy is whenever you can (eg. don't wait for the "right time" get in as early as you can) and don't sell ever! Cheers for that mate

Thanks Jtkumnick, appreciate the kind words!

The idea of owning 2,3 or 4 properties excites me! I disagree, If I want to live in this place I believe I will be in a position to do so renting out the second bedroom. About the retiring, It was a joke... but I dont think bayviews, a 20 metre walk from front door to sand whilst being under...

No body corp (just 25% of annual insurance on driveway). But maybe I will have to be nogitiable on the 2 minuite noodles and renting. I dont plan to sell

Yes indeed, lesson learnt :) Well I was set on not renting ever at the time I purchased and so I thought that the kind of place I would by for purely investment purposes would probably not be the type of property I want to live in when I move out of home in a couple of years. No i probably...

I'm not one to argue in regard to Property cycles with people with much more knowledge then myself! I have thought about the low yield hurting me, now you have me concerned... I guess initially I thought buying purely for investment might lock me out of the market for a while but now what I...

Yes it is 100% and yes it would 100%!! I have met with a mortage broker who said it can be done, but time will tell.

Hi Alexee, Thanks for the response! I think your right sometimes i need to broaden my thinking and not be so closed minded. Was 2011 the peak of the Melbourne Cycle? You make some very good points, I don't see my townhouse purchase as a mistake though as I think it will only increase in...

“No one said this would be easy, just know that nothing beats the feeling of accomplishment.” I like to bite off more than I can chew and then chew like hell! Its already down to 400k and I am still at home currently... nothing like a challenge right?

Why so Rolf? Don't mix business and family? Mum just helped me out to get into the market early, she wants me to get her off the loan/title ASAP and It will happen by xmas.

Hi Norwoodman, It's at 400k now, I had 100k deposit but borrowed 428k to cover stamp duty and settlement expenses. Did you get a good job offer? Yes I have tenants signed on until Oct 2013 :) I just think I would perfer to have my own place to live in so I'm not having to move around unless I...