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Both Harris and the Y-man thanks heaps for your prompt replies. Your advise is both sound and timely as I was very keen to sign up for Miller street property. I suppose my primary driving force is a knowledge of the area. However as an investment it is cash flow deficient and will be so for...

Looking to buy my first IP. Been looking at: http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2008055970 Vendor is considering private offers, I would have to pay 640k to be in the running. Rental is around $400-450 per week. Needs cosmetic renovations. Close to Sandringham 2ndary...