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Hi Beetlebeetle said:Hey thanks alot guys for your suggestions. I think I'll just wait until I save up enough of a deposit to put down on an IP. I don't want to rush things and make a life long regrettable mistake. Thanks for all of your ideas.
beetle
beetle said:Hi. I'm almost a 24 year old with another year of study left at uni. So that's how long it will be until I will work full time and earn full time wages. That's when I'll be able to put to practice whatever I can learn about IP between now and then. In the mean time, aside from earning modest paid work experience wages soon, I thought I would see what people think about this opportunity that I found in this months API magazine. Below one of the articles is an ad from Wilton Real Estate in Sydney who said that I could put down a $2000 deposit on an apartment that is located in an apartment complex which is under development. The remainder of the sum would be due in up to 3 years. Conditions apply to the $2000 deposit but I don't know what they are yet. I received more information from the REA and found that the least expensive apartment in the Homebush Bay development atm is around $430,000. Some buildings have been completed and others are yet to be constructed.
I thought about putting down the $2000 deposit to resell the apartment in 2-3 years before having to pay the full purchase price which I prob. wouldn't be able to afford. This would potentially help me to get some cash to put down on a house for buy and hold to rent. Has anyone here tried that before? What am I risking? What do you think? What would you do?
Any advice appreciated,
beetle
beetle said:Hey thanks alot guys for your suggestions. I think I'll just wait until I save up enough of a deposit to put down on an IP. I don't want to rush things and make a life long regrettable mistake. Thanks for all of your ideas.
beetle
johnston said:i admire your wanting to move ahead mate. there are risks alright with off the plan stuff particularly in this slow market. a "call option" (as opposed to a put and call) means that you pay money in .. the only risk being that if you dont go ahead with the deal you loose what you put in and they cannot sue you for anything else. if you go ahead with the deal it is credited off the deposit. "call options" are used in realestate and on the asx. they combine call options with residential leases .. thats called "lease option". also you can just option land and when it goes up sell your interrest in the option rather than buying it and you can use that anywhere you use options. in realestate you must have a clause saying that "your assigns" can buy the item .. then you can reasign it and get your profit without actually buying the realestate yourself. read robert allens books "nothing down in the 2000's" and "creating wealth". i dont agree that early retirement is a false god. you just need the rite info.. a positive attitude and your enthusiasm. and dont wait .. do it now while you really have it on your agenda. good luck.