hi my name is chris
First some info about me
I am a 24yr old male who is currently employed in the Royal Australian Navy. I have worked there for over 6 yrs now. My approx base wage is 40 000 plus 10-15 thousand dollars in allowances (i.e seagoing/rental assistance) I am married and my partner earns approx the same and is also in the navy. We have no children and don't intend to have any in the near future.
We currently have a car loan (15 000) and a personal loan (8 000) and rent in sydney (420 p/w however the we actually only pay about 140 per fortnight). these are pretty much our only outgoings bar the usual food, mobile, home phone and electricity. We manage to save about 40 000 a year.
After reading Steve Mcknights 0-130 properties in 3.5 years we have caught the investing bug, or more to the point came to the realisation that IP were within our reach.
Our current plan of attack is to pay off our loans asap (we can be debt free by may-jun next year) and then save up 80 000 dollars, borrow about 80 000 dollars and purchase 2 x 80 000 dollar properies to WRAP. We would be able to do this every 2 years putting all the money made from the Purchaser back into buying more properties to wrap. hopefully getting to the point in about 7 yrs not needing the 80 000 dollar loan in order to buy the two properties. Ultimatly we want to be able to retire at 35-40 and live on about 100 000 per annum wage.
However some of my concerns with this are (and i am hoping you fine people can help me with)
How do you find people to purchase your properties in the first place???
Is there a company out there who can help me find these people (nationwide) and can help me with the finer details of Wraping
How can i avoid paying 48% tax on my positive cashflow??
What are the laws (i.e states)
Are there any pitfalls i should watch out for??
Can anyone recommend any books/seminars/finacial investors who can help me achieve my finacial freedom in the time frame i require???
Any advice would be greatly appreciated.
thankyou in advance
chris
[email protected]
First some info about me
I am a 24yr old male who is currently employed in the Royal Australian Navy. I have worked there for over 6 yrs now. My approx base wage is 40 000 plus 10-15 thousand dollars in allowances (i.e seagoing/rental assistance) I am married and my partner earns approx the same and is also in the navy. We have no children and don't intend to have any in the near future.
We currently have a car loan (15 000) and a personal loan (8 000) and rent in sydney (420 p/w however the we actually only pay about 140 per fortnight). these are pretty much our only outgoings bar the usual food, mobile, home phone and electricity. We manage to save about 40 000 a year.
After reading Steve Mcknights 0-130 properties in 3.5 years we have caught the investing bug, or more to the point came to the realisation that IP were within our reach.
Our current plan of attack is to pay off our loans asap (we can be debt free by may-jun next year) and then save up 80 000 dollars, borrow about 80 000 dollars and purchase 2 x 80 000 dollar properies to WRAP. We would be able to do this every 2 years putting all the money made from the Purchaser back into buying more properties to wrap. hopefully getting to the point in about 7 yrs not needing the 80 000 dollar loan in order to buy the two properties. Ultimatly we want to be able to retire at 35-40 and live on about 100 000 per annum wage.
However some of my concerns with this are (and i am hoping you fine people can help me with)
How do you find people to purchase your properties in the first place???
Is there a company out there who can help me find these people (nationwide) and can help me with the finer details of Wraping
How can i avoid paying 48% tax on my positive cashflow??
What are the laws (i.e states)
Are there any pitfalls i should watch out for??
Can anyone recommend any books/seminars/finacial investors who can help me achieve my finacial freedom in the time frame i require???
Any advice would be greatly appreciated.
thankyou in advance
chris
[email protected]