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From: Mike .
First time investor
From: Tricia Abela
Date: 6/13/00
Time: 7:32:16 PM
Hi Everyone, This is the first time I've posted on this site. I'm only new to all this PI stuff. I'm from Brisbane and am looking to invest.
My husband and I are a little nervous. We are renting at the moment at $125/w and are paying a car that we just bought at 150/w.at 26%. I am looking at a 4 bedroom house in Gailes (ex housing commission). at $60,000. Every house in the street is privately owned and it's in the okay area of Gailes. Shops 3 mins up the road walk. The Ipswich Motorway 2 mins drive away, the Logan Motorway to the Gold Coast is 3 Mins drive away and the Centenary/Western Freeway is 5 Mins drive away. Gailes don't have such a good name but is reasonable. The house has great potential with a good size yard and 2 sheds out the back. Need a good paint job but is no problem as my husband and I are painters and can get paint on trade prices with other materials. Driveway is shit need definite doing and carpets need redoing. Big dirty tree in the front yard, but can be pruned. (Maybe have to check roots etc.) But apart from that I think it's okay. Rent in this area is for $140-150/w.
My thinking is I'm already paying $275/w on rent and car payments. Get a house loan for 60,000 and a personal loan for 20,000, pay the car out. Because it;s our first home, use the first homebuyers grant $7,000 with a 5,000 deposit, which will bring the loan down to 48,000, live in the house for 1 year while fixing it up(which will qualify me for homebuyers grant.) and then rent it out and do the same on the next house.
With my repayments of the $275/w (rent and car) on the new loans with 8-10% int rate I will own not just the car in 5 years but a house too.
Well that's my reasoning. What do you think? Does any one know the Gailes area? I know it's not the best suburb but even if it falls through as a rental and I have to live in it my repayments are only $100/w instead of $275/w and if I keep the repayments of $275/w up I will not just own the car, but a house too for free. BETTER THAN THE SITUATION I'M IN NOW.
What do you think?
Regards, Tricia
First time investor
From: Tricia Abela
Date: 6/13/00
Time: 7:32:16 PM
Hi Everyone, This is the first time I've posted on this site. I'm only new to all this PI stuff. I'm from Brisbane and am looking to invest.
My husband and I are a little nervous. We are renting at the moment at $125/w and are paying a car that we just bought at 150/w.at 26%. I am looking at a 4 bedroom house in Gailes (ex housing commission). at $60,000. Every house in the street is privately owned and it's in the okay area of Gailes. Shops 3 mins up the road walk. The Ipswich Motorway 2 mins drive away, the Logan Motorway to the Gold Coast is 3 Mins drive away and the Centenary/Western Freeway is 5 Mins drive away. Gailes don't have such a good name but is reasonable. The house has great potential with a good size yard and 2 sheds out the back. Need a good paint job but is no problem as my husband and I are painters and can get paint on trade prices with other materials. Driveway is shit need definite doing and carpets need redoing. Big dirty tree in the front yard, but can be pruned. (Maybe have to check roots etc.) But apart from that I think it's okay. Rent in this area is for $140-150/w.
My thinking is I'm already paying $275/w on rent and car payments. Get a house loan for 60,000 and a personal loan for 20,000, pay the car out. Because it;s our first home, use the first homebuyers grant $7,000 with a 5,000 deposit, which will bring the loan down to 48,000, live in the house for 1 year while fixing it up(which will qualify me for homebuyers grant.) and then rent it out and do the same on the next house.
With my repayments of the $275/w (rent and car) on the new loans with 8-10% int rate I will own not just the car in 5 years but a house too.
Well that's my reasoning. What do you think? Does any one know the Gailes area? I know it's not the best suburb but even if it falls through as a rental and I have to live in it my repayments are only $100/w instead of $275/w and if I keep the repayments of $275/w up I will not just own the car, but a house too for free. BETTER THAN THE SITUATION I'M IN NOW.
What do you think?
Regards, Tricia
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