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From: Firefrog .


What to do?? Buy an investment property and begin the road to wealth or use the 14K FHOG and build my own home.
 
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From: Shane .


Have a scroll down the list a little way and look for the topic "Decisions for a newbie" I posted the same question and received some fantastic replies...

Shane
 
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Reply: 1.1
From: Mike .


Hi Shane,

After all those "fantastic replies" have you made a decision, yet?

Just interested.
 
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From: Shane .


Mike,

At this stage it looks like I will just go with the $7k to buy an existing property, live in it myself and take in some boarders.

I'm still learning so much - reading lots of books, magazines etc. Actually, I've been really surprised at how many of my work colleagues have investment properties and are more than happy to sit down and chat about it..

I weighed up the pro's and con's of the $7k vs $14k. It appears to me at this stage that from an investment point of view (for someone just starting out ie no experience) that there a potentially many pitfalls and traps in building a new home. Coupled with this, finding a vacant block of land with the attributes of a good investment property (close to services, schools, etc) in close proximity to the Brisbane CBD is quite difficult.

I'm sticking to becoming as familiar as possible with the market in my area and looking for an existing property there....

I'm not quite there yet, but getting very close!!!

Shane
 
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Reply: 1.1.2
From: Mike .


Hi Shane,

Sounds like a good strategy. Of course, if you declare the income from the boarders in your tax return you might be able to claim some depreciable items such as furniture, and other household items against your job income.

In any case, the extra rental income plus capital growth should give you enough equity within a year or two to buy the first IP. All the best.

Regards, Mike
 
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