4GH1RH said:
I was up at 3:30am this morning filling out loan application forms - is this a bad sign? Usually I have no trouble sleeping (I practice regularly) but for some reason not last night!
I know from all that I have read that I am doing the right thing, but I guess I am overwhelmed by the choice of properties on the market (Cairns) and feeling pressured to make a good choice for IP#1. Aaaargh! Location Location Location - but where??? Why do I feel like I am picking Lotto numbers?
I think I have to make sure loans are available to me before getting too serious about looking at properties. Hence the 3:30am application that goes in today - Equity Manager loan against the equity in my PPOR. I am hoping to get access to $140K to use as deposit(s), and then finance the rest through a mortgage broker.
I initially thought I should look at low cost properties as I am still learning, but that might proove to be like learning to ride on a bike with a buckled wheel - more difficult in the long run! No depreciation, repairs, bad neighbourhood...
At the moment I am thinking northern beaches of Cairns... but that could all change by tomorrow! Aaaargh!
This is why most people don't buy investment properties - it takes a bit of stamina - for me anyway.
Yawn... I should get some sleep!
JUST DO IT!!!
If you have done your research and are happy, then it is no good thinking, WHAT IF!!
Everybody gets the jitters before a purchase, it is the fear of the unknown.
This is why a lot of people never enter the market.
Do your research, cover everything, and if it looks good then give it ago.
I researched a lot of properties using the
PIA Software. I would have been very hesitant without the PIA, it is worth every cent.
I believe that any purchase along the East Coast of OZ (East of the divide)between March 02 and Jan 04 would have made 50% growth. I researched approx 50 properties leading up to Aug 02 and every one of those have increased by approx 50% today.
The one I purchased has increased by approx 65%.
I am happy with this, as I put no money down, just borrowed 100%.
If you stay within your comfort zone your whole life then you would be living a very boring life.
It is better to regret something you have done, Than to regret something you didn't do.
cheers
