From: Goran Arsovski

Hi guys, great forum.

I just purchased my first IP which was my parents principle place of residence. They will be moving to a
new built home and we will be moving in with them. I purchased their home with no deposit for 151k
(inc. mortgage insurance over 25years ) as an investment loan I & P b/c that's the amount that the
bank would lend me. The rent in the area is around $190/week and the house was valued by the bank
at 180k.

My question is, was this a good choice for me to do and how long into the loan should I be asking the
bank for another loan for another IP.

Thanks heaps,
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Reply: 1
From: JustAMum B

Well done.
The market will tell you when you can borrow more - just shop around every now and then. Do your homework, watch what houses in your area are selling for. Settle into managing your new investment, in income, expenses, and handling tenants (there not a bad bunch on the whole), and perhaps also in dealing with property managers (there are things you can learn from them - but it is wise to learn how to get the most from you relationship with them too).
See how life treats you. Let a little time and experience work its magic in many areas. In the mean time, read, read, read. And perhaps check out introductory seminars. Having knowledge from books etc. AND KNOWING YOUR MARKET will make it the decision easy for the next step. (OK - don't say it - I'm a Mum)
It seems boring, slow, etc. but A bird in the hand ... you know the rest. Its true further gearing as soon as possible will give you a bigger nest egg if you don't break the egg(s) by being too heavily geared. The ball is in your hands - have fun with the game.
Just A Mum
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Reply: 1.1.1
From: Sergey Golovin


Buy software Property Investment Analysis (PIA) from Somers and you can crunch up almost any numbers and figure out how much and when you can borrow more.

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