Personally I reckon Jan Somers' books are a better read than Kiyosaki (Rich Dad Poor Dad). They ought to have enough figures in them to satisfy you, Kyle.
I highly recommend the Somersoft forums if you want to talk property with other Aussies.
I am a big fan of property investing. Bought PPOR (principal place of residence) about 1 year ago and currently negotiating to buy 2 investment properties in Sydney. Both of these will be cashflow neutral, about 10% undervalued. The incoming rent covers the interest only repayments and other expenses like council rates, strata, landlord insurance etc etc (Trust me I've done a huge spreadsheet to account for all these).
In short, interest only repayments will remain roughly constant over the next 10-20 years but rents can only go up. Value of the property will also increase too (should average at least 5% pa which is greater than inflation 2-3% pa) Win-win situation all round.
How many wealthy renters do you know? Very few I would say.
So I guess your a millionaire from your leverage Hulk? I don't know anyone that is a millionaire through owning property.
Hi Katie, this thread confused me for a bit because I thought I'd clicked New Posts on Somersoft but then realised there was a property thread on AusBB. I, like you, have both forums open simultaneously. I've got a few more posts up on Somersoft than AusBB though. My journey to AusBB is all about recalibration of priorities...Personally I reckon Jan Somers' books are a better read than Kiyosaki (Rich Dad Poor Dad). They ought to have enough figures in them to satisfy you, Kyle.
I highly recommend the Somersoft forums if you want to talk property with other Aussies.
Sage advice!And remember, exponential growth works hardest towards the end of the curve, but to get there, you need to lay the foundations and make a start.
Results may seem slow in the beginning, but if you are patient, the pay off will be worth it.
Give it six months mate. It sounds silly, but as interest rates increase the banks will be a bit looser with their money.
I have savings I have no idea why they wont give me money. I even have shares in their god damn company! (I know i dont have enough to be on the board of directors so it means shit all but still!)
I thought it was the other way round.
Banks have already tightened their lending.
WBC has now reduced LVR's to 87% for new clients.
If rates go up and over extended borrowers (new home owners with no savings history) go into mortgage stress, as they will, wouldn't the banks tighten their lending to reduce their risk?
Can't keep lending to people who can't repay when the going gets tough.
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