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Ribfeast Forums Junkie Location: Newcastle, Australia Registered: March 2005	Re: Housing - who can afford it? Tue, 17 May 2005 09:56 I bought a property in Warnervale (NSW Central Coast) at age 23 or 24 (I'm 26 now) using my first home owners grant (14k). My parents chipped in 28k so we bought the place using a 2/3 and 1/3 share system. The place is in my name though. We loaned 200k, and bought the property for 253k. Probably worth about 300-350k now, the area is taking off! I'd be looking at buying a place on the central coast, newcastle, nelson bay etc. One thing I was looking at doing was buying a second place at Gunnedah, you can get a place there for around 80-90k, and get around 160 a week rent for it, so that covers your mortgage repayments plus gives you some left over. The rent payments from my current property don't cover the mortgage so I have to top up about $200-300 a month out of my own money. If you are on a high income (I'm not) then if possible, stick as much of your spare cash into paying the mortgage off quicker. Some people like to buy zillions of properties, I believe in buying just one, paying it off ultra fast (less than 10 years), then buying another and doing the same. Then you can just live off the rent payments you get off your tenants, or at least use them to supplement your income. Gotta love passive income, just sit there and wait for the $ to roll in [Report message to a moderator]

	Subject	Poster	Date
	Housing - who can afford it?	soarerchic	Sat, 14 May 2005 11:55
	Re: Housing - who can afford it?	BlackGT4	Sat, 14 May 2005 12:10
	Re: Housing - who can afford it?	river	Sat, 14 May 2005 12:15
	Re: Housing - who can afford it?	thechuckster	Sat, 14 May 2005 12:20
	Re: Housing - who can afford it?	Conquest	Sat, 14 May 2005 14:34
	Re: Housing - who can afford it?	jackel	Sat, 14 May 2005 21:33
	Re: Housing - who can afford it?	Apollo	Sun, 15 May 2005 04:40
	Re: Housing - who can afford it?	soarerchic	Sat, 14 May 2005 13:16
	Re: Housing - who can afford it?	sleeker162	Sat, 14 May 2005 13:50
	Re: Housing - who can afford it?	Shraka	Sat, 14 May 2005 14:32
	Re: Housing - who can afford it?	JDM hachi	Sat, 14 May 2005 23:17
	Re: Housing - who can afford it?	Cyber-punk	Sun, 15 May 2005 00:47
	Re: Housing - who can afford it?	Corona RT142	Sun, 15 May 2005 01:14
	Re: Housing - who can afford it?	draven	Sun, 15 May 2005 02:36
	Re: Housing - who can afford it?	M.J.H	Sun, 15 May 2005 05:13
	Re: Housing - who can afford it?	JDM hachi	Sun, 15 May 2005 05:51
	Re: Housing - who can afford it?	soarerchic	Sun, 15 May 2005 10:59
	Re: Housing - who can afford it?	soarerchic	Sun, 15 May 2005 11:00
	Re: Housing - who can afford it?	dimmy77_03	Sun, 15 May 2005 12:05
	Re: Housing - who can afford it?	oldcorollas	Sun, 15 May 2005 15:22
	Re: Housing - who can afford it?	soarerchic	Mon, 16 May 2005 01:35
	Re: Housing - who can afford it?	oldcorollas	Mon, 16 May 2005 13:21
	Re: Housing - who can afford it?	Toobs	Mon, 16 May 2005 03:22
	Re: Housing - who can afford it?	thug_immortal	Mon, 16 May 2005 04:44
	Re: Housing - who can afford it?	Toobs	Mon, 16 May 2005 06:13
	Re: Housing - who can afford it?	THE WITZL	Mon, 16 May 2005 06:45
	Re: Housing - who can afford it?	Toobs	Mon, 16 May 2005 07:27
	Re: Housing - who can afford it?	Conquest	Mon, 16 May 2005 07:44
	Re: Housing - who can afford it?	Toobs	Mon, 16 May 2005 13:10
	Re: Housing - who can afford it?	Conquest	Mon, 16 May 2005 13:51
	Re: Housing - who can afford it?	ZZT231	Mon, 16 May 2005 07:51
	Re: Housing - who can afford it?	dimmy77_03	Mon, 16 May 2005 09:13
	Re: Housing - who can afford it?	Ko Ko	Mon, 16 May 2005 12:54
	Re: Housing - who can afford it?	ZZT231	Mon, 16 May 2005 13:09
	Re: Housing - who can afford it?	SupraPete	Tue, 17 May 2005 03:18
	Re: Housing - who can afford it?	Corona RT142	Tue, 17 May 2005 03:26
	Re: Housing - who can afford it?	Corona RT142	Tue, 17 May 2005 03:30
	Re: Housing - who can afford it?	SupraPete	Tue, 17 May 2005 03:35
	Re: Housing - who can afford it?	SupraPete	Tue, 17 May 2005 03:36
	Re: Housing - who can afford it?	Shraka	Tue, 17 May 2005 03:36
	Re: Housing - who can afford it?	ZZT231	Tue, 17 May 2005 23:09
	Re: Housing - who can afford it?	Shraka	Fri, 20 May 2005 09:53
	Re: Housing - who can afford it?	SupraPete	Tue, 17 May 2005 03:38
	Re: Housing - who can afford it?	Corona RT142	Tue, 17 May 2005 03:39
	Re: Housing - who can afford it?	lumpy	Tue, 17 May 2005 05:27
	Re: Housing - who can afford it?	Ribfeast	Tue, 17 May 2005 09:56
	Re: Housing - who can afford it?	THE WITZL	Tue, 17 May 2005 11:15
	Re: Housing - who can afford it?	thechuckster	Tue, 17 May 2005 11:24
	Re: Housing - who can afford it?	Corona RT142	Tue, 17 May 2005 23:15
	Re: Housing - who can afford it?	soarerchic	Sun, 22 May 2005 11:17
	Re: Housing - who can afford it?	thechuckster	Sun, 22 May 2005 11:34
	Re: Housing - who can afford it?	soarerchic	Sun, 22 May 2005 11:38
	Re: Housing - who can afford it?	thechuckster	Sun, 22 May 2005 12:09
	Re: Housing - who can afford it?	soarerchic	Fri, 27 May 2005 07:18

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