This is a very straight forward process with a definite road map!
It is a series of steps that you can systematically work through and evaluate at each step, an exercise well worth doing and a decision you only make at the very end (even then you get a cooling off period).
Facts about smoke detectors
- Q: When do most people race to the shops and buy smoke detectors?
- A: After a small fire scare!
- Q: When do most people buy new batteries for their smoke detectors?
- A: After they have not been working for a long time and after a small fire or Fire Brigade campaign near daylight savings!
Overcome PROCRASTINATION and check how easy this is to do, you can start checking out how to do this below here….
What are the steps to get an IP?
- Do some maths and work out how much deposit you could get together, or how much ‘equity’ you have in your home: you will be very surprised that you will probably be able to do this now!(This can also be a great opportunity to wipe out ‘bad debt’ which is typically considered to be high interest debt on credit cards etc: during this exercise you could consolidate this credit card debt into the overall process and end up with clear credit cards and lower interest on the loan – of course your debt didn’t disappear, it may have become more manageable though.)
- Work out how much you could free up to use for an IP and remember that renters will help pay it off: you just have to get it going (& be able to service the project). From the moment you have tenants they will help pay it off. In fact if it is positively geared you may even make a small income out of the project. From the very beginning you will have some tax advantages. An accountant can explain these to you.
- Once you know your budget, work out where you can buy for that value. This process is a lot easier than you think and you do not need to start talking to real estate agents.
- (It is likely to be cheaper to find land and buy that first, then add a house from a reputable builder because you save on stamp duty);
- (Find out the difference between buying a ‘unit’, a ‘pre owned home’ and a ‘new house and land package’ ;
- (Learn that you can save ‘Stamp Duty’ because you only pay stamp duty on the first contract, so when you buy new land anywhere, then use a builder (like us) to build your house, then you only pay stamp duty on the first contract (land) and not on the second contract (build) therefor you save the rate of stamp duty times the build price, which will be a big saving);
- Choose a design and a Builder with ‘great guarantees’, ‘fixed price contracts’ and ‘full turn key’ projects
- Check out all the maths with your bank, broker or financial advisor and get a ‘pre-approval’ because then someone else who really knows what they are doing is checking your maths!
- Get educated on the key things to look for and the research that matters mathematically (read all our white papers here)
