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It's only money right!!

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  • It's only money right!!

    Because of LVR and equity from my properties I have been approved finance up to 600k which is great, I am exited by the prospect of putting this money to create better cashflow but feel a little frightened by the prospect of spending over half a million dollars.

    I last spent 250k on my first trade which worked out fine, but I am now swimming in a bigger pond and want to know how I keep my head above water or head space in the right place. I see this as another level in my learning and one which I need to overcome to move forward, I am not scared of debt but a little cautious about the amount I have at my disposal.

    I am sure there are plenty of you PTers who have spent many times more on property and have found ways to deal with the pressure. Would love to know how you dealt with any self doubt.

    Thanks

    FH.
    Last edited by freezinhot; 07-02-2007, 11:26 PM.

  • #2
    hey Patrick, good to hear you're on the up!

    my gf and i just bought our first house a few weeks ago for 676k which was a price bracket we were not even considering at the time as it seemed like an impossible amount for us to afford. so when the deal just came along (as they tend to do) and we realised that the numbers were great, we knew we had to at least get it under contract first and then think about how to make some money off it. the more we thought about it tho, the more we realised how great it would be to actually own it ourselves! but surely that's too much on our meager income??

    well that's just what we had been telling ouselves for the past 6 months which is why we had only really been looking at sub 350k properties. (along with half of the population). turns out the numbers were so good that even the bank realised the potential and agreed to lend us money from there it was really just a matter of where should we put the couch and i hope one of our new flatmates has an xbox!

    my point is that if you back yourself when you're onto a winner and trust the numbers when they are good, then thats all they are, numbers. there could be 3 extra zeros at the end of our mortgage, but if the rent is covering the interest and a bit extra, then i can sleep well at night.

    go hard buddy!

    ps - good mortgage brokers are worth their weight in gold, lol~
    payji-san dayo, SAN! sonkei shiro!

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    • #3
      Hi

      Just go for it mate, its just numbers at the end of the day. I have something under contract at the moment, looks very good but its also something I never even thought about. My accountant had a look and first reaction was good buy. Its just my broker sitting with the hard work now of getting the finance. But like payijsan said good brokers are worth their weight in gold.

      Have no fear!!
      Last edited by rmjb; 08-02-2007, 07:50 AM.
      To be great you must learn from those that are great.

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      • #4
        Mate, you've hit the nail on the head yourself.

        "It's only money"

        The number is only the measurement of the size of the deal, but big or small a good deal is still a good deal.

        So if there's a buck in it then do it, don't worry about how big it is as long as the numbers stack up.

        Steve

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        • #5
          Just do it Patrick.

          Keep asking yourself "What's the worst that can happen?"
          We Buy Houses | Sell Your House Fast - No Fees, No Stress

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          • #6
            and if the numbers ever get to you, balance out what you're worth against what you owe. We do this regularly for peace of mind and to take away that gasp that you get when you see your online morgage statement!
            two ears and just one mouth.. for good reason.

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            • #7
              Hello princess, great to see you here, how do you find this place compared to the other board?
              Don't argue with idiots, they'll drag you down to their level and beat you with experience.

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              • #8
                ah a bit more of the helpful advice here, and less of the crass nouveau riche mentality. I measure people by the fruit of their lives not the size of their portfolio, and some of the "experts" over there leave a bit to be desired!
                two ears and just one mouth.. for good reason.

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                • #9
                  Thanks People!!

                  Im sure the money issue will dissolve with time & experience, Put an offer on 2 properties and are in negotiations. Property value over 500k.

                  Not scared anymore>


                  FH
                  Home Buyz
                  [email protected]

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                  • #10
                    It's just numbers - and a commitment to be responsible and resourceful and keep paying the bills. The fear of the numbers is just a perspective thing. It's likely one day quite soon that won't seem such a large amount of money to you. It's fun when you realise you ARE handling dealing in that league and that your perception of what a scary big number is has risen considerably.

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                    • #11
                      I remember offering 210k on our first home and remember thinking after signing how on earth are we going to pay the mortgage on this place, of coarse if you want a place of your own you will do whatever it takes to keep it.

                      Looking back buying my first home has helped in servicing more debt (good debt) and I do have to pinch myself now that the bank are willing to loan me this amount.

                      I feel quite special in that fact, although it definatley has not been an easy road, but have really enjoyed getting this far.

                      FH
                      Last edited by FreezingHot; 09-02-2007, 01:02 PM.
                      Home Buyz
                      [email protected]

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