For those of you who haven't read my prior 2 threads and are interested; 1. So I've bought my first property. 2. Update - My First IP ---------------------------------------------------- I figured I'd give you guys another update on how things have progressed for me and my first property since my initial purchase almost 12 months ago. First and foremost I guess I'm still finding it a little hard to come to terms with how amazing everything turned out, it seemed like I chose the PERFECT time to buy in property. I bought the property for a steal at $228,000 and then not long after, interest rates began to plummet to the all-time lows they are now, and now, just as I've put the place up on the market to rent out, we are in the midst of a rental/housing crisis. It truly seems like all the cards have been dealt in my favour. I've been living in the property for almost 12 months now, and so have well surpassed the minimum 6 month period where you can't rent the property out due to claiming the First Home Owner Benefits. In that time all that has been done to the apartment is that it has been given a fresh coat of paint which only cost me $200 all up. (My father is a painter by trade, so I only paid for the cost of some of the paint. He had some already.) For those of you who might want to see how it looks now here's an archived copy of the advert on domain.com.au; http://www.domain.com.au/Public/PropertyDetails.aspx?adid=6161358# The pictures really don't do the place any justice at all and they make it look much smaller than it actually is, but I guess it'll give you a bit of a look/idea at the improvements. With the way the market currently is, and going off sales of other apartments in this very block recently, I've already made some Capital Gains on the place. I decided to take on the advice given by others in my previous threads on this forum and decided to invest in a property manager, which although may not be necessary, will save me a lot of headaches in the long run. I put the property up on the market for rent about a week ago for $310pw, and received a call today from my agent saying they've found great tenants who are more than happy to lease the property for that price, and are ready to sign a lease contract immediately, and ready to move into the place in 3 weeks. (they need to finish up a lease at another place first, so need to legally give 3 weeks notice.) Which will then leave me with my first official positively flowed IP, at the age of 22 and all within 12 months, and it has the ability to stay this way even if interest rates were to rise as high as 9.4%. So overall, I think things have worked out great. I've now managed to build up a very healthy amount of equity and would most definitely recommend that anyone else who's thinking about doing something similar to do it now, it's a GREAT time and one I personally feel should be taken advantage of. My short-term plans/goals: Well, in the short term I plan to move back home to my mothers place, and pump as much money as I can into my mortgage over the next 12 months and build up as much equity as possible. After that I plan to keep an eye on the property market in Parramatta and try find an older style 2br unit >$300,000 to purchase as my next IP and rent it out immediately. With the market the way it is currently, if you buy the right place and have enough equity it doesn't seem all that hard to score yourself a positively flowed investment property, so I plan to take advantage of it. In essence my short-term goal is to have half a million dollars to my name by the age of 23-24. (asset wise of course. ) Mid-term would be to have about $1mil+ to my name by the age of 30. (asset wise) And Long-term would be to have $1mil+ worth of equity by the age of 40. Whether or not I'll ever achieve these goals, only time will tell, but I think I'm off to a good start.