Well I made a thread a while back about buying my first property; http://www.invested.com.au/6/so-ive-bought-my-first-property-34831/ And well, its been about 6 months now since that thread, so I thought I'd give you guys a little update on how things have progressed for me since then for those of you who might be interested, or for any other first home buyers who may be considering going down the same road I have. Well as you guys know I'm currently 21 and bought my first property for $228,000 about 5 months ago. I had a good deposit and claimed all my first home buyers stuff like no stamp duty and FHOG. After all was done n dusted, I ended up moving into the apartment with a $182,000 mortgage, at a rate that was a little under 9%, which I had set to IO with a redraw facility. Shortly after moving into the apartment I got my father to repaint everything, he's a painter by trade. I had all the ceilings painted white, the walls a colour called peach powder, the doors and timberwork an off white, the walls in the bathroom a cream colour, and the kitchen cupboards white. All up this cost me $200 and vastly improved the look of the place, and added a little value. (I'll try and get some photos up for you guys when I get my hands on someones digi cam) Electricity was rather easy to set up, I received a letter from the previous electrical company asking me to get in contact with them before a certain date, otherwise electricity would ceise on X date. I gave them a call, gave them my details and everything was set. As far as insurance is concerned, well It seemed a quite controversial topic in my last thread, however I've still chosen not to get any, and to date there hasn't been an issue. (knock on wood) However when the time comes for me to rent the place out, I will most definitely look at landlords insurance. Like I said before, I don't really have anything of real value, and the building is insured under the strata. Income protection, was also another topic that was brought up. Since moving into the apartment, as most of you would know interest rates have dropped significantly, my interest rate is now just over 7%. I also managed to get my principle down to about $177,000 now too, so repayments are MUCH cheaper for me, which brings me to the most exciting part of my experience; When I move back home, and rent out the apartment, the rent should cover ALL my outgoings. So, overall I'm rather ecstatic with my first property investment choice and am still finding it hard to comprehend that in just under 5 months I've managed to find myself in such a great situation where I will basically have a positive flow IP. (provided interest rates stay at this level of course hehe) Which now brings me to my question; When should I consider buying my second IP? I know I'll probably be in quite a good situation when I move back home and rent out my current property, however I do recognize that if interest rates were to go up again (which they probably wont for a while with the whole recession and all) I could find myself in a bit of bother, so should I try and get some sort of buffer? It seems like a great time to buy, however I don't want to get to ahead of myself, and find myself relying to heavily on low interest rates, and high rents to pay for things. I was thinking of waiting about 12 months, and paying off as much as I can on my current property, and then buying, to give myself a little more headroom should interest rates rise. Big thx to everyone for their help thus far.