This is going to seem like a TOTALLY DAFT question, but I have to ask it and don’t care if I seem like an idiot! But I would greatly appreciate thoughts of those who have started here!
I am soon to receive $60K. We are a one income $40K family, location dependent for employment but do not own our own home as the area is SUPER $$$. Our rent is minimal thanx to a very nice family friend owning the property and we maintain it. My partner,sister and I are wanting to invest together.
We’re totally sold on the positive cashflow concept and have read everything on this site and others..and are (impatiently waiting) to purchase the Wrap Library to better understand all the ins and outs.
Life story now aside, what are some thoughts on how to make the $60K work the best from the start before I buy?
If I purchase one property for say $60K with 20% deposit, can I repeat this exercise with remaining funds (which will run out after 2/3 properties) for more properties or is there a better way of making the money grow?
I think the more I read the more confused I am becoming!
Any thoughts are greatly appreciated.
Christine [
]Hey Christine,
Firstly no question is Daft. What is daft are those who choose because of many excuses not to ask the question and recieve help. Good on you for having the guts to seek advice. I started asking questions on this forum when it began and have learned heaps as a result of it. (I’ve also done a few deals on the way).$60K is a nice start and my question to you is why do 20% lends. If you did 10% lends you could do twice as many deals. Obviously there are other costs involved but remember what your aim is here. What are you trying to achieve ? Are you trying to become financially independent in the shortest time possible? Would buying 3 cash positive properties be better or worse than buying 6 cash positive properties ???
For me I am a simple point A to point B person. I try and do things that will get me to point B as soon as possible and if I only do those things and more of them more frequently then I will get there sooner….yippee !!
If you have a finite source of money you should try and stretch it as far as possible and as far as you are comfortable.
Talk to a mortgage broker and see what they recommend when you tell them your goals.Whatever happens Christine write down your goal and remind yourself constantly of it. Only do things that will get you there sooner. The best thing is you have just made the first step and while some of the others are hard you are on the path to freedom.
Keep on marching and never say it cannot be done, but rather ask How can this be done ??As Steve said in his seminar series…
If it’s to be ……It’s up to me.
Go get’em Christine
Enjoy
AD [:0)]A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithHi Christine
I can only echo AD’s advice on having goals. It doesn’t matter how ‘grand’ they may or may not be, its important to have some kind of idea with where you are trying to go with your investments so spend a little time deciding that first. [
]Ideally with your $60K as mentioned you want to get as much leverage as you can with that money in obtaining additional income producing properties so look to obtain good deals with as least money down as deposit.
Asking questions is what the forum is all about [
]Regards,
BrettThanks for your advice guys, much appreciated when people are happy to share their wisdom! We have definitely established our goals and are now putting in the time for some education in the ‘how’ to actually achieve them. Can’t wait to start…!
Christine[
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The topic ‘where to start’ is closed to new replies.
