Hi,
I just want to share this with everyone.I was extremely sceptical when I first saw the book “1 to 130 properties in 3.5 yrs” but having just read through half the book in 1 day, I was amazed at how much I have learnt in just one afternoon.
As Steve would know, as a 25 yo currently working in a big 4 accounting firm, I am being paid a very very average salary. I studied commerce/IT at uni, tutored accounting at uni and am completing my last Chartered Accounting exam. The more I learnt about the world of personal investment, the more I realised that one should always choose cash flow positive investments. A tax partner at a big 4 firm once delivered a lecture in personal financial planning in uni, he said that when investing, by being too focused on negative gearing is similar to letting the tail wag the dog. He then proceeded to show a few examples to illustrate his point
That day, I was blown away at such a simple yet key concept!On saying that, I am so terrified of investing in property because it is just not a liquid investment. Given the current market conditions, it is almost impossible to find cash flow positive properties in Melbourne – which is where I live.
I currently have sufficient deposit of around $60K and would like to hope that I have a good grasp of financial/accounting/tax concepts. However, I do not know how and where to start. Is there a mentor in Melbourne? I would also love to find someone to go house hunting together over the weekends.
Cheers,
starletYour background is very similar to mine. I started by buying a 2 bed unit in Mentone back in 1997. I had no idea and even felt intimidated by looking in an agents window at the properties there.
You got to start somewhere. Go buy a property near your home, even if its a 2 bed unit. However in hindsight a house would have been better.
I am still working as a chartered accountant but now have several properties and the PPOR. I also get a good tax refund every year on the tax I pay as an accountant. Investing in property and working as a CA is a good mix for me.
Good luck with your last exam – I remember those days. I did not really know property investing was achievable back then.
That day, I was blown away at such a simple yet key concept!
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