Hi all,
Just a quick note to encourage all those struggling to believe they can change their lives in property.
I know there are many successfull investers here that make my portfolio look pitifull but you need to start somewhere and I have just….
Bought our 3rd house. [biggrin] I have four children and only one income but we have managed to get into the market. One of the houses is our PPOR but still, that first and second IP are the hardest to achieve.
It felt so good to actually buy a property for no other reason than to invest for our future. It also felt good to see that the whole system does work. You know – the buy cheap – hold/reno- cash in on the equity and buy the next one. Once you have some equity in a property then you can really make things happen.Since our first property makes us a fair profit I decided to go cash neutral or even a little negative this time around. To offsett my TAX burdon.Interest only seemed the way to go so hopefuly in a few years time I will be cashing in on the equity this one will naturally accrue.
If your struggling to find the BEST time to get into the market then let me say this. ANYTIME IS A GOOD TIME if you do your research. If I had not bought my run down litte ex-housing commission house 9 yrs ago I would not have the two extra houses I have now. Don’t be looking back 10 years from now and say IF ONLY I HAD BOUGHT BACK THEN…..
REMEMBER: YOU MAKE YOUR MONEY WHEN YOU BUY! ! !
Good luck!
You will always miss 100% of the shots you don’t take!
Well done Ronulas!!!
I too have just acquired my second property – a year ago I had nothing.
I’ve managed to buy under market value for this 2nd one (the first one I was a real newbie and didn’t really have a solid understanding of what I was doing, but luckily we still made a profit on it in a cooling market) and it is definitely good advice to haggle hard and walk away if they won’t give you what you want. There are plenty of deals out there to be had, and it’s so much fun!!!But I truly believe that unless you really want to get ahead and make a future for yourself and are passionate about property, then you won’t get into it.There’ll always be something else that will take your attention, your time and your money away from you.
I’ve spent the last 2 years going to seminars, reading books and finding out as much as I can about the different ways of investing in property that I can and not only do I love talking about property, I love looking at property, renovating them and trying to find an even better deal next time around. I’m the boring one at dinner parties talking about the state of the market and what I’m going to do to my next house!!![blush2]I was given $140K in inheritance in 1996 as a 26 year old and I kick myself now that I didn’t buy property with it then. But I had no idea and whilst the money isn’t all gone (Firstly I travelled the world and then I started my own business and it’s invested in equipment) I certainly don’t have access to that amount of cash money anymore. It’s definitely taught me a lesson!!! I thought at 26 that I didn’t want to be tied down to paying a mortgage because prices would be too high – and I hadn’t even researched the market at this time, so I had no idea what houses were selling for!!!!
Oh well…..that’s life, now I have more idea and am probably prouder of myself for doing it this way when cash is tight than if I had the $140K all over again (although it would be nice….)Well done Ronulas and I hope you build an amazing portfolio in the years to come.
Cheers,
JunkersWell done indeed.
I myself am going through the process of purchasing our second IP. Of course we are at that stage of doubting our decision…can we afford it, what if noone rents it, etc, etc.
It’s great to see that success is possible!Congratulations! I am also on my second property now. I bought my first one a few years ago. I have done pretty well out of it, 61% gain in 4 years, but at that time I didn’t even think about negotiating on the price. I remember my hand shaking when I wrote a cheque out for the deposit, but know I do everything from the keyboard.
My online investing diary: http://retireyoungandwealthy.blogspot.com/
Well done Ronulas, great to hear from someone just starting out who’s doing well with it.
I have just had an offer accepted on my 1st IP. Now getting paperwork organised and looking for finance.
I’m a bit worried about property prices and interest rates over the next few years but this is long term so in ten years time hopefully I’ll be glad I did this and not kicking myself that I let the opportunity slip by.
eeshole
Originally posted by eeshole:
I have just had an offer accepted on my 1st IP. Now getting paperwork organised and looking for finance.Are you using a guarantor eeshole??? I mean, I thought you were only 16 years old.[blink]
Huh, where did you get that figure from, Monopoly?
Try doubling that and adding 3, then a wife & 3 kids.
Perhaps you have me confused with someone else?
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