Where to start: 1st Property – No Assets

Hi Everyone…

I’m a recently married man, who’s seen the error of his ways when it’s come to spending money. I’ve been a spend thrift, however I’ve come to realise that I don’t want to work 8+ hour days in a job, and live a life where I’m constantly worried about paying off my credit cards. I’ve seen that I have responsibilities now, and I really just want to spend time with my wife, and live a life which we can enjoy together.

So that’s a background on myself – here’s where I stand now. Since my marriage, I’ve paid of my credit cards, and started saving. I’ve got about $1500 remaining to pay off on my credit cards, and I have about $6000 in savings. I also have a $10,000 HECS debt. We both live with my folks, and we have a desire to move out. That’s really where I stand at the moment financially. My wife doesn’t work currently – she’s looking for a job.

Living in NSW, I know I’m eligible for stamp duty exemption for my first property, and I’m also eligible for my first home-owners grant.

So with that in mind, I’ve got 2 questions to ask:

1. Should we buy our first property as an investment, or should it be a place to live for me and my wife?
2. Should we rent a place, and invest in property, or should we buy a place to live, and then invest in property?

Here’s what we want:
1. A place of our own
2. Our own property empire

However, I have no idea where to start! We know what we want, we know why we want it – we just don’t know how to do it!

I’ve recently read books like:

1. Rich Dad Poor Dad
2. The One Minute Millionaire
3. Cashflow Quadrant
4. 0-130 Properties in 3.5 years
5. Money Secrets of the Rich (reading currently)

I’m dedicated to financial freedom, and I’m trying to learn as much as I can – I just want to know where to start off…

Can anyone offer me ideas?

Also, I’ve seen that Steve has a Masterclass – is that an appropriate course for beginners?

I’d appreciate any tips, pointers, feedback and ideas that you can provide!

Thanks,

-Nikhil