Hi i’m 24 years old living in the hills area in sydney. i have about $10,000 saved up for a house and i’m wanting to get into the whole property market and investing. i don’t rerally want to buy a house to move into but mainly just want to get my foot in the door of realestate and i have to stop putting it off.
I’m pretty sure i dont want to buy in sydney as it’s just gone right through the roof and i think i want to get something that’s positively geared??
My friend has bought a couple of houses in the states and is still looking in some areas over there and says i can get somehting for approx. $100,000 AUD that is positively geared and also has some capital gain.
I really dont know anything about realestate. I was wondering if i’d be better off off buying somehwere in AUS as my first one as i can possibly learn more that way and maybe still get the first home owners grant??
any help greatly appreciated…
thanks
BexiBexi, I think you’re jumping the gun a bit. From your post you don’t seem to have an idea about what you actually want. Do you want income? Capital growth? Both? What is your tax situation like and how will the property impact it? If you buy in the US how do you manage it?
Before you buy a place, I’d suggest going to your local library and reading every property book they have. That’ll give you an idea as to what’s out there. Get more information, make some plans, look at lots of properties and THEN buy. Otherwise you run the risk of just buying whatever, making a mistake and being turned off property forever.
Alexwell i know i defintely don’t want negative gearing. My tax situation is not a massive issue as i only earn about 40-50 thousand a year.
i want to get into the real estate a sa whole. i’ve been buying and selling cars and motorbikes and doing well from it for years and years but i want to move into the bigf guns so i just dont know where to get started. i don’t necessarily need an income from it but would like to find something that does have a slight income and possibly some capital growth but most importantly something that after a couple of years or so i can re mortgage and keep moving ahead with my real estateMaybe consider a “Listed Property Trust” shares with your money.
Good returns and capital growth.
Otherwise $10k won’t get you much, maybe a $60,000 investment property which might be cashflow positive…just…if you can find one. But you may not get capital growth.
You could combine with FHOG to get something to live in yourself. You might get a $150,000 house to live in at a 95% loan.
Or you could find someone to guarantee a loan for you …parents?
I wouldn’t dismiss negative gearing so quickly. It will always make more money through capital growth than any other strategy.
Maybe, you could find a house that after depreciation and tax only costs you a little bit per week. This might give you a bit of the capital growth you wan’t without hurting your pocket each week.
I’d read some of margaret lomas books.
Don’t go into property with an ignorant attitude, the mistakes you make can cost you many,many thousands of dollars and can set you backwards years.
Live, Learn and GrowLifexperience
Hi Bexi,
Great age to get started champ, that’s great to see. Just keep it simple and start of in AUS first. You need to get something that’s going to give you capital growth to be able to buy against it in the near future, you also don’t need it to cost you much out of pocket but dosn’t have to be positive as usually you can’t really get Growth & cashflow.
There are alot of oppurtunities in QLD & WA that offer good rental returns and great growth.
Happy to help.
Roy H.
L.R.E.A., Dip FS (FP)Guardian Property Specialists (GPS) is a research-focused company that specialises in sourcing and providing residential investment properties Australia wide!
Hey there Bexi,
Sounds like you ve got some pretty wise friends from yr post!Ha Ha.
Its great to see yr on the forum mate!
Blessings
Dematio.Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
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