Im 21 and am interested in finding an investment property, to maybe down the track lead into other properties, has anyone got any advice for someone that is just starting out?
hi beechmachine,
Great to see your starting young.
Do you have any specific questions that we could assist with?
Where are you located? Do you have any properties in mind?
These forums are a good way to learn. Have you read both Steve’s books? They are a good source of information.
Cheers
Jeff Aquilina
Need a holiday? http://www.coralsearesort.com email me [email protected] 20% DISCOUNT for PropertyInvesting.com members
Start small and build equity until you have enough to refinance and start again.
Make deadlines and buy the right type of properties whenever you can.Another way to build equity beechmachine is to purchase a property that you intend to live in and obtain the govt 1st home owners grant. Try and buy a 3 or 4 bedroom home/unit in the best location you can afford be sure it is close to schools/shops/transport etc. Then rent the other bedrooms to friends or place an add in the paper or http://www.flatmates.com.au, soon you will find the rented bedrooms will pay for a big proportion of your loan repayments it may even end up cashflow positive, apply all available funds including wages and rent surpluss to the loan, repay your loan weekly, you will soon grow your equity ie the difference in what you owe the bank and the value of your property. Use the growing equity to purchase future properties.
Cheers
Jeff Aquilina
Need a holiday? http://www.coralsearesort.com email me [email protected] 20% DISCOUNT for PropertyInvesting.com members
hey everyone,
i am also quite young, only 19, but im really interested and need some guidance. does anyone have any ideas to start looking around sydney ( i live here) for positive cashflow. i just came back from a road trip with the family from Dubbo (country capital of Australia)- no positive gearing there though for anyone wanting to go to Dubbo the houses on west Dubbo (which is like cut off from the east side of dubbo by maquarie river and has a considerable indigineous population living there) are much cheaper and might be able to be made into positive geared tho not alot there as rental prices are very low(as a rough guide if a house in dubbo was selling for 150 K the rental would be around 150pw. My parent were almost about to buy a nice negatively geared property but i stopped them. Anyway im wondering how can people invest in positive properties wihout having a first hand look and go in there physically which is very hard id say if ur just starting out, expenses are too much. thus i find it difficult to trust property unless i see it first hand.
Anyone wanna kno anything else about dubbo, the surrounding areas seem to have a lot of promise prices are down because ppl have moved to dubbo and farmer’s incomes are less due to drought,etc. these areas are far from dubbo (50-65km) so i didnt get to look at them because i was really on a holiday.
so anyone have any advice about where i go from here. Wraps sound heaps good, how do u find ppl who want vendor financing?
tough questions they all aresorry i’ve got a shortmemory
Some possibilities in Dubbo
Try http://www.realestate.com.au Property No. 102839410
Price $80k
Rent $7,800 pa
Loan $64k
Repayments (interest only) $4,446
Rates $1,300
Balance approx $2,054
% return on investment 12.84%Does not take into consideration closing costs and rental vacancies. Also need to secure the property at $80k not the $85 they are asking.
Cheers
Jeff Aquilina
Need a holiday? http://www.coralsearesort.com email me [email protected] 20% DISCOUNT for PropertyInvesting.com members
thanks for that jjaaus, i appreciate it. I’ve seen this house already when i was in Dubbo but wasnt allowed to inspect it as there were already two other people fighting over it and they had put in offers already. It looks good except for the fact thats its on the west side. thanks .
sorry i’ve got a shortmemory
Hi beechmachine
My husband and I are also new in PI and we have learned alot by picking up the phone and calling people- Real Estate Agents, City Council, Home Removalists, and anyone else that can provide us with valuable information. People are willing to help, especially when I have explained that we are new to the business of PI!
We also have an experienced Mentor that we meet with monthly to ask questions to, and to share ideas with- he has been a great resource and keeps us motivated and on track.
We have found that getting out there is the key! Inspect properties, visit real estate offices, look at websites and find properties that might be the investment you have been looking for! We have learned so much by going through properties with a checklist (from Buyer Beware by Steve McKnight) and then crunching the numbers after seeing the property. It is good practice and will prepare you for when the real deal comes along!
Good Luck
Achieve the Dream!
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