I have been talking to my chemistry teacher about investing in property. He already has 5IPS and has purchased one in the mountains(in NSW).
His idea for buying in the mountain is that as people age, they will either have the seachange or the treechange. Seeing as the seechange will cost quite a bit. That means that all the babyboomers will be moving to the mountains(i know not all but some), this will bring up the demand and spike up the prices in the mountains.
What does everyone think on this idea.
Would it be wise to buy my frist IP in the mountains in 3 years time.Christopher.
Hard to know where it will be good to buy in 3 years time, Christopher.
Not all baby boomers head out of town. And many of those who do come back – they miss their families, friends etc.
Many older people downsize i.e. sell the family home and move into something smaller. Townhouses are going to be become a sought after housing style.
Three years gives you plenty of time to save some money and do some reading. Go to every seminar you can, too. Just don’t sign up for anything.
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http://www.depreciator.com.aui would love to live in the mountains, but I dont know if that is where all the baby boomers will go. The problem is that in the mountains the ground is usally not even, so there is potential for serious injury with an older person doing the gardening. a lot of times the mountains are far away from medical facilities which would also be important to older people.
Also, in some areas mountain goats present major problems with eating peoples vegetable patches, and I know that my grandparents love their vegetable patch.
When I am older I will definitely live in the mountains, so I will rent your property off you Draconis. It is better for me to rent a property and buy investments than to buy a place for me to live in because the interest is not deductible (except if you are in America I think they are allowed to depreciate their own house!! lol rofl!! that would be great! lmao!). Also if you do have your own house that you live in if you make weekly repayments instead of monthly you can magically save thousands of dollars on your loan and pay it off in super record time!!Good idea to talk to someone with 5 IPs if you aspire to also being a property investor.
Having ideas about potential growth is also good.
I am guessing you are at High School. I wouldn’t get too caught up in picking a location right now. Wait until you are closer to buying.
What you should be doing now is visiting sites like this, talking to investors like your teacher and planning how to get the deposit together to buy that first IP. Buying an IP at 18 is something you will not rtegret. I only wish I had someone to get the idea implanted in my head back then. Unfortunately in those days we had no internet, no magazines and few books on investing. It was something a select group of older people did and I knew none of them…..
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Thank you everyone.
Hmm, yep i wont worry about location for some time.Me and My chem teacher sometimes get caught up with chatting about investment properties that one afternoon after last period we were still chatting about an hour after class finished. Im to motivated to leave.
At 18 my goals are being set and being tweaked ever so slightly each and everyday. Yet the one thing I haven’t done is write it down or talk to my family about it. I’m scared of their pesimistic nature to the whole thing, and getting into massive arguments, even though I will win in the end, The power of knowledge never ceases to amaze me(go investment books).
Thanks.Christopher.
Is the HSC not round the corner? Concentrate on getting through that mate. Wished I started in the game when I was 18 too but glad I had a “normal” uni life. A good job with escalating pay rises year on year only helps the serviceability and by then you will know not to blow it all on fine wine, women and WRXs. Only started 3 years ago but all you need is one cycle.
Yes the HSC is just around the corner. I am spending alot of time doing that. Hmm, I should be spending less time on here now. Well until the middle of november.
Well guys i’m off to the beach today with my year 12, as it is our last day, we are having a fun day out. And free of charge. Yippie.
Have fun everyone.Christopher.
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