Hello all,
A little about me, My name is Bill and I live in the Eastern Suburbs of Victoria, im 23 but more importantly I have always wanted to be involved in property… im a little different from most, I dont live at home, I live “in the real world” since I was 19, I have never recieved any help from my parents and I have $30,000 in the bank which I have saved thru working <edited>ing hard, two job’s, long hours and the sale of my car. I have no personal debt and feel 2007 is the year for me to begin investing. I have a few investment books (>5, from varying authors) & yes I have actually read them all too.
Today is the 2nd, and I recieved steve’s book as a present, now im finished and found it quite inspirational but im still struggling to know exactly how people “make the move” on their very first investment property.
Im not a builder or an accountant, im not involved in real estate or law, im a mechanic with a spare 10hours a week, to read books and troll property websites. Im am however accustomed to hard work.
no need to post the location of your purchase but if REAL people who have been there and done that could post, every detail of there first property purchase im sure it could answer many questions I have as well as form a benchmark for the kind of property I should move on.
Best Regards,
Bill.[specool]My first property purchase was a PPoR when I was 25 and sold 3 years later for a modest profit.
No real story there, but go to the Discussion Forums, then look up “heads up” and then look under the “Lemons” topic for a good laugh about my first I.P purchase.Cheers,
Marc.
[email protected]“we get sent lemons; it’s up to us to make lemonade”
Hey Bill,
Good to hear 2007 will herald the start of your journey…..
Having bought several properties over the years, the advise i received prior to my first purchase still rings true.
A trusted mentor said something to me along the lines of:
Remember, land appreciates and buildings depreciate – so buy a property with a high proportion of land content.
Get finance approval first so you know your parameters and aren’t wasting your time.
Study an area/region so that you know what something will sell for within that region – particular your target type of property.
Don’t wait for a sale to come to you – let agents and owners know you’re ready to go. (my second property was purchased via a letter sent to house owners in our chosen area).
This conversation was held over a few beers – so I think it went something like that.
Hope this helps – and remember to enjoy yourself along the way.
cheers
Eastcoast
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