Hi to all,
Ive just joined the forum after reading the book from 0 to 260+ properties in 7years a excellent read with a good insight into the property game. Im 20 years of age and have always had a passion for the property game from the age of 16. My passion to be in the property game took a more serious turn when i turned 18 when a tragic incident happened in my life were i chose to take a more serious approach to my passion. Now i am 20 working at the NAB moving my way up the corporate ladder and studying finance. My plan discussed with my brother whom is going to be my partner in business, is for me to take care of the financial side of things as i work at a bank and get all the perks and my brother aged 18 doing a apprenticeship as a chippy to fix up the houses. we plan to buy houses that need to be renovated to add value and sell them off. Ive read a lot about going into business with family but we have discussed it quite extensivly and are happy to go through a solicitor to set things up. At the moment its a 4/5 year plan as he will have to complete his apprenticeship and i compete my studies whilst still working at the bank to move up the ladder. So far we have started saving account. each contributing 1000 dollars each a month roughly sitting at about 8k hopefully by the end of the year 22-24k. In 4-5 years it should hopefully sit around 80-120k.
What are your thoughts people on our current plan all criticism is welcome ?
Hi Hisham
You have taken a huge step, and at your age will stand out from your peers! I believe it is a great strategy you have, however keep in mind that things do change as life goes on, so allow some flexibility. Going into business with family can have its problems, but so can going int o business with non-family, as does going it alone. Take precautions, discuss everything PRIOR to it happening & you should mitigate many of the potential problems.
Bec & I are now full time property, after commencing a few years ago. We encourage people to consider property investing, however it is not for everybody, and it is not for some people now, but maybe it will later.
Please keep in mind it is VERY hard work, and many fail to recognise thisI wish you success.
Troy
PS I found 0- 260+ Properties a really good read, and thoroughly enjoyed chapter 16
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