Hello everyone!
Just looking for inside stories on how you began in investing. Im currently looking to start buying my first investment property. Hopefully i will be able to find a good positive geared house.
My current situation, and predicament i might add, is that im having trouble coming up with my deposit. My financial status at the moment is really not looking great. If anyone has been in this situation before or is in this situation currently and were able to rise above it any tips or pointers would be appreciated.
In my opinion, i think i cant control my spending and have trouble following a set budget that i have created for myself. If you have some experiance with this same proble I would love to hear your story.
Thank you
Eddie
Welcome to the forum.
Steps to achieving property investment.
(1) Pay off all debt that is on assets that do not increase in value over time.(credit cards, personal loans)
(2) Do not use credit cards
(2A) Cars be careful of buying depreciating vehicles as a $32,000 car becomes a $2000 car over time.
What could you do with $30,000 that would be lost due to this hidden depreciation cost of cars.
(3) Decide if you want to spend money on items that go down in value or if you want to invest in assets that increase in value.
As my wife says you can only spend the money once.
(4) Get money taken out of your account and have it placed in a savings account. This provides you with a savings system.
If the money is taken out at the same time as you get paid you will be forced to budget with whatever is left in the normal bank account.
(5) purchase a book called making money made simple by noel whittakerThe current market makes it difficult to find any positively geared property
One thing I have discovered is properties that require a major renovation to fix are usually not advertised in property web sites or in newspapers.
The first step is to be able to have a good financial record so that you can enquire from a bank as to how much you can borrow , so that you have a good idea how much you can borrow before you walk into a real estate office.Excellent advice from Duckster.
Pay off loans, no credit cards, investigate the market, don't step in now but wait a bit till the crash passed, until then save as much as you can, don't eat fancy restaurants and don't buy expensive car or plasma TV. Get a cheap hobby ( fishing or something ) or get a second job, and buy everything you buy second-hand. Save up what you can. This way you prove to banks / parents / grandma etc that you are financially wise and you might get an initial help from them ( especially parents if you can, otherwise banks ).Thanks guys!
I know ive thought about those things somewhere along the lines but needed affirmation and steps to over come obsticles.
Scamps ive read ur other posts and am hopeing that ur right. if what u say about the property market here in Aus is true than it buys me more time to get my act together and enter the market at a good time
Any other tips would be appreciated.
Thanks guys and gals!
duckster wrote:Welcome to the forum.One thing I have discovered is properties that require a major renovation to fix are usually not advertised in property web sites or in newspapers.
The first step is to be able to have a good financial record so that you can enquire from a bank as to how much you can borrow , so that you have a good idea how much you can borrow before you walk into a real estate office.Duckster,
You mention the above. What is your recommendation on how to find the renovation type properties?
i.e local newspapers, driving around, internet sites, etc?Cheers,
Miike
You must be logged in to reply to this topic. If you don't have an account, you can register here.
