Dear All,
I thought it best to firstly give you a brief background on myself. I have just turned 20, and am looking at setting up a savings plan with a business partner prior to investing in our first property in late 2012/early 2013 (the first of many hopefully). This is the preliminary plan we have in place. Luckily, we have contacts in the financial planning sector who are happy to provide us with free advice. Approx how much money are we going to need before we can invest? We will be looking at a 300-350k property initially.
Also, is it best to use a property advisory firm (i.e. Capital 360) when starting out? We understand the risks involved with property investment, and believe the management expenses will be outweighed by the knowledge we gain and the money we ultimately make as a result of ‘doing it properly’.
Any advice or recommendations would be greatly appreciated. I’m a newbie when it comes to this, however I’m hoping to keep learning in the future.
Thanks!
SF
step 1
get a joint venture agreement from a commercial lawyer drawn up
step 2
ask bank how much deposit needed for loan
step3
google stamp duty calculator
with from au selected
and work out how much stamp duty you are going to have to pay
step 4
Are you going to pay mortgage insurance
google mortgage insurance calculator
with from au selectedYou may wish to set up a trust to buy the property in. Check with advisors on this point also.
Thanks for the advice duckster.
Step 1: I will be discussing the joint venture agreement with my business partner later this evening.
Step 2, 3 and 4: I have sent an email off to a friend of mine who is in lending, hopefully he’ll get back to me soon about what steps need to be taken to continue moving forward to find out deposit amounts, stamp duty and whether we will need to pay mortgage insurance or not.From here, what recommendations can be given to keep moving forward?
I garentee that you will look back in 10 years and be very glad.Especially when you look at your friends who will probably waste their money until they are around 30 and then wish they had bought earlier.
With a joint venture-just make sure that you have every situation covered as peoples circumstances change e.g marriage,death,financial hardship,ect ect. I have learnt that I much prefer to go out on my own as I don't have to consult someone else on every decision,small and big.
Other than that.use experts that are much more successful than you, in every area and don't be afraid to pay for it. I have personally used 'Capital 360' and they are great but use who you feel most comfortable with after weighing things up.
I pay people for every bit of property investing and don't do anything myself except make sure money is in correct account.These include,-property finder,property manager,depreciator,solicitors and accountants (that specialize in property). All I need to do is make sure I have the right mind set and my wealth will continue to grow.Sounds easy but most people can't adjust their mind set and therfore miss out.
Good luck
Shanematt,
Thank you kindly for your feedback.
Does anyone have any contact details for the following that they have successfully used previously::
– Property Finder
– Property Manager
– Depreciator
– Solicitor
– Property AccountantThanks!
SF
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