Hi guys
I am new to property investing and just started reading about it, trying to get more information as much as i can.
Currently reading steve's bookOne thing always keeps on coming to my mind, I just bought a property last year this is my PPOR, so is it a good time for me to jump in to property investment or i should keep my focus on bringing my mortgage down and if so how long should i wait for before juming in to PI??
Comeon guys give me some advise… give me some suggestions to put me on right track … please help
Hi there,
From a personal point of view I wish I got into property earlier but was held back due to my circumstances. I’m inclined to say get into it as soon as possible but its all dependent on your circumstances. Have you had a look at your finances yet or worked out what you want to achieve through property?
Cheers
RudraHi Psaini09
Your question unfortunately can't be easily answered as their are way too many variables…
To name just a few, it depends on things like;
* What are your long term goals
* Do you have any major long term expenses forecast (Eg. 12 month O/S holiday, planned study period, change of career, desire to have kids etc)
* How much do you have available to invest (both capital / equity and on-going cash flow)
* What is your risk profile
* How much time do you have to dedicate to investing
* What style of investing attracts you (Buy and hold, renovate, develop, etc – not to mention other asset classes such as shares and business)Best advice is for you to find a good financial planner who has proved their worth over time (not just somebody who has a paper qualification) and have a chat with them.
If you have the equity for a deposit and the servicability then IMO it's the good time
It's always a good time to buy property.
See for my current property i paid around 400K plus expenses and for it at the time i have give 10% deposit and so far i have paid another bit over 10% which is sitting in my mortgage and can be withdrawn.
I went to real estate agent to know the current value of property and he told its worth around 470- 480K so i think i got bit of equity
But one of the biggest thing i think about is how can i get a loan to buy investment property, as i am already repaying this one??
I am more interested in properties with positive cash flow ie buy and put them on rent
Regarding time at the moment i am in a shift job which gives me heaps of spare time to do anything
Regarding family i am married and planning to have kids in a year or two
Matt_Arnold wrote:Hi Psaini09
Your question unfortunately can't be easily answered as their are way too many variables…
To name just a few, it depends on things like;
* What are your long term goals
* Do you have any major long term expenses forecast (Eg. 12 month O/S holiday, planned study period, change of career, desire to have kids etc)
* How much do you have available to invest (both capital / equity and on-going cash flow)
* What is your risk profile
* How much time do you have to dedicate to investing
* What style of investing attracts you (Buy and hold, renovate, develop, etc – not to mention other asset classes such as shares and business)Best advice is for you to find a good financial planner who has proved their worth over time (not just somebody who has a paper qualification) and have a chat with them.
Guys please give me some suggestions
If you can secure a good price on a property that will deliver good net yields then i mwould go for it but i would want to secure a price that is at least %20-30 discount because i beleive that is how much they will come down within the next few years. SO if u can secure that price and get a tennant in there for a few years paying a good rent then ull be laughing when most other investors will be crying.
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