My First Property

First of all Hi to Everyone!

My first post and I just want to say I’ve been a reader for about a year or more now. I’m 22 years old and just out of Uni. Completed my Accounting degree and during my final year as a struggling uni student managed to purchase an IP. It’s neutrally geared which is all I was looking for, well was actually looking for positive geared as I didn’t want to spend any money from my own pocket being on a low salary already.

Since then I have purchased my first property in Ballarat, a 3bedroom weatherboard home, and now arranging permits to build a 2nd unit on the back of this corner block. I am currently in the process of plans and permits due to me really taking my time in deciding whether to build new or relocatable house old house onto the block. In the end decided on new, less headaches etc though I’m sure both come with a certain amount of headaches.

I would like to find out from many of you experienced investors who have done something similar what problems you have encountered and what I could do to make the process go more smoothly.

I already have a builder in place and I am just waiting for plans to be submitted to council after soil tests are complete.

I spend a lot of timing browsing through property websites looking for places for sale including spending time on weekends speaking to real estate agents and finding out if they have any hot property for sale which I can simply buy, build on the back and either sell off or keep and reap the benefits of the capital gain from building a 2nd unit. I have even managed to find a few with plans and permits in place, next step is to just buy, build and profit. Wish I had done this instead but only came aware of it after the purchase of my first. Guess we all learn from our first and what we could have done. Though I’m sure many of you could relate to that when buying your first property how daunting the whole process is!!! It sure would be awesome to be able to purchase these properties; from reading on property investing capital partners are a great way to go, just finding them and selling your idea to them is the hard part, especially if you done have hold of that property, cause then they can go ahead and buy it and leave you in the dark.

So to my initial question, is there anything I should look out for and start preparing for when the building of my 2nd unit begins? As at the moment I’m in cruise mode not knowing what will come around the corner!

Thanks and if I said anything out of place, don’t go hard on me, I’m still learning!

Adam