Hey Guys,
Im new to this forum and have yet to buy my first property. I am in the process of completing Steve’s book (0-130 Properties in 3.5 Years) which is a very good read. My girlfriend (27yrs) and I (29yrs) are from Ireland but are living in Brisbane the past 2.5 years. We are considering starting an investment portfolio as we have been working and saving hard. We are awaiting our Australian residency which should come through in the next 2 months. When it does we will be eligible for a mortgage.
We have emigrated from Ireland which was hit by the gfc (Global Financial Crisis) back in 2007-2008 which is after driving the property prices right down, unbelievably low while the price of rent stays high (perfect positive gearing opportunities) and are not sure whether its better to buy back home first while the prices are low (starting to rise again recently) or to buy our own house here to eliminate rent ($460 P/W) or ($23,920 P/A). We are leaning towards buying here first to eliminate the renting issue but are afraid that we could miss out on the opportunities that are back home.
I would love to hear Steve’s and successful investors thoughts on our dilemma.Other Questions-
* How to find successful mentors?
* Buy first property In own name or set up a trust?
* Buy in Brisbane and use equity to buy back in Ireland?Any info would be greatly appreciated.
Thanks,
Ross.
Ross Brown
Email Me"You don't have to be great to start, but you have to start to be great"
Hi Ross
Investment wise it is usually always better to rent and invest instead of buying your own home.
If properties in Ireland have high yields and are starting to rise in value and you think they will continue to rise then you should consider buying there. However you would expose yourself to currency fluctuations but there are ways to reduce this risk.
How to find successful mentors?
This is a tough one. Are you looking for successful investors to mentor you or successful mentors. Mentors aren’t necessarily successful investors. This forum and somersoft are the best place where you can find successful investors and get their advice and it won’t cost you anything.
Buy first property In own name or set up a trust?
Personally I think the first property should be in your own name if you are not sure whether you want to continue to buy more properties in the future. It would be better to consult an accountant about this.
Cheers
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auHi Andrew,
Thanks for your reply. My apologies, I should of wrote ‘Successful Ivestors’.
What are the advantages of renting while buying investment properties?
Im sure if I buy my first property in my own name I could set up a trust after, when I decide to buy an other?
Properties prices in Ireland have crashed over the last few years so I pretty certain that they cannot drop much more. I think it would be a safe bet to say property prices will continue to rise but I could not be certain as Im only speculating.Ross Brown
Email Me"You don't have to be great to start, but you have to start to be great"
What are the advantages of renting while buying investment properties?
The interest and the expenses on your investment property are tax deductible. It will also generate you income since the rent you get from it should be higher than the interest payment.
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auHi Ross,
Welcome – you’ve come to a good place (well places really – Australia, and PI.com !!)In reference to your question “What are the advantages of renting and buying IP’s?” take a look at this link :-
https://www.propertyinvesting.com/topic/4410491-the-big-picture-for-new-readers-especially/
The third post points to a very well-written post re that very thing. Since you are new to investing, you may also get some value from the other links within that thread. I hope it helps to turn on a light for you.
Benny
Hi Ross,
Welcome – you’ve come to a good place (well places really – Australia, and PI.com !!)In reference to your question “What are the advantages of renting and buying IP’s?” take a look at this link :-
https://www.propertyinvesting.com/topic/4410491-the-big-picture-for-new-readers-especially/
The third post points to a very well-written post re that very thing. Since you are new to investing, you may also get some value from the other links within that thread. I hope it helps to turn on a light for you.
Benny
Hi Benny, Thank you for your reply. I had a look at the tread and there was a lot of useful comments there. It seems to be a smarter move to buy an IP first from what I research I have done. Do you know of any other useful treads that might be of interest to me as I’m only starting my investment journey.
Thanks again,
Ross
Ross Brown
Email Me"You don't have to be great to start, but you have to start to be great"
Hi Ross,
Do you know of any other useful treads that might be of interest to me as I’m only starting my investment journey.
I plan to add them to that same thread as I find them.Can you think of things that could/should be added? After that, it is a matter of FINDING (or creating) good answers for the thread. What of your early questions need an answer right now?
Benny
Hi Benny,
Can you think of things that could/should be added? After that, it is a matter of FINDING (or creating) good answers for the thread. What of your early questions need an answer right now?
I have been thinking of investing back home in Ireland as property prices are low and rent is high. At some stage the GFC has to turn around and drive the housing market back up. It would be a Positively geared IP while I wait for the economy to turn around.
Even though I would have a 20% deposit in savings and a gross income of $125,000 last financial year the Irish banks are not really interested in giving me a mortgage because I am living in Australia so maybe I should start looking at the Australian housing market. Im a carpenter by trade and a renovation would be no prob at all but I’m not sure what would be the best way to start my Investment portfolio. Do Positive geared IP exist in Australia right from the purchase date or is it by buying a house that needs work so it can then become a positively geared IP?Also I would like to get a financial plan in place so I can stay focused on my goals. Should I try do this myself or ask a proven investor or company to help?
What would be your opinion on a good IP to start out with?Do you have many IP?
Thanks for your help,
Ross
Ross Brown
Email Me"You don't have to be great to start, but you have to start to be great"
You must be logged in to reply to this topic. If you don't have an account, you can register here.
