hi guys i’m new to this site, i have built a house in the past sold it made good profit and put it into this house i have just finished building which i have just sold also subject to the buyer selling her house. I’ve made a fe mistakes with my second build as i over capitalised a bit, not my intention. and i used some of the equity as i wasn’t working at the time. however after all this and paying all my debt off i can still go into building the next house with a deposit of 50 grand. I’ve been looking at all these property guns who claim to make so much money with property options, and developments but don’t actually tell you how to get there. my goal in life is to be able to leave my current job so i can create property option deals and developments . also having 20 rental properties. i look around in perth and i see every doing developments,yet to me it seems you have to have a lot of money to do this. I know about vendor finance for the deposits of the loan and using commercial loans and paying the repayments off at the end off the project out of the profits, however know one her in perth seems to have experience with this. i’m i missing something here or do you just need cash behind you to start?
You can start with something smaller that you can add value to. Rather than waiting for the market, you can add value help create your margins. You need to take these steps to start with and later move into the smaller developments. You don’t need huge amounts of capital but it is best to have a plan in place. Work out what you are after. Is it capital or cash flow you need? Once you know that answer, then you can work towards getting your portfolio together. If you do this in a smart way, you won’t need 20 rental properties, you have 5 or 6 which have added value which will generate the same income for you.
Kylie Walsh | PPI Investment Advice
http://ppiinvestmentadvice.com.au
Email Me | Phone MeLicensed Property Financial Advisors who provide Tailored Property Advice and Solutions
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