Im not smart at all, just work my arse off. Its 5.5 years for a double degree. I’ll do it in 5 because I overloaded every year. Im a hustler Gotta get things done.

I came here because I have no real Idea about investment strategies. Sure I have the ground in the legal aspects, but that has no correlation to wealth building.

Starting my own practise is minimum of 3 years away. Once graduated I have to be under supervision for 2 years. In those 2 years wI will be earning $20 hour max. Ive done the research. Gooigle “grad survey.” Your “law practice” idea does not take into account of taxation or overheads, let alone establishing a repuatition that will keep work for clients hour after hour. Anyway, its something for me to think about.

FHOG is free money. You cant get anything like that, bar the Govt superannuation scheme. Ill will be taking advantage of it.

Thanks for the replies.

I did some research into the FHOG. It stipulates that the applicant must NOT have “owned a home prior to 1 July 2000.” The grant defines the term “home” as either a “new or established house, home unit, flat or other type of self contained fixed dwelling that lawfully can be used as a place of residence.”

TD, Your 4 step plan sounds good and is what I had in mind. But, my only concern is that investment properties I can purchase with my saving cannot be reidential. If I stay at home and use my savings I would need to invest in commerical property or peoperty that is not used for residence (and I suspect that these properties attract a large price tag.)

However, If I purchase a residential property / “place of residence,” then I am elegabile for the FHOG. I have too live there for 12 months which completly messes with the plan. I need to pay the morgagaue (out of my own pocket) and by law I cannot rent it. I suspect the grant was designed in a way to stop people for using it for investments. This is fine, but I either have to choose to take the money or or leave it.

What are some ways to solve this? Purchase only non residential property?

Here are the options in my mind…

1) Stay at home, use savings and purchase non-residential I.Ps, rent and channel positive cash flow into further IPs. use FHOG to renevate house to live in

2) Use savings + FHOG and purchase residential property. Move out of home (on paper or physically) Pay loan for 12 months, then rent and channel positive cash flow into further IPs.

Stuart, thanks for addressing the FHOG directly. I am sure there are ways around using FHOWG for an residential investment.

“I like the aforementioned idea of staying at home and only using the FHOG when you really need it though, all whilst travelling and building up a portfolio of I.P.s.” This sums up my vison. I am young and have a huge list of things to acomplish. – I dont want to be tied down to a 9-5 job and mortagage. I know there are ways to acomplish this, just gotta find out how.