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163k for me but its my second property and i am only 21. Took alot of negiociating with Westpac to get it over the line.
Some young guy is paying $140p/w for it.
21 y/o own 2 small apartments just outside Perth CBD 290k Loan but with about 140k equity so not a bad start for someone my age with boomsville. Hope to invest in queensland before the end of the year and still paying off my World Cup trip so i am living the life.
positive cash flow propertiss are almost impossible to find in Perth these days. You best be going for capital growth anyway.
Get rid of it and Invest here in Western Australia where you will make your money back quicker.
I live in City Beach I’ll manager it for you[blink]
Try Ron Edwards and associates they manage my places next door in Wembley and Glendalough.
This was on Aussiestockforums last week.
Re: Westpoint collapse
On another note stay well away from this company….Powerloan
This is the company that recommended Westpoint to my mother, how ill informed were their financial advisers. They took my mothers money just days b4 the collapse
Your far better off looking for Capital growth than positive cash flow in WA.
The market is very different since steve went on his journey.
Yeah can someone please give us some details to where i can find this book.
Update,
Got my second apartment on the weekend. Another 1×1 42sqm Apartment in Wembley(nex to Subiaco).
Portfolio is now worth around 360k and its all debt
I’m 21 And got in on the Perth boom with 1 IP close to the city. Currently have approval for second property but put in a couple of offers with no luck so hopefully this Saturday might be my lucky day.
Want to be a net Millionaire by 27/28 and also learning about investing in shares and forex as we speak.
My current goals are to get this second place within a week or two and then invest in brisbane later on this year which in my opinion is quite undervalued. Also when i have some serious cash back-up i want to develop and quite my day job.[biggrin][biggrin][biggrin]
Hey Mate,
I bought when i was 20 last year and found out that if your young banks will usually lend you alot less than someone older. Basically you need to go speak to someone and maybe from there you can have a stradegy to help you buy your first home.
Cheers.
Look at Craig Turnbull he became a millionaire at 28 and a year later lost it all. He looked on the brightside and started it all again. I wonder how much he is worth?
Persoanlly although i’m the young apprentice property investor if i was in your situation i would sell for a loss and invest somewhere else. You might have a better chance of gettign your money back.
The cheapest 3×1 in Perth are in Maddington, Armadale and Thornlie. ALl properties sell for around 250k and 3-4 years ago these properties struggled to fetch 60k. The 200k 70s apartments were 50/60k just 3 years ago.
All though no-one could ever predicted how big it was going to get i guess hindsight is a good thing.
There was a thing on CNN business world saying how investing in bulgaria is the way to go.
I was talking to Derek on monday and Yes Steves first book stradegy has no reference to the Real estate world these days.
The book though is a good read but it comes down to personal preference, For me i’m interested in capital growth.
But with the IC i went to a meeting on Monday and was quite impressed with what they said. Probably not a bad idea for someone who has little knowledge on the market but wants to get involved.
cheers.
Looking to buy another property in WA or elsewhere within the next couple of weeks. My 2×1 in glendalough is now on the market for rent and have moved back in with my parents for the next year to falicitate my new loan.
hopefully if its possible want another property by the ned of the year or early next year as well
make sure you live in it for 6 months. If you get caught and they do check you will lose the grant and pay something like a $20 000 fine a top of that. Ouch!
Yes, as i used my grant i need too wait until june but i will most probably buy in May and settle just after the date.
If i had the cash i would of ditched the first home buyers grant and bought more property a little earlier its not worth it!
DrX People are clearly jealous!
Some of the few things i have learnt in my young life is that Their is no Right or wrong way to living life and that its not what you know but who you know.
In My high school years i was in realistically lucky to pass school i absolutely cruised through it all. And because i didn’t do TER/TEE/HSC alot of people looked down on me because of it.
Now some of these people are about to start Uni and i’m looking at hitting the 500k Portfolio mark by december.
I found out recently that word has gotten out about my investing successes (also have nice share portfolio) and the amount of envy and dissatisfaction and disenchantment with life is obvious when i talk to these people recently. Some of these people are terrbily upset that i am succeeding and things for them are hard and will be hard with some of the careers.
Am i bitter about what people said to me in High School No! but i do look forward to talking to a few of them in 10 years time and to see how they are travelling with there life. I won’t retire as young as a few people on this site but i will certainly retire before anyone from my year will.
I also understand that i am aided by the fact my career is the best kept secret in West Australian and that i seem to be very interested in investing (talk about it for hours).
But that unfornuetly is life. I’m not arrogant but i will be a classic example of being alot wealthier through investments compared to people living the 9-5 until 60 lifestyle.
But back on topic, the main thing that is hard for first home buyers is that they are not competing with Australian investors but also overseas investors.
