welcome to the forum.
Hi, I’d start by reading a few books so you know some of the strategies out there. You need to decide what sounds good to you and suit your situation.
Everyone is different and wants different things from property. Some don’t mind negative edquity as they believe Capital Growth will win out. Others want Cashflow (like me). Well I like both cashflow and CG really. Cashflow with no CG won’t get you far in a hurry.

Do some reading then you will have many more questions.
Forums are a wonderful resource.
You are in a great position with equity to use. Well done.

Read, ask questions, and get the structure right and you’re on your way. Try your library forst as books can get expensive and you need to read a lot. Some can be downloaded for free also.

Networking is also a great way to get moltivated and to chat to “real” people that are doing it now. Find some meetups where you live.You can also attend free seminars. Just leave your credit card at home. You do not need to pay thousands of dollars to get started and build a great portfolio.

A few easy to read ones are:-

Jan Somers’ “More Wealth from residential property”
and
– Michael Yardneys’ “How To Become A Property Millionaire”

Follow this link for MANY other suggestions.

http://somersoft.com/forums/showthread.php?t=9652

• This reply was modified 10 years ago by  Catalyst.
• This reply was modified 10 years ago by  Catalyst.

Everyone is time poor.

But at the end of the day we make time for what’s important. You know the saying- if you want something done give it to a busy person.

Financial security is pretty high on my list of what I’m prepared to sacrifice time for.

It’s taken a few years of endless time on the computer and looking at houses but I’ll be retired soon and will have all the time I want.

Hi, where are you located? People can then recommend (or head you in the right direction) with some groups.

I’ve met a lot of people that have built portfolio’s very fast but none of them have done it without help.

I went to a few seminars that wanted to charge $5,000+ for mentoring etc but I did not feel comfortable with them. There are many, you do gain some insight at them and you often get free books. I have met some long time friends at these. But don’t bring your credit card. If something sounds enticing come home, ask on here, then decide.

In the end I found someone I could trust and bought a few through a buyers agent. I then started buying on my own as my confidence increased. I never would have the portfolio I have today without that initial boost (and reassurance that I was getting it right). Who would have thought you could buy property that actually puts money in your pocket from day one? (not me when I started). That iks also how people keep buying. If you aren’t losing your wages to buy and you gain equity you can keep buying.

It definitely helps to be around like minded people. Networking is THE key.
Go to meetups, chat with people.

If you go to meetup.com and type in property and your local city there will be meetups where you live. Most are just informal meetups where people chat. Some have guest speakers etc.

You have made a great start. Good luck to you.

Hi, you say you don’t want a PPOR. You do realise to get the grant you need to live in it right?
Calculate minimum 6 months of paying interest with no rent/

If you buy an IP you do not lose the First Home owner Privileges. Under the present rules you can still get it later if you own an IP now (as long as you have not lived in it).

Also if you buy new you may not be negatively geared as you will get much more depreciation in the first 5 years. That’s why a lot of people DO buy new.

When you do speak to an accountant find one that has a decent property portfolio. I have been given bad advice in the past. A good property savvy accountant is a MUST if you want to get anywhere in the property game.

I myself buy under market value (difficult in Sydney ATM) and add value with a reno. This gives you instant equity to buy again plus an increased yield. Done right you will be CF+ from day 1. Others have a different strategy. There’s no right or wrong, just what works for you. I buy for yield as I want to retire so cashflow is what will let me do it.

Lots unanswered questions which make a HUGE difference to which way is best for you.

EG Where do you live? City.

What’s your current living arrangement (renting, living at home, sharing?)

If renting what suburb? Do you want to stay in that suburb? close to work?

Whether it is financially better to buy a PPOR or an IP depends on where you want to live. If you want to live in an expensive suburb it is often better to buy an IP in a suburb that has better yields and rent where you want to live (as it’s cheaper to rent than buy there.

Negative VS Positive. Do you want to lose money to save tax or make money? Lots of debates on this. You can only buy so many negatively geared properties before you hit a wall.

Reno’s are the way I build equity. Of course there are other ways. Find what’s best for you.
Keep reading and asking.

You can’t just change the % ad hoc.

The % you choose when you buy is the % it is. Any change will mean paying stamp duty etc to change it.

It would be nice if you could do it but it’s called Tax Avoidance which is illegal.

The only difference therefore is if you want your other half not to get your half if you die.

When you have an investment property Centerlink counts the rent but doesn’t take into account the outgoings.

Not sure about Child Support.

Common sense would be based on your taxable income but who knows. Then again if you are claiming depreciation etc your taxable income would be a lot lower than it actually is so not fair either.

Best to get info from the source.

The land would have to be zoned for that type of development.

You’d be better speaking to council to see if it’s permitted.
You’d need appropriate insurance.
As for the carpark you’d have to get permission from the owner to use it as a thoroughfare. What would be the bnenefit to the carpark owner?

Have you researched as to whether this would be used by locals? First step I think.

It depends what your goal is.
Are you intending to do a reno and sell? keep?
How much money do you have to spend?

Your question is too broad for an answer.

There are millions of houses in NSW everywhere that need work.

You will need someone to remove the weatherboard and put the blue board up then a renderer.
Not sure that you’d get it all done for $15k. Maybe. But it will make a huge difference to the value I think.