Hi There,

Sounds to me like you are investing without being really sure what it is you want to achieve?

My husband and i just bought our first investment in a 'not so nice' area which pays itself off and we dont have to put a cent into it. Its our first Ip and it has not caused us one bit of stress because we have reached out goal of having a IP that pays itself off. Thats all we wanted for our first attempt and we got it. Yes it took us 6 months to jump in and do it but that is because we researched until we couldnt research anymore and we went over our monthly internet usage allowance. Sounds to me like you may also be a little worried about reputation and if you are asked at a dinner party where your investment property is, you want to be able to rattle off blue chip suburbs…. i have been asked many times why i invested in Mt Druitt and simply explain to people that my investing goals are for my properties to pay themselves off and i will eventually live off the income… my goals are not to buy a property in the place i want to retire in, which is Port Macquarie. Yes it would be lovely to say i own a beach front property in port macquarie but i dont want to own a property in a town where vacancy rates are still a little high for my liking and it will cost me a fortune to maintain.

It is important to be happy with your own house and this is the one you should be proud of that has all your mod cons. I have the same… a 4 bedder, 2 bathroom, spa, pool, big block etc. But my investment property and subsequent properties are a wealth creation tool not a thing to gloat about at a dinner party..

Hope i have helped.

Amanda

I sat down with my hubby after a nice dinner together with a big pad of butchers paper ( i am a trainer so i use it in classes )
We talked about ALL the things in life we wanted to achieve first. We put down our most outrageous dreams and goals for ourselves as individuals and then as a couple. Then we looked the most achievable and decided to start on them immediately.

We then looked at what we wanted to do together… and we both want to work less, enjoy life, raise a family.
I am the one obsessed with property and i educated myself so when i sat down and showed him the figures of what we  could achieve and how this could help us to achieve our outrageous and not so outrageous goals… we had common ground.

Property is just a vehicle for wealth creation. You, like myself, may be fascinated and obsessed with it and that will be the part you play in your investing strategy. Your partner doesnt have to be as excited but has to be on board as he has to be comfortable with the risk. My husband is a visual learner so i drew $ signs, percentages, deposits required for another purchase, etc etc.
I then drew an aeroplane and all he has ever wanted is to become a pilot… visualisation can be the key with some people…

Good luck!

I am 25 and have realised i am sick of working for other people.

I hate with great passion, the sound of an alarm clock in the morning. I want to work my own hours when i want to

I am addicted to property… yes i have taken the first step and recognised my addiction I will sit on websites all day every day looking at properties, crunching the numbers, looking at what renos i could do to increase value… I JUST LOVE IT

I just wish i had discovered it at an earlier age… I CANT WAIT for 5 years down the track when i can look at my property portfolio and say 'wow'… look at what i have done for my future.

Its about living the life i want whilst feeding my addiction… and reaping the financial rewards later

$380 a week is top dollar, i was even surprised!
A few factors:
A damn good property manager
There werent any 4 bedroom houses available for rent in the Mt Druitt area at the time
The tenants marriage had broken up and she needed somewhere to live asap
We allowed a pet
Complete new paint carpet and floors so it had a new house feeling
Single lock up garage which alot of the older houses in Mt Druitt dont have.

I am looking for my second IP now…

Shame you wont look at the Mt Druitt area. Can i ask why? i am intrigued.

I just bought my first IP after 3 months of research.

Bought in Hebersham, 4 bedroom house, single lock up garage and seperate carport also. 580sqm block. Bought it for $235k, spent $6k on a cosmetic upgrade… rents out for $380 a week, got a tenant in day after settlement….

I got $15k in equity in 2 weeks and a property that costs me nothing. Its a set and forget type property.

I guess if its a stigma issue then like Catalyst said… "more for me"….

Nathan Birch is an absolute champion. he is doing all the things i want to do with my life.
he actually saved his first deposit but used a credit card at times when he needed to be creative. He manages to find a way to do all the things he wants.
His book will be awesome and i have asked for a copy already.
Nathan has a new website coming soon as well.

Clappy, where there's a will there's a way and Nathan is living proof.

Hi there,

They generally say bathrooms and kitchens. Depends on whether its a cosmetic or structural reno as well.
Also depends on the area and type of dwelling you are renovating. Who lives in the area and what do the they want? Do they live in an area that doesnt have parks and gardens – therefore you may add an entertaining area to a property…

I just renovated (cosmetic) a 4 bedroom house in Hebersham, NSW.  Spent $6500k on paint, carpet, polishing floors, adding a shade sail and a few outdoor things to provide an entertaining space… the revaluation this week came back $16k more than original valuation…  Its my first reno, so i am just happy to have come out $9500k in front for 2 weeks work (project management, i didnt get my hands dirty)

They do say that cosmetic renos dont bring a lot of extra value… you need to add rooms or stunning kitchens and bathrooms but it needs to match the demographic. No point putting in a $25k kitchen in a house in a low socio economic area in a $100k property for example.

There are plenty of good books out there to read about renos. Cherie Barber and Steven Toll have GREAT resources. They are an inspiration.

Good luck!

Moree also has plenty of positive geared properties… but would you buy there when you can buy in Sydney 45 kms from the CBD like i did, where there are NO 4 bedroom houses available to rent in the suburb..

Hi there,

I went for most of it. I unfortunately had to leave before branson came on, apparently he was the highlight of the summit, just my luck.

I enjoyed Kerwin Rae, i think that was his name. He was down to earth and funny.

Tony Robbins was overbearing and hypnotic. You almost feel like he is hypnotising you to buy his products and spend $25k on his 'master class'. He was on for 4 hours, 2 was enough. I did learn that i need to be in the right 'state' to change things in my life. And if i am not happy then i need to change my 'blueprint' or what i expect from life.

Mark Rolton was great to listen to but i learned that i would not go anywhere near his 'training program' or buy any of his products.

Overall, I picked up many tips and techniques in regards to what is possible in the investing world, as i am only a beginner.

Amanda

Awesome video…

you have to indulge us with the financial details though…

profit? cost? Time?