Hi!
At what age did you start investing in property?
25 (I’m 26 now)
What difficulties did you have in doing this?
Trying to save a deposit while simultaneously clawing my way out of $25k in bad debt (still 10k to go, but i think putting spare cash into property is still best in the long run, rather than pay that down and have to save another deposit).
Was your first property an IP or PPOR?
PPOR for the sake of the FHOG and stamp duty concession, but will be an IP as soon as renos are complete. I bought a 1 br unit in November 2003 for $125k and just had it revalued to $145k (all I’d done to it so far was rip out the old 1970’s flouros etc and put modern lighting throughout). With this $20k, I’ve spent half on reducing bad debt and the other half is going into new kitchen, bathroom and laundry starting in about a week to bring the place up to $160k (or at least $155k and therefore pay for the reno).
How long did it take you to back up your first purchase with another?
I haven’t yet, but I’m probably looking at May this year, so I guess around a year and a half.
What are your plans for the future, ie. how many properties will get you to where you want to be financially?
Other than have millions of kids one day, my big dream is to see Earth from above… so however much that costs in the decades to come, I’d like to have enough spare cash to be able to float around up there for a week or so as a tourist (in space). I guess I’ll need at least 300-400 average properties to make this happen.
-Ian
