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The very first thing you should do before you start is to think about what you're trying to achieve and then work out a plan to get you there.
Let me give you an example.
I bought my first house last year. There were 3 things I wanted to achieve:
1) my own home to live in (no more renting or living with family)
2) passive cash flow (to increase my income and not restrict me from further purchases)
3) the ability to use my spare time to increase my wealthThese were my objectives/goals. My plan then became:
Buy a run down 4×2 house in a cheap suburb, live in it, cosmetically renovate it in my spare time and rent out the extra rooms for extra cash. This plan fulfills all my goals and this is what I did.
Is this plan suitable for everyone? No, of course not.
I can't tell you what your plan should be, you just need to ask yourself what you're aiming to do.
Good luck
Thanks Anthony K, your post pretty much sums up what I was intending from the outset, none of this managed investment scheme nonsense.
@kent Hmm, I have private messages enabled, not sure why you can't send me anything. My email is [email protected], message me there.
@qlds007 I never said anything about "not declaring income and pocketing the cash". If my friend Bob and I want to start buying houses together, I don't think we need a licence for that…
I may be in Sydney next year, but for now I am in Perth, and I'd like to meet and discuss with potential investment partners preferrably on a regular basis. This may be difficult with interstate people.
As for the licence thing, I'm sure 2 people buying maybe a couple of houses per year would fly under the radar.
Ring the ATO, they may be able to answer your question without charging you a fee.
