I was just thinking a one time GUARANTEED, NO EFFORT REQUIRED return of 33% + inflation may be more suitable until I complete my education, start working full time, and have weekends/nights free.
Where would you get a return like that especially Guaranteed..No effort required ( essentially no risk, high reward, high growth )..The *ding-ding-ding* noise is not the Bus..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
This gets posted every now and again here… the general consensus is ‘no’, but remember it all depends on your personal strategy..
The Unit you looked at, you haven’t posted any details of costs etc associated and the deal.. hard to give an opinion..
Whatever you do, you have to be ‘comfortable’ with your decision and have decided on a course of action based on many things..including risk level,age, what you expect/want from investing in property..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
As Elves said, they may find you Finance or provide finance, then you’d be stuck !! adding in subject to finance, just so you have an ‘out’ if you change your mind is not the way to go..
Apply for deals you only seriously want and add..subject to ( conditions as above ) which can give you an ‘out’ if the property condition etc is not as stated by the owner or problems become evident..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
I have just released $88k in equity and I am thinking of investing in 1 of three ways.
1. Buy block of land build new house and sell for profit on completion.
Do the sum’s, how long to build the property, associated cost’s etc, approximate profit- (minus)taxes
At the end of the day..what would be your approximate profit
A- if all went to plan
B- things took a little bit longer, you sold for a bit less
2. Search for cash flow positive rentals.
How many would you wish to purchase ? 2,3,4 ? where would you purchase, what area would you feel comfortable purchasing in ? How would you progress if there were problems ( maintainence/rent etc)
3. Buy, renovate and sell.
What kind of property would you buy/where, would you do the work, how much time would it take, how much could you increase the value by ? what associated costs would there be etc etc..
Can you guys and girls give me some recomendation based on personal experience?
?Depends on “your personal experience” and doing what you feel comfortable with ! There is no right or wrong, many people have profited following each of these paths… which one do you prefer, which one fit’s your comfort/risk levels ?
Cheers, Barry[]
REDWING
Bottom rung of the ladder ? well the only way is up !
At the end of the day..do the sums for each strategy, the one you enjoy will probally be the one you’re good at !!
“Money is a currency, like electricity and it requires momentum to make it Effective”
The journey of a thousand Miles begins with a single step !
As has been stated, as Nike says “Just Do It”..
Actually, attend your local library, look at the property investing book’s, and as a broader picture maybe read one of Noel Whittakers books, Robert Kiyosaki’s is a great read, The richest man in Babylon is a classic… P.S -Library’s free ( ask them to get Steve’s book )
If you have some dollars to spend, see some of the recomended reading on this site..purchase Steve’s book ( Proceeds to Charity ) and get a ‘feel’ for what we’re talking about..
Practice investing… look at properties in your real estate agent’s windows, imagine purchasing one, now what are your cost’s, what rental would you recieve, how much interest will you be paying..
Join in this forum as you have done so..and read a ‘lot’ of the post’s..then ask some more questions..many here much more qualified than i are willing to help!
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”