Hi Grease Monkey ,

The most common thought with realestate investing is that land goes up in value and buildings go down . The amount of land that you "own" with a unit is quiet small . Having said all of that units can be reasonable investments . There are hidden costs like body corporate fees that jump to mind . Other costs can be building maintenance and a sinking fund . Sometimes if you take all these costs into your calculations the returns are not so attractive . 

One thing I would certainly look for would be off street parking, preferably a lock up garage . This will make it easier to rent and help to make it more attractive for resale .

You could do an RP Data search that would show the growth over the last few years .  

Hope this helps

Rodeo   .

Hi Picnic ,

I have done a few bathrooms , both reno and complete new ones . Your $2000 is probably a bit skinny but not impossible . The important thing is to be practical with the location of the fixtures . Think in advance about the sewer pipe and the drains from the bath ,shower and vanity before you start . Maybe talk to a plumber and get them to quote the job and ask for the most cost effective way and maybe the most  logical way .  It is easier if for example you have a house where you can get access underneath the floor. A concrete floor (slab on ground ) can be more of a pain. Make sure you set the bath into the wall properly . One house I bought  had rot inside the walls from a bath not being set into the wall properly . It was a case of rip the bathroom out to fix all the rot and then put it all back together .

Good Luck

Rodeo

Hi Kean ,

You are in such a strong position because of your age . That may sound funny but you can acumulate so much knowledge by the time you are 18 yo .

My son bought his first house at 18 . The things the bank look at are basicly set in stone . Do you have a permanent job . Permanent casual is ok . Can you make the repayments  ? . General rule is that up to 30% of your wage can be used in repayments . The obvious thing is that you live at home and have no expenses . (this helps) . A rental property takes into account  the rent you will receive as well so you get to buy a more expensive house . Do you have a deposit ? This can be an unconditional loan from mum or dad or anyone really as long as it is unconditional . The important thing is to have an exit strategy ( how do you make some money out of the deal ) . Don't get stuck with thinking that having your name on a property deed will make you rich . Understand the real costs of owning property .  The rates and the managers fee , even some money for repairs . Learn to look for properties with a twist  . Something you can add value to easily  or change it's use . You have time to learn all your lessons well .

My 19 year old daughter has just bought her first house as well . It will cost her about $20 dollars a week in repayments after the rent . After a few renovations it will actually make a profit each week . Don't be afraid to go further out of major cities to get started .

When you are 17 go to the bank and ask them how much they will lend you  . Listen to what they say but remember there are lots of banks . Set yourself up to meet their criteria . Remember you can make money with a $100000 house as well as a $1000000 house . Make sure you listen to people who actually invest in realestate .

When I was 15  my thoughts were the same as yours . I didn't realise then that I couldn't legally sign a contract anyway . It took me a few years to get my act together .

There is a fellow called Dolf de Roos he wrote a book called Real Estate Riches . It could be a good book for yourself to read .

Good luck with it all .

Rodeo

The agent can't legally rent it without a written and signed agreement . One way out maybe for them to drop their commission for 12 months . The commisson is normally 8% plus and they add postage and petties to this as well . You would come out about where you wanted to be . This maybe less painful for them than you going through the realestate institute. Not sure if you  have been doing this for a while but I would only start a new tenant on a six month lease . As a matter of fact I only ever give 6 month leases . That way I can add another 5 or 10 dollars every six months .

Hope this helps

Rodeo