Hi,working on its never too late principal I am looking at property investing. I am 48 and my wife 51 she hopes to retire in the next 2/3 years.Currently our home is worth 280/310k we owe aprox 20 on the loan and hope to have it payed off this year. Our super will not be enough and the working on a 1o year plan and the purchase of 3 propertys to help our financil situation when I hope to retire at 60/63. Companys like westwater offer all in one packaages and on the surface seem a good choice for starter like us. Is it best to look at this type of “package” or shop around. Finally for the first purchase would you recommend townhuse in flemington (8k cbd) at 310k or unit in croydon(30k cbd)at 200k
Hey there Goanna,
Welcome to the forum. Hope you enjoy your time here.
As to your question all I can say is that I am never one for a prepackaged deal. To me a lot of the fat is long gone by the marketers. I firmly believe that the only way to get a truly good deal that you will be happy with is to do it yourself. Get out there and pound the pavements and look at properties. Decide what you want from your investing. Do you want to pay money every week into a property just so it can sustain itself (-ve gearing) or would you rather have the property pay for itself or actually make a little money each year (+ve geared, cashflow). Both choices are valid and the decision is yours. I personally only like to do deals that make me money from the signing of the contract. If it don’t make me money then I don’t do it. And by making money I mean cashflow day 1. I will only buy if the property if it pays its way. The exception is I have done 1 (2 nearly done now…1.5 weeks to selling) renovations. They do not make me money instantly but do within a 3-6 month period.I guess my suggestion Goanna is not to run out and just buy what others say to buy. Read, learn, educate yourself and but the propreties that fit your agenda (no one elses). I think you may surprise yourself and end up with a few more than 3. I wouldn’t have believed that in 9 months I could have purchased 8 (and sold 2). I just want another 50 or so more and the market is getting tough.
If you want to know where to begin have a look at Steve’s Reources https://www.propertyinvesting.com/resources
and start investing in yourself.
I learnt heaps from the property secrets revealed and recently heard Fasttrack and wished I had heard it when I began.
For such a small outlay it is an investment in yourself and your financial future.Also there have been lists of books from time to time on the forum that are also worth reading. (go searching https://www.propertyinvesting.com/forum/search.asp )
Hope I have helped.
Enjoy
AD [:0)]“Carpe diem, quam minimum credula postero.”
Lat., “Seize the day, put no trust in tomorrow.”
-Horace, Odes
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