Hello all,
I want to get into prop. Investing but am so confused where to start. I would love to hear your opinions. So many seminars, wrap this and negative gear that. P&I verses interest only. Talk about analyses overload!
Here is my situation: I am 26, have travelled for the past 4 years and only have about 12k in the bank. I don’t own a home therefor have no equity which, from what i’ve heared is the way to get into RI. I have a good job now but no work history over the past 4 years in Aus so getting a loan will be impossible I gather.
I like the sound of Steve’s wrap pack and would invest in his product but as I say I am just not sure what I could do without either equity or tax returns for the past 4 years. Is it impossible for me to get started now? How can I find out my best options? Any advice would be much appreciated.
Regards,
HHarry,
I’m fairly new at this too, so I’ll give you the little advice that I have and some super investor will come along and set you straight.
First, yes it is confusing in this forum and with all investments at the start. Property investing seems to be the flavour of the month, which means more info and more chances, both to make money and to be gain expensive lessons.
With your financial situation and buyign an IP, you can still get your 7K first home loan right? Although this is to be used for your place of residence, I don’t think there is any set time period for how long you have to live in the property, before you can turn it into an IP. 12K in the bank is good too. And now you have a job at least you know how much you will earn. I’d suggest going to a mortgage broker and asking them advice. You also have to decide why you want to invest, or more to the point, how you want to make your money, ie, capital growth on the increase in property or having a cash flow positive property ie the rent you receive covers more then your rental repayments. You don’t have to stick to the same idea for every property, but a goal for your first property is a start. I have found recently that although the property I bought a year ago has gone up in value 25%, my rent plus job income isn’t enough to buy what I wanted, so now i’m looking for a place with high rental yeilds to increase my earnings.
Like everything new it is confusing, and i’m still confused, but also like most things, investing is something you can learn. There are thousands of books and stuff on the net. Keep reading what people say in here, and asking questions and you’re ahead of most of the pack who just buy a place because it’s a nice area or what not.
Also, unless your questions are specifically wrap related, asking questions in the ‘General’ forum page will proberly get more of a response.
Good Luck.
Wild.Hi,
I thought I would help you out by moving your post into this area [
] I agree that it can be very confusing, so as a quick summary here’s what I would do:1. Work out why you want to invest in property… what’s the higher purpose?
2. Depending on your answer to 1, the next choice is to decide about what sort of property profit you want to attract. Your choices are cap. gains or +ve cashflow. Properties that promise both are very rare.
3. If yuo want cap. gains, look for properties that are in limited supply, since demand for those will generally be higher and will thus drive prices up. If you want +ve c’flow then look for yield – either commercial or most likely regional residential dwellings.
4. It doesn’t matter if you have low or no money. There is always the possibility to make a profit if you can get creative enough. You make the rules of your offer, so you are only limited by your imagination.
5. If you believe you can do it, you probably can! As such, spend a little while setting out a plan for how many properties you want to own and then work backwards while you consider your individual actions plans.
Have a great day and thanks for your post.
Bye,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
] I agree that it can be very confusing, so as a quick summary here’s what I would do:The topic ‘Opinions please’ is closed to new replies.
