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hI Paul

My Dad was a Minister in the Uniting Church and i remember him telling me about a guy he knew in the 1980’s who was as in the Fairfeild infectous diseases hospital, he was living in a Iron Lung (no sure what they are exactly but i know he could never leave the hospital). He had a hobby of buying and renovating house around Melb. If he could do it anyone can.
In answer to some of the Questions
1. Interest rate rises, you can fix your rates even up to 5 years easily and not very expensive. That deals with rate rises, hopefully the rents will rise also.
2 People destroy homes- this does happen. But you can buy Landlord insurance, its very cheap usually under 200 per year and will cover and damage by the tenant. it will also cover loss of rent if the tennant doesn’t pay. That covers that one.
3. who will repair the house, it’s easy to find handy people to pay to do the work, rental managers usually can advise if you don’t know any. Or put in a bad tenant get them to trash the place then get it fixed on your Landlord insurance[] sorry just a little joke there.
don’t let your restrictions stop you. We all have some form of restriction, for some it may be the lack of deposit, we can find ways around the challenges.
But my concern is the market, i’d be careful that the returns are not there at the moment perhaps the market may even drop a little. But use the time while things settle down to learn as much as you can
keep looking for that great deal they are out there
regards westan

Paul

Hi, I think property is fairly safe. It is very hard to lose money with property (but not imposisble). Since you have a lot of equity, you could do a lot of property investing. But maybe you could buy one and see how you go, if it works buy another etc.

I have done 6 wraps using a real estate agent. I haven’t even seen the proeprties and have made a good passive income and capital gains as well.

There is alos the possibility of doing a jv with someone that renovates property. This may be a bit more risky though.

You could also just use a buyers agent to source a buy and hold and just go for capital gains.

If there is any problems, other people (such as property managers, tradespeople etc) can handle them. I don’t even know how to change a light bulb and am doing all right!

Good luck

Terryw
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Hi Paul. Property investing might be just the thing for you. As long as you can get to a phone to talk to a property mgr, you should be fine. Some people buy property without even looking at it ( I personally like to see what I’m buying). Once you buy, as I mentioned, let a good property mgr take care of things for you. Just keep doing your research.

Best of luck

Marty

One problem (I should really say ‘One task’) under your circumstances is how to obtain finance.

As your income doesn’t appear to be quite large enough to get a loan from a mainstream lender
that is one area you need to consider before you dive into the pool.

Possibly one way would be to do flips i.e. buy and resell (at a profit) before you yourself need to settle your own purchase.

Is there anyone in your immediate family who would be happy for you to do the searching for the right kind of property with your relation
or good family friend being your financial partner ?

You could start off by lending them Steve’s new book so as to get them interested in the concept.

After you have made a profit on the first one the next ones will be a piece of cake.

Cheers,

Pisces133