Hi,
As a 21 year old university student, money is scarce and you would think investing would be the last thing on my mind? Infact, at the moment, I am really getting into this property investment thing, heaps of research and learning going on but still just a learner. (Its amazing how enthusiastic to learning one becomes when the content is so exciting)
Anyway, as I plan to purchase an IP in the near future, and I am interested to hear your stories of that first illustrious IP purchase. How did it go? Did you have success first time round? Was it a Slum/Castle? What was it worth? CF or CG?
Hope these Q’s aren’t to impersonal. (Please tell me if they are) I’m just looking to learn as much as I can before I take the next step!
Thanks[
]Tim
showus,
The sooner you start, the sooner you can retire [
] it’s a good thing to take an interest in. First of all… my story. Before i tell you, I will say that i got a bit lucky, and in hindsight i would do it different (even though it went/is going well).I am currently in the UK, have been for about a year, and was in NZ before that. Bought my property before I left Oz (will come back in about a year). I was interested in fixeruppers, but was leaving the country, so this was a problem. What i did was go halves with someone that had a good income, but no deposit. I put up most of the deposit, he lives in the house for cheap rent and is doing the renos. He does not charge me labor, and pays for all materials till he has made up the deposit. It is a win/win.
Why was I lucky. I bought in Rydalmere (Sydney) just under 2 years ago for $300,000, it is now worth roughly $430,000 and rising steadily.
Why would I not do the same? I took a long term position in a -ve cash flow. fixeruppers are good if you fix them then sell them for a quick buck, but the disadvantage of keeping a -ve gear property, is you can only afford to do so many till you have no more money. From now on I will only look for +ve geared properties, then I can get as many as i can lay my hands on.
Your situation. Since you have no money, and being a student i assume not alot of income, it will be a bit more difficult for you. The only way I can think of for you to make money in realestate at this stage is sourcing great deals. 2 choices… come up with about $5000 somehow. Through loads of hard work and due dilligence, find the deal of the decade, and put an option to buy it. (This will take alot of time to find the bargin). You can then either 1. sell the option (and you don’t have to pay stamp duty) or 2. Find a partner for the deal. If the deal is good enough and there is money in it, you should be able to find a partner.
Happy hunting, hope i helped.
Dan.
If you want an extraordinary life you have to be prepared to do things that ordinary people aren’t prepared to do.
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] it’s a good thing to take an interest in. First of all… my story. Before i tell you, I will say that i got a bit lucky, and in hindsight i would do it different (even though it went/is going well).The topic ‘Keen to Learn’ is closed to new replies.
