Hi Everyone,
I new to this game but keen to get started. I am 21 years old an I am in Real Estate (Hotel Brokerage Actually) I am in a position to purchase my first property, for the moment I would like something that is positivly geared (I think the bank manager would look more favourable on this). If any one has any tips or advice for beginners I would love to here them, or if you know of any areas that may suit me (I hail from Newcastle, NSW). At this stage I would like to spend about $200,000
ThanksHi Rebecca
I’m 22 and have just started out investing in property. Since starting I’ve really become involved and really enjoy everything to do with investing in property.
I’ve found the best thing to do is read all you can, get hold of as many books as possible, just so that you know what you’re getting into. Jan Somers books are really good and I’m waiting for Steve McKnights as I’ve heard a lot of good stuff about it.
As for the property itself, most people I’ve talked to suggest an interest only loan, borrow 90% (depending on whether you want to pay mortgage brokers insurance) and start small. The best thing I’ve done was start with something cheap, just to get the feel for property investing, then expand as you go.
Also, get in touch with a mortgage broker to help you out with the loan arrangements.
Good luck, I hope everything works out for you and that you end up buying more than just the one property.
CheersHi Rebecca
i live in Newcastle aswell, if you like
we could talk, both on and off this forum.?
good investing
nigelHi Nigel,
What suburb do you hale from? Living in Newcastle you would have seen all the recent developments what are your thought on these? I am trying to weigh up the potential benefits of buying a unit of the plan V’s the potential Risk (ie market being flooded) what are your thoughts?
Hi Nigel and Rebecca, a fellow local here – everyone else seems to be getting together in Syd and Melb – maybe we should start something here in Newcastle. I was chatting to my financial guru today and he’s local as well – sitting on the fence waiting for the market to drop so he can pick up some bargins. He mentioned someone buying off the plan at one of the better known unit developments who presumed he was going to be able to on sell before settlement and lost a packet – and it was not pretty – maybe 2 years ago buying investment units off the plan when they were under 250,000 was great but now they have already peaked I think. If you really want a unit I would wait – and there is no hope of one being pos cash flow either in this market. HG
I think the only way to get a discuont by buying of the plan these days is buying alot of units. If the builder thought he could sell all his units in one hit before even starting, that kind of security might persuade him to give a discount. Aside from that, the market is so hot at the moment, you don’t get any discount for buying 1 property off the plan. Having said that there are tax advantages of buying brand new.
Dan.
If you want an extraordinary life you have to be prepared to do things that ordinary people aren’t prepared to do.
Hi Rebecca
i live at Thornton, contact me if you like?
i have not invested in any, off the plan
developments, i have seen people make
heaps of money and some break even.
Some great develops have happened and some
great ones in the pipe line.
But you would be better talking to someone
that has put money on the table.i like your thoughts hgwells. i’m in
the phone book a group get together would be great.nigel
Fellow Novocastrians,
Lets set this up.
Email me with the subject Newcastle Meeting and we can organise a sunday lunch at the Brewery or somewhere similar.
Or a BBQ at my house, I am fairly central in New Lambton and now that Spring is here and I am itching to fire the BBQ up.
I am an investor myself and well networked into the local market – I love talking property with like minded folk.
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985Good on you all,
I am from the Coast and as you Mortgage Hunter I love talking about Property too.
I have no investments but myself and my Partner are looking to buy our PPOR and are svaing hard.
I too as with hgwells friend am hoping that on Central Coast our market especially on the low end turns backward. Some prices here are crazy.
Cheer All
TeyluPS. All you Newcastle folk, do you think that Forster is quite over priced. Ok they are close to the water, but proximity to major towns sort of has me miffed.
“Has anything you’ve done, made your life Better?”
(American History X)Hi Teylu
What price is too high for paradise.Forster has to be one of the best places to live, The ocean, the lake ,shops , schools sporting facilities even a hospital and if you have to Newcastle is just down the road for more extensive shopping. For the older people it isnt too far from the big smoke Sydney for the relos to visit. I was very sorry to leave but now find that I also enjoy Maitland though not as many nice beach walks.Erika
Erica,
Don’t get me wrong I think Forster is wonderful also, but I jsut noticed in my local property section that the Prices were high.
Where I was coming from was the Fact to pay of a Mortgage in my instance we be quite substantail and to earn the money to pay for that travel would be a prick.
Hope I didn’t offend anyone, just airing a point.
Cheers
Teylu“Has anything you’ve done, made your life Better?”
(American History X)
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