Young QLD Investor Needs Help!

Hi,
I am a little to young to actually purchase property (17 years of age). But I have read 0 to 130 properties in 3.5 years cover to cover and have read countless articles on the Internet with regards to investment in positive cashflow properties and numerous books including, Borrowing to invest by Noel Whittaker, The Property Investor’s Handbook by Graham J. Airey, Golden Rules Of Wealth by Noel Whittaker, Understanding Investments (4th Edition) by Charles Bellaerts and Kevin Forde and finally Personal Financial Management by John English, Barry Hicks, Sue Hrasky and Nikole Gyles.

I gained knowledge from all of them, but in the end I am only choosing to apply pieces of each of their suggestions. For example, I am not about to go right out and put all of my money in futures, nor am I going to keep it in the bank or invest it all in property. You get the point; they all have their pros and cons. But my goal is to achieve financial independence. So I am aiming to invest in property to increase the number of “income streams” that sustain me, but also increase capital growth by investing in “blue chip” shares.

I am curious, I have saved every penny since I started reading the book. I have saved $700 so far and that was in one month and I still am at school. I admit I don’t have any social life, but I didn’t before. Anyway, I was thinking of investing in shares to build up my cash reserves or should I just keep it in the bank at an interest rate of 4.6% (Dragon Direct Savers Account)?

Also where should I start looking for investment properties and what is the minimum I can start with and considering my age, how soon can I start investing in positive cash flow property, I realize with investment properties I won’t be able to utilize the First Home Owners Grant (FHOG). I think that by the time that I am 18 (May 2004), I would have about $7 000 (I get a pay rise in between now and May 2004, then another in May 2004) saved.

I was hoping someone could please give me some more specific direction. If I was going to purchase property (I live on the Gold Coast) I would prefer to purchase in Queensland’s, regional areas and maybe northern New South Wales. I would like to apply the buy and hold strategy, as I seem to be most comfortable with that. I currently work and go to school. Earlier I was working two jobs and going to school, I am determined my CV would further reinforce this, as would statements from those I interact with at school and in the workplace.

On another note, I would like to know what small / home business ventures you would suggest for someone who has few qualifications (Certificate II in Information Technology) and an increasing interest in investing. Also what is required to start and successfully run a home-based business?
For example, how do you apply for an ABN and what else would you need?

I don’t expect anyone to have all the answers, but I was hoping a few people could give some helpful advise and or direction, maybe even by providing links to relevant and or helpful sites. Thank you everyone, if you managed to read through all of this content.

I will post another article giving more detail about my service as a spotter. I’ll post it after this post, for more info. email me at [email protected].

Thanks heaps,
Christopher