I am a seventeen year guy turning 18 in just over two months and I am very interested in Property investing. I have read 100’s of posts, i went to Steve’s seminar in Brisbane. I have purchased ‘Buyer Beware’ and ‘Wealth Guardian’. With all of this chat going on in the Investor groups about Interest rates going up and property prices dropping. Would I be better off waiting until they do drop and get in at the bottom to ride it up? I have 50k and i would like to split it up into about 2 if possbile 3 deposits. Any advice is muchly appreciated.
Cheers Matt“If you do what you have always done, you will get what you have always had.”
“Isn’t it time for a change?”
hi matt
that’s great that you are interested in property. and equally pleasing to see you are keen to invest in your own education, well done.
I really don’t think the prices of the types of properties that i would encourage you to buy will drop in value (these properties being cash positive ones). i read a few days ago that 1,000,000 people plan to buy realestate next year ???, so if properties drop they will be snapped up.
Buy well
my advice to you would be look at as many properties as you can before you start buying, this will give you a real feel for a bargain when you see one. Robert Kiyosaki says “the profit is made when you buy not when you sell”, so buy well below the real value.
buy for cash flow and Capital growth also
a person startegy of mine is to find areas that are cash positive and have some economic development that will create jobs or migration to the area as demand will drive up prices even when the rest of the country is in a sidewards market.
buy to add value
finaly if it interests you buy something that is structurally sound but needing cosmetic improvements, ie a coat of paint. if you have time to do it yourself who knows you may add 10,000 in value to the property.
buy to hold
real wealth in realestate is made by those who hold long term so never/rarely sell.
hope this helps you, where are you considering to buy, and where do you live now?
one other consideration, use the 7,000 First home owners grant, consider living in the house and fix it up as you are.
regards westanHi Westan,
thats alot of people but nice to know, how accurate is the data that approximatly 1 million people will purchase property, i mean thats 1 in 20 people, im wondering do you know the stats for this year, it be interesting to know if those figures are higher or much the same as the amount of people who have purchased property this year.
Well looks like another good year.
cheers
s.i.sSave on a regular basis
“People forget that by saving just $3 per day and investing it sensibly over a working life, you’ll end up with around $1 million.”hi SIS
yes 1 million is very high, but apparently thats whata surfey said, i’ll try to fing the source. even if it was try (the survey, not 1 million buying) how many people actually do what they plan to do we know is very low.
regards westan
Hey Westan,
Thanks very much for you advice, i believe that every little bit helps towards a better future.
Thanks Heaps
Matt“If you do what you have always done, you will get what you have always had.”
“Isn’t it time for a change?”
Hi Westan,
Just have a quick question re your advice to Phobia. “one other consideration, use the 7,000 First home owners grant, consider living in the house and fix it up as you are.”Wouldn’t Phobia be better off living at home with m&d (if he can) or rent rather than live in a house he is considering to purchase, otherwise it technically isn’t an IP, it’ll be his place and cannot claim any tax deductions, plus he wouldn’t be generating income either.
I have been advised by my financial advisor to continue renting and building up my asset base than purchase a place to live in..
let me know your thoughts..
thanks,
WP
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