What should i do with my slave saving of
$23 000… I want to build a property portfolio produceing positive cash flow.-I’m reading 0-130 properties..3/4 way through.
-Fast Track video is being sent and on the way.
-Played Robert Kiosakis cashflow about 25 times.
-Haven’t been to seminars of real value, just motivation to save $$.QUESTION is where do i start [biggrin]… what would you do in my shoes.. oh.. i’m 24 years old, never moved out of home, never had a bank loan, never paid rent.. jus some background anyways.. thanks.
Replied in BLUE
Originally posted by my4isrobs:What should i do with my slave saving of
$23 000… I want to build a property portfolio produceing positive cash flow.-I’m reading 0-130 properties..3/4 way through.
-Fast Track video is being sent and on the way.
-Played Robert Kiosakis cashflow about 25 times.
-Haven’t been to seminars of real value, just motivation to save $$.QUESTION is where do i start [biggrin]
I think you are moving in the right direction by reading and learning everyday.… what would you do in my shoes.. oh.. i’m 24 years old, never moved out of home, never had a bank loan, never paid rent.. jus some background anyways.. thanks.
If I am in your shoes then I would still stay at home because I will save a lot by doing this.Set goals of how many -ve, +ve, neutral property I want to buy and how are you going to do it?
When do I want to retire?
What do I do next?
I will arrange to speak to one of the mortgage broker to see how much I can borrow!
Set up the approach of how am I going to purchase my first property. By When? Where? what is my criteria? what if I have the problem along the way, how am I going to solve it?
Kind regards
Chan Dollars
[Retire Young, Retire Rich] [strum]What would I do.
1. Find another job.
2. Once I got a job – go to bank and find out how much I can borrow.
3. Buy a property or two depending on what bank allows. Decide if you want postive geared /rural/ less growth OR negative geared/Surburban, near home/growth property. Me I prefer growth.
ie. Steve Mcknight v Jan Somers. Read a few books on each strategy.
4. Enjoy yourself and let the rest work its way out. Even go overseas for a holiday.Good luck
Thanks guys i really appreciate the feedback, the support is most welcome..
I guess i’am trying to make the right decisions starting out instead of having the reverse approach that being make the stupid costly mistakes then ask for advise of what i did wrong or how do i ammend it to get back on track.I have a job interview today at the sunshine coast inwhich if i’m successfull i will be moving up there to live..i’m from Brisbane atm.. hope everything goes ok.. With a job atleast i should be able to get a loan in a few months.
I’ve heard of ‘no money down’ deals which would be pretty good for me atm (i think) because although i have the deposit from my savings i have no means of making the loan repayments for the investment property. Has anybody they know done this well when starting out like me…
My goals are to educate by books, tapes/videos and this forum and to have a positive cashflow property b4 xmas 2004. One step at time approach is probably a good move…i’m pretty excited about the whole thing, and have been in limbo for about 12 months deciding how to do it.Full-time work is a little monotonous sometimes and finding the time and keeping focused is hard, especially when i need free time to have fun and be active in other areas of my life..eg social, sport etc..SO not i have chance i want to dive in but yes thats probably not the best idea as i dont really know what im doing.. but i know where i want to be.. does that help [biggrin]
My4, oh to be 24 again
)Sounds like you’re in a good situation. Did you/will you get a redundancy package? Or were you on contract work? If you werein permanent work, check out if a package is due to you- it will help you greatly
You said:
“I guess i’am trying to make the right decisions starting out instead of having the reverse approach that being make the stupid costly mistakes then ask for advise of what i did wrong or how do i ammend it to get back on track.”
depends on how you see the world… I don’t see “stupid costly mistakes” as part of my vocabulary. If you wish to, you can see the world as a learning curve, and that mistakes are opportunities for learning. (This comes from a person who has made lots of “irregularities on the learning curve”) [blush2]
If ya wanna have a social and sporting life, then do. We can be investors and still have a life! It’s one ofthe beautiful things about property- we can “set and forget” if we have a good property manager.
Good luck with your plans
)kay henry
It was permanent work doing a support role for administration/service/accounting in manufactering engineering co. I got a redundancy payout which eased the pain. Time to move on now.
Thanks to those that have taken the time to post a reply.
REgards
Rob
)
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