Advice

Vikash Welcome!

On an income of 30k, you would probably only have the capacity to invest regionally. So start checking around for the prices. I use realestate.com.au to check out prices and possibilities of all the places I can. Just click on any state and then start clicking on any place- it will give you an idea of what’s around. I check out thousands of properties- no pressure- best to know what’s around, what’s available, and what you’re looking for.

Also, get a mortgage broker around to your house, to sort out with you what you can borrow. Even one of them on here might be able to give you a rough estimate of what your limits are.

Whilst I agree with Henry somewhat about people who were investing before the internet… I don’t think how long one has been investing means everything. It’s just an age thing. Some people on here have been successful investors and they are under 30. Like Henry said, it doesn’t matter what your net worth is… and I don’t think it matters how old you are… it’s the *ideas* that are important, and you can find them from newer investors or older ones. There are so many ideas on here, and so many people who make their wealth differently, just sort out for yourself what seems useful and what doesn’t. Developing an independent mind will be your greatest tool as an investor.

kay henry

VR,
My answer to your questions ends with one word – “CONGRATULATIONS!”. You’ve started on the path. Be a sponge and soak up as much info with everystep. If you don’t, the fear of tripping will stop you dead in your tracks anyway.
Good luck,
(but you already have it!)
Regards,
Gatsby.

Manage your finances conservatively, but don’t be overly concerned with “saving” in order to become involved in real estate investment – opportunities will pass you by [avoid using your own money if at all possible].

Instead put time and energy into studying real estate markets, investment strategies [not just real estate], and making contacts – advisors = investors = finance = wealth.

Do not focus on authors such as De Roos, Koslowski, etc. These guys preach to the masses – their personal “experience” in building “true wealth” is limited. They primarily derive income from books and seminars.

Join a local real estate investors club. If a club doesn’t exist, start one if you have the inclination. You would be surprised how many knowledgeable people there are in any area looking for an opportunity to share their knowledge and make contacts.

Do not be afraid to set your goals high.

And you don’t necessarily need guarantors, but you do need to know a viable opportunity when you see one – which will evolve over time.

The three key elements of understanding a viable investment: 1. due diligence 2. feasibility 3. risk management.

If the investment is feasible and you can demonstrate “confidence” in your ability the money will follow.

Finally, don’t focus on SFH’s [single family homes] or any one investment category – think a step ahead and be prepared for changes in the marketplace.

The key to independent wealth is your ability to identify opportunities before others [and think outside the square].

— Michael

Mini – take a breath and read what I have said again.

“I got a lot out of De roos and Kiyosaki got me ready for De Roos.”

As I said, “do not focus” on these authors. I did not discount them altogether.

They are “inspirational” but offer little more than a general/basic understanding of real estate investment in a confined segment.

“don’t focus on SFH’s [single family homes]”

Read on – I said not to “focus” on this segment. The follow up to this statement was “or any one investment category”.

The authors noted, and this forum, are primarily focused on SFH’s. Again, I am not discounting SFH’s which are typically a good investment, I am simply saying do not put all of your dollars in one basket.

“I know you are into brand new apartments”

Yes, I am involved in apartment developments. But I am also involved in commercial, retail, multi-use investments/developments and land acquisitions. To offset this I have interests in industries not associated with real estate.

This diverse approach stems from the point I am trying to get across – gain knowledge, leverage, keep a step ahead and think outside the square.

It wasn’t that long ago I was in the same position as Vikash – but the tables have turned, and all without acquiring a single SFH.

— Michael

P.S. correct, I did mean to say “Kiyosaki”. “Koslowski” was an oversight, but a name many investors will be familiar with.

Kay

You can still get units in Sydney for $140,000! Campbelltown, Cabramatta etc.

Terryw
Discover Home Loans
North Sydney
[email protected]

Hi I was just passing and thought “oh well”
I may just say some thing you like or not..
$30.000 12 months ago could have got you in the loop quite easy , its a little harder now with interest rates a little way up the ladder, and you have to take into consideration your living standard, a little sacrafice never hurt any one,
the lenders have a scale they use on what it would cost for your living expenses per annum.

so your buying power at this moment might not be to good, I dont know if you have savings or can tap into any other source.

Do you have a person/partner you could team up with? maybe share a couple of properties ,untill you can strike out on your own.?

How can you finish a winner if you dont first start.[it does’nt matter where you start ]as long as you put your foot on the rung.

your buying power at the moment is around $100.000, there are other factors to consider and this is just a ball park fig.

I am sure others in the forum will give you much encouragement.

IT’s EZY [buz2]when you dare.

[buz2]glad you found the information helpful.
Do you have an area that you are looking to buy in.
I am not one of the experts on this forum, but i do have an idea you might be interested[worried]
email me if you want to hear my idea.[whistle][ears]
[email protected]
I’m EZY