I have just finished reading Steve’s books which has led me to this great web-site. The books have given me great motivation to actually go out and start investing this year.
I am a fan of Robert Kiyosaki’s books but I wasn’t sure if the same real-estate principles could be applied in Australia. Steve has shown that it is possible.
I have one rental property in Melbourne. It is a one bedroom apartment I bought 3 years ago. It has almost doubled since then and it returns a fairly dismal 4%. I have made a good dent in mortgage so I am in a reasonable position to invest using the available equity. My banker last year said I could borrow another $300K and my position has improved a little since then in terms of salary and savings.
The one thing which will make it difficult is that I am currently living in Japan. This obviously makes it difficult to view any properties and I have to rely on finding properties on the net. To make sure I don’t get a lemon I plan on using the services of valuers and buyer’s agents.
One advantage I have is that I can borrow money in Japan in yen to buy property in Australia and NZ at interest rates of 1-2%. Of course there is an exchange risk but the Aussie dollar and NZ dollar have been on an upward trend for the past 3 years which could also work in my favour.
I have made my goal to have a million dollars in property by the year’s end which is returning a positive cash flow.
I have a fairly stable job and able to save a little for deposits and closing costs. I also have a couple of internet sites which generate a little bit of income.
I plan to document my progress here and in a blog I have created. If anyone else is interested in joining me and making 2005 the year, maybe we can create our own group of mappers to take the journey together.
All the best to everyone for 2005.
My online investing diary: http://retireyoungandwealthy.blogspot.com/
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