Hello all. Im New and Willinging – long post.

Hi Daniel,

Welcome on board. I think everyone is in your position at one time or another, and as a result, this forum gets flooded with questions very similar to yours. [blink]

This forum is full of rich information which you should try to absorb and take it (as overwhealming as that seems at first). In addition to the books you’ve ordered, which are all great, I’d also suggest a book called “The Richest Man In Babylon” by a guy called George Clason, and another book in the Rich Dad Poor Dad series called “Real Estate Riches” by Rolf De Roos. I’d suggest to definately read Rich Dad Poor Dad first, I can’t speak highly enough of it! [goatee]

It’s great that you and your partner have some money saved up. Given your situation, and current level of knowledge, I’d suggest you took some time (I’ve spent the last 6-12 months) researching and becoming total familiar with the market. [blush2]

The most important thing is to have fun! [chill]

Hi Daniel. Good on you for making a start. Without getting technical, you are actually in quite a good position, in the sense that purely depending on how you go about deposit/finance, based on your goals as far as living arrangements etc, you are ideal to try and get into a cheap but oozing potential home, that needs some TLC, using the first home buyers grant, and your deposit, and then over a year or two just be sensible, freshen it up, and then you can sell it all going well, and whatever profit you make (assuming you do….which you will if make sure you look inot it a bit) you will not pay capital gains tax on, and then you can use this to fund the next place and so on. Some will say never sell (which I agree with in purely IP’s) but you can use the sale of the house that it is your principal place of residence to make some ‘tax free’ (not really, you pay enough along the way eh?) money to look at your next step together. The prices down in our part of the country have dropped a bit, and may do a bit more, so get a feel for what places are going for over the next few months until you are in a position to pounce. As a side pont, some of the books you ention are great, but while the principals still are spot on, the strategies are a bit dated now, as the positive cash flow properties for entry level purchasers are few and far between now, and eve[strum]n less with interest rate increases since the time they were written. Have a read of Cathy Jayne Pearce ‘Real Estate cash form treasure and trash’ and Paul O’Connor ‘Get rich get real’ if you are after some new ideas, and also wish to rennovate/value add to a proeprty for resale.
I genuinely wish you all the best. V8

Hi Daniel,
Firstly you have overcome the biggest hurdle and thats taking the first step. Alot of people want to invest but only talk about it , you have actually started to put it to action even if its only aking a question here it is still a positive step in starting.
As for the question its a hard one, theres multiple ways you could go but i think start by spending weeks just reading posts here will be of a huge benfeit to you.
The home home owners grant is probably your best ammo and the ability to be able to save 8k while not working makes me think you shall do very nicely in your chosen path.
Just my opinion ,but dont be scared to look at regional towns as the dearer it gets in the city people will move to the country which will cause a moderate price rise to hopefully get you some capital gain to get started closer to the City.
While on the subject of books , i found the book ” Think and Grow Rich ” by Nepoleon Hill to be a good read and if you like you can download a Free copy here .

www.goneshoppingsites.com/tgr/package.exe

Good luck and dont give up but tread carefully.

Cheers Shaun

http://www.goneshoppingsites.com

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