Hey everyone,
Just thought i would say hi, long time lurker and first time poster.
I’m looking to get into the market, in Brisbane obviously, and have spent many hours on realestate.com and the local papers.
I’m 22, i Finish my first uni degree in 4 weeks (accounting), own my car and have paid my uni upfront. Earn 45k (approx) and have a 60K deposit.
I bought steve’s book today so im just getting started. How did you guys get started in investing? Do you think i should split my deposit and buy 2 properties?
Im still very new to this game and trying to absorb as much as possible.
Many thanks for any responses.
TravisI think you should buy just the one to start with. It will depend on your strategy really what you do. If you neg gear you will only be able to get one, if you renovate this is a good deposit and money to improve the property or if you develop again a good deposit with money left to for development phase. Read Steve’s books first, his 3rd is due out next month so that should be great timing for you to see the latest strategies and formulas Steve uses himself!
Hi Travis, I hope you meant “looking” not lurking!!!
The idea is to make your deposit buy you as many properties as you can afford to service [biggrin]
Investment Property Management
http://www.adprop.com.auWait till you finish the book and start from one IP. [evo]
Start looking for the properties on the market as soon as possible.
Take some time before buying to learn the performance of different areas, and all sales agent selling tricks (yes, they will actually try to sell you a property [evo]The best advise I ever got in investment: the deal to be made when you are buying a property, not when you are selling it!
If you property price increases in value – that’s a bonus, not the reason to buy it! [rambo2]
The first IP we bought as a positive cash flow in reality was performing as a negative gearing – repairs and maintenance were far more greater expense then we thought. [grrr]
The property performance was the worse possible case scenario.
That was something you can’t learn from books – you just have to experience it.We originally bought it originally about 15% under market value, and this was the cutest house in the area (so count this as 20%). After 12 months we thought we had enough, we made minor cosmetic repairs and sold the property. Even with all bad luck with the house we still ended up at about 10% income. The good deal during the purchase was our insurance policy.[medieval]
Good luck
Cheers
Lesia
[evo]
http://www.vmstreamline.comHey guys,
Thanks for the reply’s. It definately is a hard decision as to where to buy your first property. ha Dr X yeh i have been looking at reading all your informative posts. I especially liked your “sick persuit or money post.
Yeh i think i will stick with one to start with. If i stay around the 250K mark it will be cf+ due to my deposit.
Do you guys manage your rentals yourself or have a property manager to do it?
Thanks guys
TravisWell it depends on –
whether the property is close
whether you want the hassle
whether you can be tough enough when required.A good property manager is worth their weight in gold – but you never have to pay them that much.
Regards
JohnInspired Finance
(02) 9944 7776Originally posted by cbellesini:I think you should buy just the one to start with. It will depend on your strategy really what you do. If you neg gear you will only be able to get one,
What figures have you based this on Chris?
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Did you guys start off with one or did you try and spread out your deposit to cover a number of investments. I am going overseas for a month in Feb next year, and want to research until then and buy when i get back. I should have approx 75K deposit wise at that time.
Thoughts?
Many thanks
TravisDon’t focus on whether its one or two.
Your focus should be on the right property. If you buy correctly then that will boost you into more.
Start doing your due dilligence on where you want to buy. If you find a couple of places where the deposit you have allows you to buy both, then fantastic.
Regards
JohnInspired Finance
(02) 9944 7776
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