hi all! my name is adam and i jus turned 21
im from melboiurne.situation:
i work for 1 of australias best Ford dealers (if you want a great deal on a new Ford PM me)
my wage is retainer plus commision, $490 net PW +$65PW Fringe benifit tax (car & petrol) + comms
have a fiance (of sorts) on 40k gross PA
20k deposite ready.Ultimate Goal:
to retire at 30.now i live at home dont pay rent, and have very little overheads at present, so im looking to invest, after spending a while brainstorming and browsing realestate.com student accomodation is looking very appealing, at 120,000 for inner city studio currently rented at 9-12k PA with 2-3k over heads (im assuming gas elec, body coporate) it seems to good to be true, paying 4 of these off over 10 years with a bit of luck leaves me wid a 40k income from doing nothing at all. which i could retire on hopefully at 30
.my questions are:
have i missed something and am totally dreaming?
am i better off buying cheap units in suburbia sacrificing rent now for more capital growth later?
where can i go from here? is any1 here a financial advisor or the like? is there a property investing advisor?! (where can i find one?)
is there any material i can read specific to my position?thanks for any suggestions and advice in advance
There was a thread on Somersoft about finding a property manager to manage a student accommodation property.
The owner has had no luck finding any PM's willing to take it on – too much work for not enough return.
So, there's your main problem; getting it managed by a reputable agent if you can't do it yourself.
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