hey im only 17 but im very intertested in property, im still in year 12 but once i leave im going to buy my first property. At the moment im just saving as much as i can so i can add a good portion into my mortgage?
Is their anyone in a simluar position ?
Hey Wdemirdoner,
I'm in similar position, I'm 19 in my second year of 3 at uni, when i finish uni I should have about 30K saved up, I will be getting my first IP early 2010 in sydney.
Where are you looking at buying? What price range?
Do you have any strategies(or just buy-hold)?I'm looking at buying in the 200K price range(2 bedroom) turn it into 3 bedroom, do a decent reno then i'll either keep as IP or sell and move onto next one(I've also considered a wrap, but I don't think I could do that with my first IP).
Chris.
Chris.
Im looking to buy in Melbourne my self, that is of now – things may change though. I want something for around 150k hopefully a house because i believe that the land value is worth more than the property itself and over time i like you would like to renovate.
My strategy would be to buy-hold all my propertys, because of the cashflow returns.
At the moment im just reading books on property and searching the web for usefull info about property, although next year i hope to start taking an added interest and starting inspecting propertys.
My plan would be to buy my first property over the next year, year an half and do my plumbing appreticship. As each year passes add one property to my assets. Finally start my own business and look after my propertys.
Currently in my final semester of a double degree. Dont think I could've managed to make the puchase if I didnt work full time and studied at night (puchased in November 07 and settled on the 1st Feb 08).
However, whilst it may seem like a good idea to start early, there are a few things to consider.
* Are you going to change jobs (if so, try to continue saving regularly as banks dont like changes)
* Will the job be stable (having a mortgage will have immense dependence/pressure on your job security)
* Will your salary be able to support everything. E.g. rates/strata etc etc. Also will you be puchasing the property as a PPOR or IP? If the latter, remember there is stamp duty unless you puchase it as a PPOR and rent it out 6 months later (in which case, you will have 6 months of no rent to support your mortgage repayment)
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