Tips for a 17 year old – Getting into property investing

Congratulations, Seddar.  You might even take the prize for the youngest switched on person on the forum (at least for a while).  Richard has pointed out above the obvious constraints to investing for you right now.  However, there is alot that you CAN do now.  After all, it won't be that long before you are 18, and legally able to own property and have a mortgage.  RESEARCH RESEARCH RESEARCH.  You need to have a geographic area that you are researching, and you need to get to know it really well.   You need to know where are the good areas to live, and the bad areas, what is the public transport, shops, schools and other services like.  You need to become familiar with what different classes of real estate are worth in your area, and what their rental return will be, and you probably need to make a decision about what class of real estate you would like to invest in.  You need a plan, including a measurable and achievable goal and a date to achieve your goal by, and some steps to take to get there.  You need to learn about finance, how much you can borrow, how much your repayments will be and how it can change when interest rates change.  You need to have a contingency plan which takes into account problems like losing your job, working less and studying more, and losing your tenant.  If you have the ability, attend some auctions.  All these things are the things we all do before investing in property.  Property can be a terrific investment, if you get it right.  But, you are spending an awful lot of money, and you really need to be sure of your stuff before you go to contract.  Keep reading here and get to know your property market.  If you make a savvy property investment now, it could potentially change your whole life.  Congratulations.
S

Good for you for thinking about your future wealth at an early age

BUT,

* What about enjoying your life a bit first, cant be to much money for fun after paying a mortgage on a part time job.
* Furthering education, this can lead to a full time job and increased dollars making your investment journey easier.
* Reading the books is a must, but I would also choose some that dont have "RICH" in every title

I would suggest these as well, more realistic reading and not a mention of "RICH" or pictures of Red Ferraris on the title page anywhere.

http://www.propertybooks.com.au/lomas_margaret

http://www.somersoft.com.au/books.htm

Good luck

CF+

Seddar,
There is alot of research to do.  For me though, it is enjoyable.  I really look forward to the Saturday morning property section with a good coffee and maybe some cake.  It's my weekend treat.  I find property alot of fun.  I love playing with the numbers.  I love business too.  I don't read many of those books.  Not that I'm dismissing them, just that just because someone has been successful and published a book, doesn't make them a good teacher, or necessarily the stand out expert about wealth.  One of the things that a tertiary education has given me is the tools to seriously question the quality of the information that I use.  Where did it come from and who prepared it, what was their motivation and how qualified were they to do it?  An excellent example is how often we see on this site, an investor saying "but the Real Estate agent said it was worth this much…".  Personally, I'm unlikely to listen to anything much that a RE agent says, unless it is one of the few agents that I have come to know are worth listening to.  Read some books, by all means, in your own time, at your own pace.  Kiyosaki (sp?) is a great place to start.  But, most of all, learn to enjoy real estate.  It's a wonderful game.  Sometimes it is as predictable as an old fashioned dance.  You are going to do your move, A, the RE agent will do their move, B, the vendor will do their move, C, then you'll counter with your move, D.   It's wonderful fun.  Observe the human nature, the greed, the attempts to push you or bully you mildly (which you might get a bit of, being so young).  Expect it all, enjoy it and laugh it off – it is all a part of the dance.  Negotiating can be a great thrill.  I just thought that i'd mention how fun it can all be, because you sounded a little disheartened at all the work infront of you. 
S

Hi, great place to learn is to attend open inspections & auctions. Doesn't cost much unless you put your hand up.

For years I did that, walking from bus to train to open inspection. See, it gave me time to take in the feel of the place, the looks on the faces of people there, the vibes and ebbs & flows.

Very soon, something will say 'this looks good' and then one day the little voice literally screams from inside 'buy, buy, buy'

I am woman, don't need logic.

KY

I tend to disagree slightly – I believe

The difference between the rich and poor is not Knowledge BUT the application of knowledge.

I know plenty of people that told me the stock market was over priced a year and a half ago but how many of them took advantage of this and bought puts?

I know plenty of people who have preached about property being a great investment but have never bought an investment property

Most people in Australia will tell you that buying their house was the best investment they ever made – but how many then decide to buy a another one or two or three?

Knowledge is SO important but its what you actually do with the knowledge that really counts

Cheers

Banjo

How Does A Stock Market Crash?

My Dad gave me some great advice when I was choosing a degree and a university.  He said to choose something that broadens my options.  I ended up studying a B Com at USQ via correspondence, maj accounting, and left early with an Assoc Deg in Commerce.  The course covered a wide range of subjects, and as a business owner I use that broad introduction to law, marketing, economics, human resources, finance, and my more in depth education into accounting all the time.  The degree would have given me choices between Accounting, and related roles, and a wide range of management roles, as B Com is a popular undergraduate management course.  I'm very glad that I didn't major in Human Resources, or Marketing, because my accounting ttraining is more valuable to a small business owner than specialist HR or Marketing knowledge (the introduction I got was very useful).  Choose a course that gives you choices.  Finance and accounting and economics are useful fields for any business person.  Double majors make you a little more marketable.  Eg, B Comm double maj accounting and IT is a good combo for employment or self employment in the IT field.  Do you want to be an employee or an employer though?  My course gave me excellent tools for use as a self employed person and an investor.  When choosing an undergraduate degree, choose something that opens opportunities for you, rather than shoving you down a narrow career path.  You can specialise more distinctly with post graduation qualification when you have a better idea what you want to do with your life, career etc.
cheers
S