Hi guys,
Well i just found this site, and since everyone else has intro’d themselves figured i may as well do the same. Like the other guys, i’m also in the midst of study, finally in my final year! Job applications/offers will be approaching within the next month or so, so if all goes to plan i should have a job next year. Anyway, my girlfriend has been working for 2 years now and shes pretty keen to get into the market (and move out of home!).
One question which has been really bothering me for a while is “will i have the time to invest?”. My career will be pretty hectic and busy for at least the next 10 years if not more with a lot of after hours and on call hours. I do not plan to give up my career as it is my first priority, but am wondering realistically how much time does one need to properly research and invest?regards
JonoHi everyone,
Im new to this forum too, its great to read about so many young investors in the same boat.
I myself am 21 years old in WA, i bought my first property last year when i was 20 and the fhog was 14k. Ive since turned that into an investment and live at home. I work for one of the big4 banks and want to build a huge property portfolio. i strongly believe that renos and subdivision is the way to make fast capital, and am doing alot of research around that.
There are many opportunities here in Perth, ($250 – 300k) but im currently lacking cashflow to afford down payment and closing costs out of my own pocket to invest. ( havent got much equity yet)
If anyone is from WA, and is either interested in joint Ventures or happy to discuss what i can bring to the table please contact me.
Looking forward to this great site!
regards,
Arj
Good Morning all
First post – And this is sure exciting and I do see a lot of new faces and friendly ones alike in this “new guy” topic
I quit my job 2 weeks ago – Fortunately, I have an extremely supportive wife. She too is on a good income that can subsitute my income, and also continue to support the mortgage (Fortunate for us, we have cleared our Credit Card debts, we have no foxtel, no big weddings to pay off, no BMW to finance – A simple Japanese car is all we need!)
I have looked at a lot of Buyers’ agent, property investing Co (e.g. OZINVEST) and of course, many DIY investors here.
My question to the rest of the forum for me, who have lots of time now to do my homework, to go the the property to look, to study, if its still worth it to engage a Co. like Ozinvest (and I understand the various catches they employ – ie rental returns factored into sales prices..etc.) / engaga a buyers agent, work on the numbers myself OR a property investor coach?
I am bias to a coach ; I know enough to get myself going but for the many other small items, I still don’t know what i don’t know.
If any of you have services to offer (e.g. Buyers agent ; investing co) or have used one before, I am keen to hear from all of your (including feedback)
I have given myself (and my wife) to commit to one within the next 3 months. And one more before the year ends. It is a lot of hard work and I know its not all bed of roses – but as said, i am fortunate because I can now do this full time.
So it really comes down to what are the various reliable resources I can use / engage.
Any of the above much appreciate. I will too, keep everyone updated on my progress.
My 3 months starts, NOW
keithbuzzlightyear wrote:…. (Fortunate for us, we have cleared our Credit Card debts, we have no foxtel, no big weddings to pay off, no BMW to finance – A simple Japanese car is all we need!) I have looked at a lot of Buyers' agent, property investing Co (e.g. OZINVEST) and of course, many DIY investors here. My question to the rest of the forum for me, ….So it really comes down to what are the various reliable resources I can use engage. Any of the above much appreciate. I will too, keep everyone updated on my progress. My 3 months starts, NOW
Yeah good start.
I am at the end of the 3 months you referred to. At the start, I knew next to nil. Then by a peculiar quirk of fate (a broken bone in my foot, of all things) I could do nothing except lie around like a whale and read. So I read every investment article, magazine and book I could get my hands on for about a month (fitted in around fulltime work and lots of kids). At the end I know a lot more than at the start, but I can see there is a helluva lot more to learn. Education is where it is at. Some were good others were crap.
I would recommend reading
- Steve McKnight's book "From 0-130 properties in 3.5 years"
- Margaret Lomas "20 Must ask questions for every property investor"
- Robert Kiyosaki "Rich Dad Poor Dad" (start with this one if you've never read it. Almost all the other books quote it. Inspirational and it makes you want to get going.
- Buy current edition of "Your Investment Property" magazine from any newsagent. Apart from v good articles it has excellent tables in the back that detail growth in every suburb in Australia, vacancy rates, rental returns etc etc.
- Using whatever suburbs you narrow down on from that magazine, look them up on realestate.com.au and ring a few agents of good prospective properties. They often seem to have a few homes not yet on the internet that may be even better than the ones on the website.
- I am personally in favour of buying all over the place (to spread the risk, lower the land tax in diff states, capitalise of different growth rates etc) but like I said I'm in the embyonic stage of property investment myself and that idea has only come from reading some of these books. (Eg Margaret Lomas asserts that she always buys sight unseen, but always gets a building inspection done, and a rental appraisal etc. That way she remains objective and unemotional and people more trained than her can do what they are good at, like telling you whether it is well built or not. She also buys in different states as well, without seeing. Steve McKnight, however says you should inspect them all and even has downloadable inspection templates somewhere on this website).
So we put offers on a few places around the place and now have 2 IPs with more being scrutinised.
I hope this helps. I have also asked the question on this forum re whether using a buyers agent would be better as my work is a bit consuming, but if you have time to spare, that is my 2c worth. I go it yourself for a while first and learn as much as you can.
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