First of all, I am so grateful that this forum exists. I discovered it a few years ago but only now are we ready to actively begin this journey into investment properties.
DH and I have two kids, earn decent wages and we live in a semi-rural town 1.5 hours outside of the Melbourne CBD.
We want to provide more financial freedom for ourselves for the following:
– our next house we would like to build in a few years time, which would be our ‘dream home’ and would cost quite a bit
– retirement
– help our children on the way when they will be facing these exorbitant prices on the housing marketWe don’t know much about investing in properties. I don’t even fully understand all the concepts behind it, such as negative gearing, etc. Any tips on where I can find out clear information about this?
This Tuesday coming, we are seeing two different accountants and also our bank, to discuss our options and how they can help us. We are very busy with work/life/children so we do not have the time to study the ins and outs of all this ourselves.
We have built our home three years ago and we owe 325.000 on our mortgage. No other debts, CC gets cleared out in full each month. DH’s taxable income is $110,000 and mine is $35,000 (part-time). He is on wages and I am self-employed, working from home as a translator.
Any advice on where to start, links to relevant info, etc. would be greatly appreciated!
Thanks
Welcome to the forums!
An important ingredient is to know your goals. It's great to see that you have listed them above. When sorting through the different options for investing it will be good to refer back to these to help you keep on track.
Education is the next important ingredient. Joining the forums is a great starting point as there are so many people with experience in all aspects of investing. There are also some great books out there. Personally I have read Steve's. You have probably seen the threads advising books from Lomas and Kiyosaki among others. Also, Australian Property Investor magazine is great. I'm not sure what links are available to give you information though.
I hope that helps a little bit. There are many others on here with more experience than me who I'm sure can give you more.
Regards
Andrew
itsandrew
Go as far as you can see and you will see further.
Thank you, Andrew.
I did see that reading books is mentioned a lot. I will look into that, and I will do some more searching online for the basics, or even on this website (haven’t had a chance to fully explore it yet).
I will look for the Australian Property Investor magazine at the newsagent. Is that a monthly magazine?
Are we being stupid by wanting a property that is relatively closeby, it just feels like it would be easier to check upon if needed.
Yes it is a monthly magazine.
http://www.apimagazine.com.au/
It is not stupid wanting a property relatively close by
just be aware of the possible lower capital growth compared to the city metro suburbs. And it it is self managed your tenants might visit your place if really close by to ask for repairs to be done.duckster wrote:Yes it is a monthly magazine.
http://www.apimagazine.com.au/
It is not stupid wanting a property relatively close by
just be aware of the possible lower capital growth compared to the city metro suburbs. And it it is self managed your tenants might visit your place if really close by to ask for repairs to be done.Thanks for the link.
With self-managed, do you mean not through a RE agency? Does everyone on this forum self-manage their properties or do they use real estate agents? We were thinking about renting the property out through our local real estate agent.
Sorry for these questions, I just want to learn.
Thanks for the input.
Hi Libra,
If you can self manage your own house, that would be great because you avoid all the fees but u will have to deal with all the problems. If you have bad tenents, you may need to attend court hearings… etc it all depends on how much time you have on your hands.
zeable wrote:Hi Libra,
If you can self manage your own house, that would be great because you avoid all the fees but u will have to deal with all the problems. If you have bad tenents, you may need to attend court hearings… etc it all depends on how much time you have on your hands.
We don’t have the time for that to be honest so I guess we won’t be self managing…
Anyone else?
You must be logged in to reply to this topic. If you don't have an account, you can register here.
