I am currently debating what move to make in terms of my first investment steps.
I have never bought an investment property before but have a PPOR with some equity that I can draw from.Initially with all the talk around the USA, I was quite keen to make a trip over there and look at purchasing direct property.
I'm currently working through SteveMcK's USA property pack and finding that whilst he is good at keeping things simple, there's actually still quite a lot of leg work to be done esp. when you are so inexperienced like myself.So a thought came to me that perhaps I should start off by buying an investment property here in Victoria first.
So that I get a handle of how to calculate figures, how to work with rental managers, how to look for the "right" property, how to source finance etc.
Almost like a "practice real life run" before going over to USA.
Of course if I did this, then I would be chewing up $$ that could otherwise be taken to the USA now……and so my USA trip will have to be postponed for a couple more years.On the other hand I'm back to thinking, well if I'm going to learn how to buy investment properties, why not just go straight to the USA now since that's where I ultimately am looking to invest anyway?
It's almost like wasting "time" and "$$$" by starting off here.I keep changing my mind b/w the two scenarios and find that I'm just confusing myself in a way.
Would appreciate your thoughts on this as it may bring some objectivity to the situation.
Thanks in advance.Hi Kimberly, sent you a PM
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Hi Kimberly,
You're not alone. I'm stuck at a cross-road, unable to decide which way to turn. I'm pretty sure though if I don't make a decision, sooner or later, I'm bound to get run over by a truck.
It's been a series of elimination.
Where I'm I at? Well, I've eliminated the USA because there's just too much uncertainty, the AUS$ vs the US$ being one of them. I'm too old to be doing this I reckon (the accompanying photo is a lie, this was taken 2 years ago). At 53 I should be winding down, not winding myself up.
My point being you shouldn't just consider the financial aspects of your decision but also your risk profile. A lot of it is mental and psychological.
If it's a decision you can cope with, then let the math guide you.
Take care.
Angel
Thanks so much Angel
That actually really does help
And today I reflected on my goal which is = +ve cash flow
That being said, I have done some "rough maths" and found that USA is def. the place for +ve cash flow, not Vic right now……And thanks for sharing your outlook even on something like age.
You have made me realise that since I'm 30, I might as well take the "risk" of buying something in the States rather than hesitating…..
I'm not getting younger either……Kimberly,
There are many here who have had successful buys in the US, be guided by them. Don't hesitate to ask them questions. Follow the threads they've started in "Overseas Investing." So many of them are so nice.
A few have had bad experiences also. Be guided by them, too. We don't all have to experience pain if we listen to others who have been there and done that.
Take care, young one.
Angel
Hi Kimberley,
For a whole host of website resources on USA investing try this : http://www.theblockblog.com/america/thats-arsum/
Also read up as much as possible either via the posts here on the forum or link up with those people who have already purchased property in the US and try to gather as much of their experience as well.I have 3 properties in the US myself, each purchased via tax deed auctions which not a lot of people on this forum are doing, but it's only one way of getting a positive return – there are many.
There are a few USA investing posts on The Block site that may help, but my rule of thumb is that you should be getting at least 20% net return on any property in the US at present. Anything less and I would be trying to find out why.
Best of luck with it.
Ian
http://www.theblockblog.com
Free Property Investment Info, Tools & Resources For Investors With a Sense of Humour. – USA – Aust – NZ
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