Hi everyone,
Just joined up to the forums and wanted to say hi! I've been following these forums for some time, and I've also recently made the decision to buy my first investment property next year.I'm currently saving for my first deposit, and learning a lot from books, forums and articles on property investing. I've given some thought to the kind of strategy I want to use and plan on finding an accountant to visit in the next few months.
Just a few quick questions – is there anything I could be doing between now and the time I get enough of a deposit saved? Also, this probably gets asked a lot, but does anyone have any recommendations for an accountant for property investment advice in the Melbourne CBD area?
Thanks in advance!
Ben
Hi Ben
Welcome to the forum and congrats on your first post
There's not a whole lot you can do except for educate yourself and save like crazy. The first property is always the hardest – it generally gets easier after that.
I don't personally know of any accountants in Melb but I'm sure some others on the forum will be able to help you out.
Hang around, keep asking questions and continue to expand your knowledge. That way, when you're ready to buy your first property you'll be confident in the decisions you make.
All the best
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Welcome Ben
There are a few Investor meetings in Melbourne, check this forum for them, get along to a few of them and start asking LOTS of questions. There are some truly amazing Property Investors in this forum, always willing to help out where they can.
Holly
Welcome Ben.
You have not mentioned where you plan to invest and what type of property you want to buy.
Are you seeking a positive cash-flow property?
If you have not chosen an area, then you could be doing some research around that. It is really a good idea to be looking for an area that has a potential to grow in the first few years you own it (so you can leverage off that growth).
I have owned 2 properties that did not grow in the first 2 years of ownership and it really slows down your ability to invest further.
Of course, long term is the goal, but you will get a great advantage if you can find that short term growth as well.
Darren.
Hi Ben,
It’s good that you are educating yourself. Just keep it up. Read more so that you can learn lots of things and make a smart decision.
All the best,
EleaThanks for the welcome and the tips!
lifestylez – Haven't narrowed down the type of property or location yet, but leaning towards a house with possible renovation opportunity in the outer suburbs of Melbourne. I'll do some more research around my price range and narrow it down further as I get ready to buy.
ben86 wrote:Thanks for the welcome and the tips!lifestylez – Haven't narrowed down the type of property or location yet, but leaning towards a house with possible renovation opportunity in the outer suburbs of Melbourne. I'll do some more research around my price range and narrow it down further as I get ready to buy.
Hi Ben
I'm a huge fan of value add properties – their ideal for growing the portfolio quicker.
I read that the far western burbs of Melbourne are experiencing quite high vacancy rates at the moment. I'm not sure if that's the area you're considering but it's something worth investigating.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Ben
Welcome aboard.
You could google Mark Unwin Accountant – Kew Vic. Steve McKnight uses him I hear for good reason ( and so do I)
Just wrote a little post in my property blog on investor beginnings that may help. Also Darren's Property Investing Tips site is a good one. Other than that keep researching and define the area you want to invest in. Look closely at that outcome you want to achieve then break down how to get there.A small add value project is an excellent way to start, but even though it may be small, it requires the same level of planning as a big one. Maybe moreso 'cause it's your first.
All the best with your investing
Ian
http://theblockblog.com
Free Property Investment Info, Tools & Resources for Investors with a Sense of Humour.
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