Hi all,
I'm a young professional, who has managed to start saving a good amount of money and am looking to get into the investment game (stocks and property).
I have recently been reading as much content as possible and found that this forum is particularly helpful. However, I think I've gotten a bit of an overload, and I'm not sure how, or where to start my journey.
A little about myself:
I'm 23 and my partner is 20, together we have a combined pre-tax income of $115,000 ($80,000 and $35,000). We are currently renting for $300 per week and managing to save between $600-$700 per week. We have no intentions of having children (long-term).
Our financial goals are fairly simple and frank, to grow a large portfolio of income earning assets, and effectively earn as much as possible (all within a reasonable level of risk).
Is anyone able to point me in the right direction of a potential mentor, some great reading material, or anything that may help us define and understand the strategies behind building a portfolio?
Thanks,
Jesse
Hi Jesse
Welcome aboard
As a start, continue to read up and educate yourself about property investing. There's plenty of free/cheap resources out there – including forums like this.
There's lots of books too. Here's a sticky thread on recommended reading – https://www.propertyinvesting.com/forums/community/heads-up/6845
A good finance person and accountant are important to get on board too.
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 Jamie,
Thanks for the warm welcome, really appreciate it.
Great links you have provided, will definitely be going on my reading list.
Regards,
Jesse
No worries at all Jesse
Stick around and keep asking questions. We're a friendly bunch.
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 Jesse,
Personally I like real estate to invest in, and positive real estate as I don't plan to sell, the capital growth (the price it cost to buy)
is not the most important thing.
My advice is
decide if you and your partner are going to live in the first house, if you do for 6mths you will be granted the
first home buyers grant which could help with your deposit not sure where it sits but either way a few free K is better than nothing
now set your goals realistically, you can't buy mansions straight away (unless you are completely loaded) and be positive geared
positive geared is where a property Makes you some money to work out if a property is positive geared you need to know
rent value, landlord insurance cost, mortgage repayments, the cost of rates, agent fees of you aren't self managing, and budget a bit of money in for repairs
or un tenanted weeks.
i personal get the year worth of bills divide by 52 there's the cost weekly than I take 45 weeks of rent and dived by 52 there's your income
i use 45 weeks incase I have no tenants in the house for a few weeks.
now the fun part finding a house , google is very helpful, you can search the statistics for the areas you are looking at (what percentage rents,
works, widowed etc)
find an area you think would be great for renting out remember it needs to be closish to work. Normally an hour or two away from the city is best bet
found that gem? But it won't be positive geared? Don't worry go look at it anyway take a note pad and night light, check the power points work, no leaks you can see
find the faults and lowball the real estate with an offer that will make the property worth your time. And don't be scared to walk away.
take into account settling fees, legal fees ect when you buy a house ask your accountant for a list
talk to the agents in the area but before hand stop at the local shops and talk to them while you are going through checkout
, ask them about the local gossip and what not
questions questions and more questions is the best thing you can do in an area you don't know
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