Hello,
Im 22 and a young new buyer looking to invest into the property market.
I am looking at buying around the Hunter Valley NSW area as I have been doing some research.Could anyone give me any tips or hints to make things easier. not exactly sure what i am doing, trying to do as much research as possible
Thanks
Hi Maddy,
Make sure you build yourself a good team of related professions, including finance, solicitors/conveyancers/accountant etc. Get your finance in order if you haven’t already. A good broker will be able to set out a plan for your finance structure to make sure you first purchase helps the 2nd, 3rd, 4th and onwards by being placed with the right lender from the start. Remembering that interest rate isn’t the most important thing with portfolio finance. :)
And great work taking the effort to enter the market at a young age, I’ve got a lot of younger clients who are building their property portfolios in leaps and bounds, it’s great to see!
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
Hi Maddy
Welcome to the forum and I hope you enjoy your time with us.
Just be careful if your not sure what you are doing don’t rush in.
The Hunter Valley is an excellent place to invest but as Corey mentioned ensure you assemble your team upfront.
In the 13 years I have been involved with the forum I would say the biggest mistake I see from new investors is not getting the right loan structure or choice of lender.
Many young investors have a good income to enable them to buy a couple of IP’s but lack deposit due to their age.
There are many ways to ensure you stretch your savings to enable to you kick start your portfolio but if you have to get it right from the start otherwise you grind to a very quick halt.
If you need a good conveyancer let me know and be happy to review you to the firm we deal with.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Corey / Richard
That’s definitely good advice above, but if I wanted to learn more details where can I find further information on some of those things you mentioned?:
– A finance/loan structure that supports the next investment
– “The right lender”
– “Getting it right from the start”Cheers
AdamAdam Sweeny
http://www.diypropertyinvestment.comMaddy I just want to ask why the Hunter in the current market? It has been hard hit by coal prices dropping and mining activity reductions. Perhaps long term this will improve but Muswellbrook for example currently has a vacancy rate of 9.5%! Thats not an easy place to find a tenant (or fast capital growth for that matter). Maybe in a year or 2 if coal picks up it might be worth another look but surely there are lower risk locations currently?
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Helo Maddy,
I must suggest you that while making a first property purchase you should first plan all your financial calculations so as to avoid any trouble. For this you can download “Loans Calculator For Australia” a smartphone app.. i’m also using the same.. It helps you calculate the repayments amount, interest rate, stamp duty, mortgage repayments. After calculating you can make a proper schedule so as to make your purchase easier.
Hope it helps you too @adam Sweeny..
Thanks!
-
This reply was modified 10 years ago by
Austin.
I agree with knightm. Don’t take the approach of choosing the suburb and hoping it’ll all work out. Define a set of criteria and find the suburb that complies with it. Be clinical about it.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
I totally agree with all the helpful advice from everyone above.
If you can, go down to the area, walk on the streets, talk to the people on the street you will find out a lot more things on the ground !
When I research an area, I like to talk to some local real estate agents, attending some auctions, talk to people at the auction see what they think about the property/area.
As scha said on the ground research is important.
But as Jacqui clarified – to define a set of criteria to even choose the suburb comes first.
1: Decide on your goals (ie are you investing for cash-flow, capital growth, to get some quick equity for your own house soon??? there are many different goals, if you don’t even know what they are then you are unlikely to meet them! )
2: Work out what kinds of property (in what locations) might help you reach the goals fastest and with least risk
3: Start to do research on those locations
4: Get down to buying the right property.BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
-
This reply was modified 10 years ago by
You must be logged in to reply to this topic. If you don't have an account, you can register here.
