澳洲Australia property Getting started! Tips for a newbie? | Syd


在澳大利亚 The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m


Hi all, just wondering if anyone could offer me some advice on the best way to get started on my property investing journey? At the moment, I am just reading various resources (including this website), trying to learn as much as I can, but I am not sure what I should physically be doing.

I'm probably going to start looking seriously around April (after my exams) as I will be free on the weekends then to start looking around. But I have a lot to learn before I do that!

Are there any pieces of advice that you would pass on to someone just starting out in this game? What would you do in my position?

Thanks in advance!  

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Great that you're reading up!

Go to a few auctions & open houses.

Ask for the Perth equivalent of Vic's S32 (contract of sale) & start familiarising yourself with these documents so you're not so 'legaleesed-out' when it comes time to purchase yours.

Start doing some sums on imaginary properties you may buy & see how the figures stack up

:)  

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polone said: ↑
Hi all, just wondering if anyone could offer me some advice on the best way to get started on my property investing journey? At the moment, I am just reading various resources (including this website), trying to learn as much as I can, but I am not sure what I should physically be doing.

I'm probably going to start looking seriously around April (after my exams) as I will be free on the weekends then to start looking around. But I have a lot to learn before I do that!

Are there any pieces of advice that you would pass on to someone just starting out in this game? What would you do in my position?

Thanks in advance!Click to expand...

To repeat the advice given to me:

1) Work out a goal (retired at 30 or whatever).
2) Attempt to best devise a strategy to get you there (Capital Gains, Cash Flow +)
3) Look at areas that provides properties which best fit in to your strategy.
4) Select the area most appealing to you.
5) Hunt for a house...

Aside from that, keep letting your 250k tick over earning its interest, get more familiar with what's involved in the buying and selling process and also maybe consult a mortgage broker to look at what sort of finances are going to be available to you come kick-off.  

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Go and see a mortgage broker and get the ball rolling.

Don't get stuck in analysis paralysis!

Note: Do this in March so you have preapproved finance for April.  

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Read, read and read some more....ask questions, speak with investors, develop the mindset and get clued up.

Once you've built up the knowledge - act upon it! Otherwise it's useless.

Best of luck!

Jamie  

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Thanks everyone :) Time is my biggest enemy at the moment with full time work and full time study holding me back a bit.

mary&mat said: ↑
Go to a few auctions & open houses.

Ask for the Perth equivalent of Vic's S32 (contract of sale) & start familiarising yourself with these documents so you're not so 'legaleesed-out' when it comes time to purchase yours.Click to expand...
Just to clarify, you mean to ask for the contract of sale at the auctions and open houses?

Television said: ↑
1) Work out a goal (retired at 30 or whatever).
2) Attempt to best devise a strategy to get you there (Capital Gains, Cash Flow +)
3) Look at areas that provides properties which best fit in to your strategy.
4) Select the area most appealing to you.
5) Hunt for a house...Click to expand...
It is steps 4 and 5 that are the biggest hurdles for me. I don't know where to look, or what to look for. Doing up spreadsheets with all the calcs etc, is very easy for me to do (and easy to find time to do as well). Just got to work out what properties to buy!

BuildingBlocks said: ↑
Go and see a mortgage broker and get the ball rolling.

Don't get stuck in analysis paralysis!

Note: Do this in March so you have preapproved finance for April.Click to expand...
Cheers mate, you are dead right, analysis paralysis is my biggest weakness, especially considering I am an extremely analytical person.

Jamie M said: ↑
Read, read and read some more....ask questions, speak with investors, develop the mindset and get clued up.

Once you've built up the knowledge - act upon it! Otherwise it's uselessClick to expand...
Cheers Jamie, trying to read as much as I can in my spare time (after work/study etc), but getting there!  

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That list is designed to be sequential.

Establish a goal, select the strategy to get you there, select the best investment to suit that strategy.  

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Yes. Ask for the contract of sale at open houses & auctions :)  

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