澳洲Australia property First time property investor...help and g


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,

I am new to this forum, but love the way the experienced people are willing to share their knowledge and time to guide people requiring assistance and advice.

I would like some guidance as to the way I should proceed with my first IP. My husband and I are in our early 40s with a combined income of 130k and three kids. Our PPOR is fully paid up and is worth around 600k. We are thinking of purchasing our first IP but lack knowledge as to the way to go about this without taking huge risks. Should we just take the chance and research on one area and go for it or should we engage the services of a professional entity to guide us through this process?

Your advice would be greatly appreciated!  

评论
If you're going to engage a professional to help you, do not go to any group promoting themselves as a one stop shop where they'll source the property for you. Beware of groups that only offer properties that are brand new and their services are free (or very cheap). You pay for their service by paying too much for the property.

If you're looking for help, engage a buyers agent, pay them a fair fee (usually about $10k or so) and let them source a property that meets your criteria. Perhaps have a chat to Jacquie or Proportunity on this form to find someone who works in the areas you're looking.

Spend a lot of time reading this forum and asking questions. Read books. Do your own research on the property you'll eventually buy (even if recommended by a buyers agent). Understand why you're buying it, why it's going to make money for you and why the price you're paying is fair.

Your financial situation is strong and this gives you a lot of potential. It also means that you can be taken advantage of if you're not educated.  

评论
Hi BJackson

I wish to express some points that gave rise to my personal knowledge of the property market both past and present. The emphasis is on “Education”. The more you know of what drives the market such as interest rates, demographics, economic conditions, property cycles and much more including crowd sentiment, then the more confidence you gain and attribute towards your decision to buy the right property or properties that fit comfortably within your wealth strategy.

Historic data and statistics about property price movements, rental occupancy rates etc, gives you an idea of the market’s performance of the past in order to understand it’s potential future performance. I remember my father purchased the family home in Northcote in the mid 60’s for $7,500 the current price is $1,100,000. Unfortunately he sold it in the late 60”s for $14,000 almost doubling his money.
Sometimes a few free property investment workshops can be an interesting way to gain some tips as long as you can ignore the bits about paying them lots of money for their secret information that you can probably discover on the net for free.

Good luck with it  

评论
you should read.

search the info threads for lists of well regarded australian books and grab a few from the shops new, ebay 2nd hand or the local library if you must. Read as much as you can and then even if you pay a buyers agent etc at least you will know what you are looking for. You might even surprise yourself and find you dont need one.  

评论
You are in a good position to buy - just do the research and ask lots of questions here.  

评论
Heaps of good reading here, and in bookstores around the Country. That should be your first goal. Education.

Secondly, a plan you can stick to with a goal and timeline.

Thirdly. You must get out there and execute it, AND follow through all the way.  

评论
Hi There, Your situation sounds so similar to mine, we bought our first IP 2 years ago in VIC. Do heaps of research, buy a recommended book or two, go along to a somersoft meeting (if Adelaide has one), or invite a few SA investors for coffee to get their perpectives :)

THEN...You need to line up some very good advisors so you don't make any mistakes which are hard to reverse. People here give fantastic advice but they won't know your individual situation or strategy. With good income yourselves and 3 kids you might want to consider tax implications of how you buy the property - in who's name, in a trust (what kind of trust?). Get a good accountant who knows about property investing, and a good broker/banker to advise on the best finance for your particular strategy. And a good lawyer to advise on estate planning (if you don't already have one).

We bought locally to start with so that we could learn the ropes and get an idea of what to expect as far as fees/costs/maintenance went. We did a minor reno, partly ourselves and partly using tradies which increased the rent. The we bought in another state, and that was a learning curve again :D.

Good luck, let us know how it goes.
Jus  

评论
BJackson said: ↑
Hi,

I am new to this forum, but love the way the experienced people are willing to share their knowledge and time to guide people requiring assistance and advice.

I would like some guidance as to the way I should proceed with my first IP. My husband and I are in our early 40s with a combined income of 130k and three kids. Our PPOR is fully paid up and is worth around 600k. We are thinking of purchasing our first IP but lack knowledge as to the way to go about this without taking huge risks. Should we just take the chance and research on one area and go for it or should we engage the services of a professional entity to guide us through this process?

Your advice would be greatly appreciated!Click to expand...
Nice, the average Australan pays their house off at 51

GO it alone ?

Early 40s gives you a little space to make a substantial error or 2 and recover.

AS others have said, do a bunch of reading and research.

PLAN what you want.

What is your END game ?? do u want X amount of recurring income from property, Y from super, anz z from other things such as business.

Once u that work backwards and see what you need to do with property tyoes rtns, loans and finance structures etc


ta
rolf  

Property Investment

Australia property Selling Hints | Sydney

澳大利亚Hi folks I recall ready somewhere about what are some simple tricks for making your place more attractive during a home open. Im seriously thinking of selling my little pad and want to maximise my efforts. Any hints greatly appreciated. 评论 ...

Property Investment

Australia property Re-zoning | Sydney

澳大利亚What would the chances of a NSW Local Council allowing a community titled development (homes, community buildings, etc) on an area zoned Protected Agricultural land? Does anyone have experience in this area? Looking at the local council LEP, ...