Property Virgin Seeking Advice for a Prosperous Relationship

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afish
Posts: 63
Joined: Mon Jun 15, 2009 4:46 pm

Property Virgin Seeking Advice for a Prosperous Relationship

Post by afish »

Hello there, Property Investors!

I'm a 23 year old Brigitte Jones type, you know a bit frumpy, pudgy, with a disorganised sort of life and a strong determination for always choosing the bad boys.

Given these facts about me, I know for certain that I will not be marrying into wealth anytime soon. I hardly foresee quoting Zsa Zsa Gabor in saying 'He taught me housekeeping; when I divorce I keep the house'!

And my job? Well, it's actually one of the hindrances on my way to acquiring property. I make about $45K. I will talk about this later on.

I need the advice from experts in buying property so that I pick the right one to ensure a long, happy, prosperous relationship with property investing. The last thing I'd want would be to fall for the wrong property, get drained emotionally and financially. I have to get it right the first time.

OK, my obstacle in acquiring the 'right' property is that my bank account is not padded. Without much money, my prospects seem disappointing. It seems property below $200K is cheap for a reason and I've been told it's unlikely for cheap property in western neighbourhoods to be positive cashflow and provide capital growth.

I can scrape together $10K. But this still leaves me short for even the units in western Sydney!

What are my options? With my job, I can't really save too much. I ma consider taking a night job as a bartender but I really think that would leave me too tired.

Thanks in advance for all the advice!

PS: There's a Property Entrepreneurs Network meeting on Tuesday. Anyone attending? WOuld love to meet and chat!

Cheers,

Mandy

kathryn
Posts: 13
Joined: Wed Jul 21, 2010 7:06 pm

Re: Property Virgin Seeking Advice for a Prosperous Relation

Post by kathryn »

Hi Mandy,

I'm a property investor myself, who started my portfolio when I was 24. I remember my first purchase, I was so nervous and I thought that I was finally an adult! It's a great feeling to know that you've just started your future wealth creation path.

First I would recommend that you start to read read and read some more information on property investing. Start with property magazines that you can find at the news agency, read books from the library.

Then either find a mentor that can help you guide yourself though a transaction or find like minded people to network with who can give you the right contacts for your professional services you will need, as well as learn from their mistakes and successes.

I go to the Property Entrepreneur Network (PEN) regularly and have found many other property investors, ranging from beginners to season investors. You should check it out.

I hope this has helped.

Kathryn

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otea
Posts: 65
Joined: Wed Mar 31, 2010 10:35 am

Re: Property Virgin Seeking Advice for a Prosperous Relation

Post by otea »

Hey,

Funny discussion, I just wanted to chime in as I'm about to lose my virginity!

I’ve looked at Liverpool, Mount Druitt, Penrith and Lakemba and came to the conclusion that Lakemba is the best option. It has slightly lower rental return but better opportunities for capital growth due to less supply in the market and the proximity to the CBD. Ideally I was thinking of buying a 2 bedroom to start with, and then getting into houses/reno’s/sub-divisions later down the track. Possibly down the track I might look at Liverpool or Mount Druitt but it would be only for positive cashflow not cap growth.

It would be great to catch up at some point and chat about it. Ideally my plan would be to buy a new property every year or two without using the equity in the property. Then after a few years look at re-financing the loan to pull equity out of the property and use it for additional purchases.

I will definitely see all the PEN people on Tuesday! Looking forward to it!

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