Firstly, hi to everyone! I?m posting this as a little introduction to myself and a bit of background and what I am hoping to achieve. I believe you I need to have the end goal in mind when choosing an investment strategy, so here are my goals:
Generate passive income and an asset base to enable me the opportunity to travel, spend more time pursuing further studies, personal development and languages, and allow me the choice to work based solely on personal satisfaction and significant contribution towards environmental and social issues without the stress of having to worry about providing for a potential future family and a cushy retirement.
My current situation: I have a high disposable income (approx. $95k gross, with relatively low expenses and no dependents). I?m relatively young (26), however due to a failed marriage (I know, divorced in my early 20?s ) and a few wayward years since getting divorced I don?t have much in the way of assets or cash (credit cards all recently paid off and around $10k saved now) - although my parents are currently considering assisting as a guarantor on my first property. My goal isn?t to have a squillion dollars of property and hundreds of thousands a year in passive income ? it?s to spend several years now building a moderate portfolio, and then spending the next 20 years working without golden handcuffs, and still being able to retire comfortable later in life.
The way I see this playing out: At my current income and expenses I am saving $30k per year. I?d like to purchase $1M worth of properties over the next 3 years, at least neutrally geared and have a sufficient buffer to be confident to spend 2-3 years travelling (plus I would need to cash for this this after purchasing the properties!!!). Returning from travel, I?d ideally like to invest again in several more properties and start a Masters/PhD ? I realise that $1M of property definitely isn?t enough to retire on and I would still need to work, but security is my goal, not early retirement. I have a partner who is on-board with the travel and timeline, and her career would actually benefit a lot from working and travelling in the places I am looking at!!
I?ve been doing a lot of reading and researching: API Magazine, Michael Yardney?s Rules of Property and How to build a multi-million property portfolio, Steve McKnight, Chris Gray, Nathan Birch?s story, Pet Wargent?s Get a Financial Grip, Rich Dad etc etc etc
I?m highly motivated ? once I set my mind to something, I make it happen. I?ve signed up to the Somersoft forum due to the amount of great information available, and due to generous successful members who are willing to contribute their experience.
I?ve got a basic idea of what strategy I need to pursue to achieve my goals and I?ll be writing it out over the coming week and posting it up here for feedback. In the meantime, hi to all! My current biggest struggle is getting finance for the first purchase, so I?d love some feedback ? is a guarantor feasible for a first investment (I?d take out income insurance to minimise that risk) or do I really just need to spend another year or so saving a deposit and purchasing with LMI and a low deposit? What would the minimum deposit really be? Seems like the sooner you can get in and get OTM?s working for me the better! I?ll be working some more on my strategy soon, but Logan area seems to be a good option right now!
Generate passive income and an asset base to enable me the opportunity to travel, spend more time pursuing further studies, personal development and languages, and allow me the choice to work based solely on personal satisfaction and significant contribution towards environmental and social issues without the stress of having to worry about providing for a potential future family and a cushy retirement.
My current situation: I have a high disposable income (approx. $95k gross, with relatively low expenses and no dependents). I?m relatively young (26), however due to a failed marriage (I know, divorced in my early 20?s ) and a few wayward years since getting divorced I don?t have much in the way of assets or cash (credit cards all recently paid off and around $10k saved now) - although my parents are currently considering assisting as a guarantor on my first property. My goal isn?t to have a squillion dollars of property and hundreds of thousands a year in passive income ? it?s to spend several years now building a moderate portfolio, and then spending the next 20 years working without golden handcuffs, and still being able to retire comfortable later in life.
The way I see this playing out: At my current income and expenses I am saving $30k per year. I?d like to purchase $1M worth of properties over the next 3 years, at least neutrally geared and have a sufficient buffer to be confident to spend 2-3 years travelling (plus I would need to cash for this this after purchasing the properties!!!). Returning from travel, I?d ideally like to invest again in several more properties and start a Masters/PhD ? I realise that $1M of property definitely isn?t enough to retire on and I would still need to work, but security is my goal, not early retirement. I have a partner who is on-board with the travel and timeline, and her career would actually benefit a lot from working and travelling in the places I am looking at!!
I?ve been doing a lot of reading and researching: API Magazine, Michael Yardney?s Rules of Property and How to build a multi-million property portfolio, Steve McKnight, Chris Gray, Nathan Birch?s story, Pet Wargent?s Get a Financial Grip, Rich Dad etc etc etc
I?m highly motivated ? once I set my mind to something, I make it happen. I?ve signed up to the Somersoft forum due to the amount of great information available, and due to generous successful members who are willing to contribute their experience.
I?ve got a basic idea of what strategy I need to pursue to achieve my goals and I?ll be writing it out over the coming week and posting it up here for feedback. In the meantime, hi to all! My current biggest struggle is getting finance for the first purchase, so I?d love some feedback ? is a guarantor feasible for a first investment (I?d take out income insurance to minimise that risk) or do I really just need to spend another year or so saving a deposit and purchasing with LMI and a low deposit? What would the minimum deposit really be? Seems like the sooner you can get in and get OTM?s working for me the better! I?ll be working some more on my strategy soon, but Logan area seems to be a good option right now!