1st Investment property - PERTH, 21yo Mining wage

Yup I've done a few. As singo said, I've got a few threads BUT I had to take 2 out of my signature as you can only have 2 URLs in your sig.

Gwelup http://somersoft.com/forums/showthread.php?t=81719
North Perth http://somersoft.com/forums/showthread.php?t=97742

There are a few development friendly builders out there who can manage everything down to the letterbox for you. You just have to keep working and supply money :D

It's up to you, really how involved you want to be. On your Perth time you can do builders appointments, colours/tiles, inspections. OR you can choose not to by employing an interior designer once off to do all the colours stuff and then a building inspector for 2-3 times to make sure everything is AOK.

I've managed to develop with a fulltime job, yes it's easier because I'm local but I still couldn't do much during business hours and restricted to appointments on my RDO. I was working for your Gorgon headoffice :)

I'm now developing fulltime (as of 5 days ago) with a sideline of mentoring/assisting people develop.



Hi there,

Yeah I guess money will be the underlying factor!!
Thanks for the links I'll definitely look into your threads and get as much info as I can :cool:

I'm quite interested in some of the trades involved in the development process as I used to do Roof Carpentry for a couple of years although I feel that it's probably best for me to keep it business orientated and leave it to the pro's - as to not become emotionally attached as such. Which probably suits my current situation a lot better anyway.

Did you find it to be fairly stressful working full time and developing on the side? it's something I'd be very keen to look into after a bit more research.

Oh yes, down in the Murray st office? Also have you ever developed interstate or kept it Perth based? :)

Regards,

Fraser
 
I'm in a similar boat. Working on the Gorgy doing nightshift and in flycamp. Been here 2 years, probably got 2 more.

It's very difficult to look at houses when your on the rock. My first purchase went well, the second one the Reno blew out by 40% but it should be ok.

The golden handcuffs are a very big concern to me. When I leave here I'll be taking a few months off and I don't want the stress of loans later on.

My next purchase will be through a buyers agent. I think that's the only real way to get something good with the limited r&r time. Also, I want to keep away from older, high maintenance properties I don't want the drama when even phone calls are difficult to organise...

My plan is $50k pa passive income from low maintenance rental properties and I'll chill out by the beach. I don't wanna just keep chasing the dollar life is too short.

Don't forget the land tax issue if you get too many in one state...
 
I'm in a similar boat. Working on the Gorgy doing nightshift and in flycamp. Been here 2 years, probably got 2 more.

It's very difficult to look at houses when your on the rock. My first purchase went well, the second one the Reno blew out by 40% but it should be ok.

The golden handcuffs are a very big concern to me. When I leave here I'll be taking a few months off and I don't want the stress of loans later on.

My next purchase will be through a buyers agent. I think that's the only real way to get something good with the limited r&r time. Also, I want to keep away from older, high maintenance properties I don't want the drama when even phone calls are difficult to organise...

My plan is $50k pa passive income from low maintenance rental properties and I'll chill out by the beach. I don't wanna just keep chasing the dollar life is too short.

Don't forget the land tax issue if you get too many in one state...


Hi mate,

Thanks for the reply, glad to see someone from my neck of the woods :p

What do you do up here if you don't mind me asking?
Yeah i'm finding it pretty hard to communicate to the outside world, and i'm finding most of the properties I've been keen on are getting bought up quick smart..

What sort of reno did you undergo?
Just a query with in regards to the buyers agent idea, would you look at going interstate or keep it local?

I too have a worry for the golden handcuffs, but I think if I could base my portfolio in areas that are central and in demand from a rental perspective - places that would receive as close to cash flow neutral as possible I could keep a decent amount of control over some high gearing
 
You could always use a buyers agent or a project manager to help with the developments to cater for your lack of time.

You seem to be looking to take a similar path to the one i have gone down. Feel free to pm me for any specific advise.

Cheers





Its all about the hours worked. You can expect an avergage wage for 2/1 of 120k-180k. So a 4/1 is double the hours so 240k-360k.

Cheers


Hi mate,

Thanks for the reply, Yeah a professional would certainly help in a variety of ways, although I am looking to undergo the process for myself to gain that knowledge for future reference.

Cheers for that im sure i'll have many questions :D what sort of situation are you currently in property wise?

regards,


Fraser
 
Hi mate,

Thanks for the reply, Yeah a professional would certainly help in a variety of ways, although I am looking to undergo the process for myself to gain that knowledge for future reference.

Cheers for that im sure i'll have many questions :D what sort of situation are you currently in property wise?

regards,


Fraser

Well in my opinion you will either need time or someone to help carry the load while your away. Either way you will learn for yourself aswell in the process. But plenty of options.

I work away aswell. Have property overseas and development sites in perth. Currently developing one of them atm. Not much older than yourself.

I find my time more valuable so use professionals to help me when needed along the way. Most of it can be done on your own if you really do your research and commit to it. But if time is an issue then dont be affraid to use more experienced people to guide you and to learn from.

Cheers
 
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