advice on my investment strategy please

[xgen9606]

Hello all,

I am new to this forum and new to property investment.
Introduce myself first:
I m 31 year old from Sydney and working full time with approx. 70K annual income.

I have 120k deposit + 120k re-financed from my current PPOR.
My first IP is a terrace house in Sydney worth 820K and renting at 650pw, and 80% loan to pay off ? not a good invest though

My mortgage broker said I could potentially loan approx 700k without touching my own deposit.

My goal is retire early with some good cash flow, but also would like to buy as many properties in the next 10 years.
What my strategies should be?

For next IP, shall I buy a cash flow+ IP in a regional town or CG property in a bigger city, ie Wollongong.

Because I would like to keep buying?
I know the ideal is to find a property with both benefits, but I guess it?s a rare gem that everyone likes.
Would any one please advise my strategy? Thanks heaps.

 

[LeoT]

Hello all,

I am new to this forum and new to property investment.
Introduce myself first:
I m 31 year old from Sydney and working full time with approx. 70K annual income.

I have 120k deposit + 120k re-financed from my current PPOR.
My first IP is a terrace house in Sydney worth 820K and renting at 650pw, and 80% loan to pay off ? not a good invest though

My mortgage broker said I could potentially loan approx 700k without touching my own deposit.

My goal is retire early with some good cash flow, but also would like to buy as many properties in the next 10 years.
What my strategies should be?

For next IP, shall I buy a cash flow+ IP in a regional town or CG property in a bigger city, ie Wollongong.

Because I would like to keep buying?
I know the ideal is to find a property with both benefits, but I guess it?s a rare gem that everyone likes.
Would any one please advise my strategy? Thanks heaps.

Ill get straight to the point. You need to start buying some investment books to increase your knowldge/understaning of building wealth, if you want any chance of 'retiring in 10 years'. Thats the long and short of it. Once you do that, you will know what you need to do and if its even possible for you, your goals you have in mind. Start reading to expand your ideas on investment strategies, approaches etc while you talk to ppl on SS . Learning from ppl on SS is good, but it wont get you to your goals. Tust me on this And in terms of retiring in 10 years, you will also need to develop an unbreakable mindset as well.

Leo

 

[oc1]

Learning from ppl on SS is good, but it wont get you to your goals. Tust me on this And in terms of retiring in 10 years, you will also need to develop an unbreakable mindset as well.

Leo

Yeah bunch of twats we are here, Sir Leo. Still, most of us don't talk bulls#*t either.

 

[battler]

Learning from ppl on SS is good, but it wont get you to your goals.

And your proof for this is?

Tust me on this

No thanks, rule number one, don't Tust no-one.

 

[mflying]

Yeah bunch of twats we are here, Sir Leo. Still, most of us don't talk bulls#*t either.

Hahaha, good one!!

My 10 years nephew says..I dont trust a person that says trust me.

 

[xgen9606]

Ill get straight to the point. You need to start buying some investment books to increase your knowldge/understaning of building wealth, if you want any chance of 'retiring in 10 years'. Thats the long and short of it. Once you do that, you will know what you need to do and if its even possible for you, your goals you have in mind. Start reading to expand your ideas on investment strategies, approaches etc while you talk to ppl on SS . Learning from ppl on SS is good, but it wont get you to your goals. Tust me on this And in terms of retiring in 10 years, you will also need to develop an unbreakable mindset as well.

Leo

Thanks Leo for your advice, definitely I need some book reading.

You might misunderstand me, I am saying I would like to retire earlier than the normal retire age; but I would like to buy a few properties in the next 10 years. (not retiring in 10 years)
I am realistic about what I can and want to achieve after hearing the successful stories from ppl on SS, which do inspire me.
That's why I am really appreciating any suggestion that can help me advance my knowledge in investment.

So all comments are welcome.

 

[Rolf Latham]

target

retire early and on good cash flow is possible.............. possible right now probably

sell everything you have and go on Centrelink, there you go, recurring income goal achieved, ok, thats probably not what you want.........

If you define what you want more specifically, you would hve a much better chance of building a strategy around that goal.

you have great resources, and a questioning mind ( otherwise you would not be here) so get to it

ta
rolf

 

[LeoT]

Yeah bunch of twats we are here, Sir Leo. Still, most of us don't talk bulls#*t either.

Oct dont know why the hostility. The fact is purely by talking to SS ppl you wont reach your goals. Thats why i said to do his own reading AND talk to SS people. So i dont understand your hostility.

Leo

 

[LeoT]

No thanks, rule number one, don't Tust no-one.

Thats a good rule to an extent.

Leo

 

[oc1]

Oct dont know why the hostility. The fact is purely by talking to SS ppl you wont reach your goals. Thats why i said to do his own reading AND talk to SS people. So i dont understand your hostility.

Leo

No you didn't. Reread you post. I'm sure you can detect your smugness.

Didn't Les Brown cover the topic of SMUGNESS ?

 

[xgen9606]

target

retire early and on good cash flow is possible.............. possible right now probably

sell everything you have and go on Centrelink, there you go, recurring income goal achieved, ok, thats probably not what you want.........

If you define what you want more specifically, you would hve a much better chance of building a strategy around that goal.

you have great resources, and a questioning mind ( otherwise you would not be here) so get to it

ta
rolf

Thanks Rolf, I have to admit my goal is really vague and it seems too generic.
Probably I need to go back to the books for some ideas.
I found its really hard to define what my goal is (in investment terms), but I guess using my layman words to describe my goal: I would like to build wealth through investing properties that I will achieve CG to invest more property and have cash flow at the same time to improve life quality.
Please indicate where I should be more specific.

Thanks heaps

 

[LeoT]

Thanks Leo for your advice, definitely I need some book reading. Thats a great start mate.

You might misunderstand me, I am saying I would like to retire earlier than the normal retire age; but I would like to buy a few properties in the next 10 years. (not retiring in 10 years) Yup i read it too fast, gotchya now.


I am realistic about what I can and want to achieve after hearing the successful stories from ppl on SS, which do inspire me.
That's why I am really appreciating any suggestion that can help me advance my knowledge in investment.

I think its great your on this journey mate. One of the first things i would do is write down your goals, as specific as you can be. Put a number you want to achieve in X amount of years. Then after some reading and expanding your knowledge, you can try to pick a strategythat suits your situation/goals. After that its a continual process of refining, adjusting and learning until you get to your goals. IMO getting as much knowldge as you can to start with is important. Best of luck mate. SS is a great place to discuss.[/]
Leo

 

[LeoT]

No you didn't. Reread you post. I'm sure you can detect your smugness.

Didn't Les Brown cover the topic of SMUGNESS ?

I clearly said to discuss with people on SS as well!

If your confusing my honest opinion with 'smugness' then thats your problem.

Leo

 

[oc1]

Thanks Rolf, I have to admit my goal is really vague and it seems too generic.
Probably I need to go back to the books for some ideas.
I found its really hard to define what my goal is (in investment terms), but I guess using my layman words to describe my goal: I would like to build wealth through investing properties that I will achieve CG to invest more property and have cash flow at the same time to improve life quality.
Please indicate where I should be more specific.

Thanks heaps

Most say to have the end in mind. The problem with this is that your circumstance/life today will be different in the future. You will also have more knowledge later in your investment journey, which may change your strategy yet again. My thoughts? Determine which money making strategy interests you and learn from people who implement said strategy. Spend some time on SS too. Tust me, many people here walk the walk.

 

[xgen9606]

Thanks Leo for your advice, definitely I need some book reading. Thats a great start mate.

You might misunderstand me, I am saying I would like to retire earlier than the normal retire age; but I would like to buy a few properties in the next 10 years. (not retiring in 10 years) Yup i read it too fast, gotchya now.


I am realistic about what I can and want to achieve after hearing the successful stories from ppl on SS, which do inspire me.
That's why I am really appreciating any suggestion that can help me advance my knowledge in investment.

I think its great your on this journey mate. One of the first things i would do is write down your goals, as specific as you can be. Put a number you want to achieve in X amount of years. Then after some reading and expanding your knowledge, you can try to pick a strategythat suits your situation/goals. After that its a continual process of refining, adjusting and learning until you get to your goals. IMO getting as much knowldge as you can to start with is important. Best of luck mate. SS is a great place to discuss.[/]
Leo

Thanks Leo,
I guess its hard to define my goals at the moment as I just started investing and not sure how much I can achieve as an end result. I guess this is why ppl find it hard to give specific ideas about investment strategy.
I will definitely do some reading and hear from people on SS.
But if I am thinking of buying now, is there any advice from you if I would like to start building my equity so that I could invest on next and next properties?

Thanks a million

 

[xgen9606]

Most say to have the end in mind. The problem with this is that your circumstance/life today will be different in the future. You will also have more knowledge later in your investment journey, which may change your strategy yet again. My thoughts? Determine which money making strategy interests you and learn from people who implement said strategy. Spend some time on SS too. Tust me, many people here walk the walk.

Thanks oc1,
I believe that are many people on SS are valuable source of learning, including you.
It is hard to define what i want to achieve in the future but I guess I would like to keep investing despite of my humble salary so that I could build a larger equity for further investment.
Can you explained a bit further on money making strategy or if there is a link that i can look up?
Thanks heaps

 

[LeoT]

Thanks Leo,
I guess its hard to define my goals at the moment as I just started investing and not sure how much I can achieve as an end result. I guess this is why ppl find it hard to give specific ideas about investment strategy.
I will definitely do some reading and hear from people on SS.
But if I am thinking of buying now, is there any advice from you if I would like to start building my equity so that I could invest on next and next properties?

Thanks a million

Mate i beleive you can achieve whatever you want, it will just come down to committment. In terms of buying now, assuming you want to build wealth hence you need to build equity, You need to decide where would be the best place to invest that will give you the best/quickest chance of increase of equity. Start from choosing a state, then few suburbs, then hone into 1 or 2 that fall in your price categoery, and then do your due diligence on the suburbs and properties you investigate. A lot of people think think that NSW and inparticular Sydney is pretty much over with. Generally i agree. I mean there will always be certain markets in Sydney at certain price points that may still do well. But i think most of the growth in Sydney has happened. No crystall ball though. Personally i think Brisbane has more upside potential than Sydney at this point in time.

Cheers
Leo

 

[Nem]

Most say to have the end in mind. The problem with this is that your circumstance/life today will be different in the future. You will also have more knowledge later in your investment journey, which may change your strategy yet again.

Well said, yes, its hard to know the end at the start. And I also agree with Leo that on SS you wont find much help at the beginning. Once you know where you heading and what is that you want, and able to ask specific question, people here help.

I am only at the beginning, or should I say at the reading books and SS forums stage but all I see is everyone asking me what is your strategy or what is that you really want... and I guess I have to find those two answers myself... And I am sure once I do and start heading in any direction, strategies and directions will change as I will know more then now

 

[LeoT]

The whole thing about not being certain of your end goals at the beginning is not realy that important IMO.

Most of the books you read will also suggest the same thing. I think what their trying to really say is that most ppl go into property invesmtment with only very modest ideas of what they think they can achieve, and this is problematic - and i agree with that sentiment. The reason i think its problematic is becasue when your vision is very narrow, its hard to see beyond. Rather, by starting from a 'larger' goal position and then over the months and years refining and trying different strategies may be a better way to go. Personally i beleive you need to have a target set/targets set at timeframes, otherwise you will likely have an aimless path. Yes of course as you learn you will tweak targets/goals/paths etc but this is also a normal and beneficial process imo.

Cheers

leo

 

[xgen9606]

Well said, yes, its hard to know the end at the start. And I also agree with Leo that on SS you wont find much help at the beginning. Once you know where you heading and what is that you want, and able to ask specific question, people here help.

I am only at the beginning, or should I say at the reading books and SS forums stage but all I see is everyone asking me what is your strategy or what is that you really want... and I guess I have to find those two answers myself... And I am sure once I do and start heading in any direction, strategies and directions will change as I will know more then now

I totally agree that books and discuss with investing ppl will certainly kick the ball rolling. However we might modify goals or strategies as we need to target the end result. Now I might start the books.... hahaha : )