Anyone regret buying their 1st IP or would want to do things differently?
I'm glad I bought my 1st IP back in 2009 but if I had my time over again I would do things differently. I realise now how important savings are and having a buffer is!! I wouldn't have taken $10 K of my own cash to fund the deposit. For me on my salary to be able to save an amount of $10 K takes quite a long time if living on my own!
It has been a bit of a struggle the past couple of years. I have had to be very careful with my money and at one point I was spending too much on fruit and food as a reward for my weight loss achievements. I should have been keeping a more vigilant eye on my bank statements. The rest of my pay was going towards the NG and IP expenses and other general living expenses and PPOR expenses oh and recently health expenses I have hardly bought any material items in this time because I just dont know whats around the corner with unexpected expenses.
In June of 2011 I ended up getting a loan from mum and dad for $1000 just to give me a little SANF until my tax return in September. I have done well to have kept my savings in tact since June which was my goal. I now have $7 K in savings. I have had unexpected regular health bills that I've been paying as well so havent been able to save anything.
Anyway I decided to make a move, and board with my parents for a year. I will pay $200 a week board and realistically hope to be able to save at least $15 K in 12 months maybe even $20 K. I will be doing some umpiring that wont be taxed and hoping to do some other casual work so thats another $5 K savings there. Ok so goal is at least $20 K savings this year.
I'm glad I have the opportunity to live with my parents to save again. It was either that or find a share house. I guess sometimes you have to learn the hard way, through mistakes. I thought I had learnt enough by reading these forums for a couple of years before buying my 2 properties. But I guess you dont really learn until you put it into practice hey! I didn't think I would be that NG. I'm NG to the amount of $3,500 pa. I also didn't take into account so many expenses and other property fees. Also health fees that I didn't factor in.
I realise that some people wont reply here. Some may be too embarrassed and some may not be an active member anymore. But I do know there are a few people on SS who did life tough when they first started out investing on lower than average incomes.
If I had to give just one piece of advice to a newbie it would be:
#1
Make sure you start out with a decent savings buffer! This is so important especially if your on an average or lower income.
So... Would anyone like to share there story. Any advice you would like to give to newbies.
I'm glad I bought my 1st IP back in 2009 but if I had my time over again I would do things differently. I realise now how important savings are and having a buffer is!! I wouldn't have taken $10 K of my own cash to fund the deposit. For me on my salary to be able to save an amount of $10 K takes quite a long time if living on my own!
It has been a bit of a struggle the past couple of years. I have had to be very careful with my money and at one point I was spending too much on fruit and food as a reward for my weight loss achievements. I should have been keeping a more vigilant eye on my bank statements. The rest of my pay was going towards the NG and IP expenses and other general living expenses and PPOR expenses oh and recently health expenses I have hardly bought any material items in this time because I just dont know whats around the corner with unexpected expenses.
In June of 2011 I ended up getting a loan from mum and dad for $1000 just to give me a little SANF until my tax return in September. I have done well to have kept my savings in tact since June which was my goal. I now have $7 K in savings. I have had unexpected regular health bills that I've been paying as well so havent been able to save anything.
Anyway I decided to make a move, and board with my parents for a year. I will pay $200 a week board and realistically hope to be able to save at least $15 K in 12 months maybe even $20 K. I will be doing some umpiring that wont be taxed and hoping to do some other casual work so thats another $5 K savings there. Ok so goal is at least $20 K savings this year.
I'm glad I have the opportunity to live with my parents to save again. It was either that or find a share house. I guess sometimes you have to learn the hard way, through mistakes. I thought I had learnt enough by reading these forums for a couple of years before buying my 2 properties. But I guess you dont really learn until you put it into practice hey! I didn't think I would be that NG. I'm NG to the amount of $3,500 pa. I also didn't take into account so many expenses and other property fees. Also health fees that I didn't factor in.
I realise that some people wont reply here. Some may be too embarrassed and some may not be an active member anymore. But I do know there are a few people on SS who did life tough when they first started out investing on lower than average incomes.
If I had to give just one piece of advice to a newbie it would be:
#1
Make sure you start out with a decent savings buffer! This is so important especially if your on an average or lower income.
So... Would anyone like to share there story. Any advice you would like to give to newbies.