Hi All,
As a true clueless beginner to what is going on I seek all your much needed advice to hopefully to get me on my way in the property game.
I am a careless 23 year old with a full time job, that loves a night out on the town every Saturday night. I have two loving parents who have just placed a very tight noose around my neck. Which brings me to my current predicament. My father owns a rather large block of land which he has now sold most of except 1. He had mentioned to me earlier he wanted to get me started and on my way with life and with the first home owners grant last year at $21k it was all to easy to see his plan unfold.
He had signed a block of land over to me and told me to get on my way, I only have until November. Being as stupid as I was I went to look at display homes by Metricon. Im sure anyone will know once they walk into one of them that the 100’s of down lights, impeccable timber decking and alfresco living that it is impossible to resist. So I decided to build with Metricon despite the fact that they probable don’t build 80% of what you see in the display homes including timber decks etc. Now with my parents checking up on me was quite happy with the design I chose BUT!!! That thought it was in their own right to make their alterations including an extra bedroom and extra high ceilings which brought the bill to $275,000 to build the house.
5 months later I just received the keys to my 5 bedroom, 2 bathroom, double garage house. With only a bed, tv and car to my name I am looking to move in once I figure out landscaping, fencing, furniture etc AND decided whether I should build this just quoted timber deck for $15,000.
I guess it is now D-Day and last night have decided to screw my head on straight and start doing something with my life. I am looking to best capitalise on the situation. With my fulltime job and no other commitments Ive calculated with bills etc I can manage paying off my mortgage fine on my own. However, II will get 3 more house mates in to help me with my mortgage payments to take the load off a bit too.
My question is, what do I do next to capitalise on the situation? I am not obligated to pay back my father but intend to give him $300,000 when I can or decided to sell the place. I really want to get started in property investment, so what should I do? Do I sell the house and look for another property perhaps? Keep it and loan against the equity? Keep in mind I probable will only have enough money to buy a chicken wrap at McDonalds after I finish furnishing and finishing off the place.
Any advice is greatly appreciated
As a true clueless beginner to what is going on I seek all your much needed advice to hopefully to get me on my way in the property game.
I am a careless 23 year old with a full time job, that loves a night out on the town every Saturday night. I have two loving parents who have just placed a very tight noose around my neck. Which brings me to my current predicament. My father owns a rather large block of land which he has now sold most of except 1. He had mentioned to me earlier he wanted to get me started and on my way with life and with the first home owners grant last year at $21k it was all to easy to see his plan unfold.
He had signed a block of land over to me and told me to get on my way, I only have until November. Being as stupid as I was I went to look at display homes by Metricon. Im sure anyone will know once they walk into one of them that the 100’s of down lights, impeccable timber decking and alfresco living that it is impossible to resist. So I decided to build with Metricon despite the fact that they probable don’t build 80% of what you see in the display homes including timber decks etc. Now with my parents checking up on me was quite happy with the design I chose BUT!!! That thought it was in their own right to make their alterations including an extra bedroom and extra high ceilings which brought the bill to $275,000 to build the house.
5 months later I just received the keys to my 5 bedroom, 2 bathroom, double garage house. With only a bed, tv and car to my name I am looking to move in once I figure out landscaping, fencing, furniture etc AND decided whether I should build this just quoted timber deck for $15,000.
I guess it is now D-Day and last night have decided to screw my head on straight and start doing something with my life. I am looking to best capitalise on the situation. With my fulltime job and no other commitments Ive calculated with bills etc I can manage paying off my mortgage fine on my own. However, II will get 3 more house mates in to help me with my mortgage payments to take the load off a bit too.
My question is, what do I do next to capitalise on the situation? I am not obligated to pay back my father but intend to give him $300,000 when I can or decided to sell the place. I really want to get started in property investment, so what should I do? Do I sell the house and look for another property perhaps? Keep it and loan against the equity? Keep in mind I probable will only have enough money to buy a chicken wrap at McDonalds after I finish furnishing and finishing off the place.
Any advice is greatly appreciated