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Hey Somersoft
Dinamo here. Thought I would finally introduce myself as I've been reading the forums for a while, but I think it's time I started posting!
- 21 years old, graduated from uni last year, now work full time earning 60K per year
- living with parents in Sydney, no expenses, no debts, not much savings (10K)
- parents will be my guarantors using our PPOR
- have been to a broker and have a pre-approval of 500K with ING
- main goal: to be financially free by 30 & also help my parents with investing so they can retire comfortably
- have started reading property books, still need to set my goals and work out my exact strategy
- aim to get my first property by the end of January
- strategy at the moment is to focus on CG, buy undervalued property in capital cities, close to CBD with value-add potential
- use an offset account and pay IO, once equity is enough to discharge parents off the loan, keen to buy another as quickly as possible
- looking at Brisbane currently, a bit nervous as it's my first property and don't know the area at all
- do not want to get caught up in analysis-paralysis, need to take action
- would like to form a team around me who have walked the walked
I'm really excited to start my journey and I'm so glad I've found this community!
Cheers,
Dinamo
Thanks Rix,
Wasn't even a "real" business at the time.
Simply imported a container of home grade pub sized pool tables from China and they just sold themselves online, eBay, Trading post, etc...
Cost 12k for the container of product and it was all the money I had, did not have a lot of cash to throw around at the time.
Started off from home utilising a single garage for storage and started making about 5k profit after a few weeks, so immediately quit my job as a full time builders labourer.
Never looked back from then.
ING are not usually a first choice for investors in my experience so it may pay to make sure your broker is fully aware of your future investment plans and can put you with lenders that will allow the flexibility you need in the future, rather than focusing on just this first purchase.