New. Need help!

[harpy]

Hey guys! I'm new here and only just starting to get interested in property. I'm only 19 and don't know much about this sort of stuff but am really keen and enthusiastic to learn. Im seeing a mortgage broker on monday to discuss how much i will be allegeable for to get a loan for a possible first IP.

I am about to start reading the book, rich dad poor dad by Robert Kiyosaki

But i would really like some tips on finding out where to buy. Any good magazines or websites to start reading and just general tips or guidelines you guys use when looking for/purchasing IP's

I currently live in Bendigo VIC and i am looking at purchasing around this area or in a Melbourne Suburb.

Thanks!

-Harpy

 

[Rob Williams]

Welcome!
I highly recommend Australian Property Investor (API) magazine.
Other good books include Michael Yardney's How to Build a Multi Milllion Dollar Property Portfolio In Your Spare Time and Ed Chan's Wealth for Life. There are many others, but these were the one's that resonated with me the most.
Go to seminars, like the upcoming Michael Yardney event. You learn lots and get to mix with like minded people from whom you can learn.
Don't be afraid to ask people for advice. Successful people will help you and share their knowledge.
I know a few people who started out at your age investing in property or other asset classes. Now in their mid twenties, they have a great foundation already, while many others are still "looking into it".
Work out your overall objectives. Make a plan and set goals. Work on your "wealth" mindset (read Secrets of the Millionaire Mind by T. Harv Eker, for example). Keep it simple and sustainable. Those are my tips for the day
Oh .. one more .. have fun doing it!

 

[LynnH]

Hi, harpy, and welcome to the forum!

Here's a list of books, articles, etc that will help you get started:

http://www.somersoft.com/forums/showthread.php?t=9652

And, as Rob said, enjoy your investment journey!

Cheers
LynnH

 

[Bill.L]

Hi Harpy,

I would suggest you spend a couple of weeks reading through the threads on this forum.

Don't just read the latest ones, go back to threads 4 or 5 years old, read, read and read some more. Virtually all the information you need is covered in various ways here. Use the search function when you come across topics of specific interest.

Also buy Jan Somers books, for property investment they are a better place to start than the Kiyosaki ones.

bye

 

[want2bewealthy]

Good decision son, onya.

 

[harpy]

Thanks for the warm welcome guys

I've been reading alot on the forums and scouring realestate.com.au and the local newspapers to see how much houses in certain areas are going for and how much rent certain areas are fetching.. Due to my price rage which i estimate will be around 140-190k i am mostly looking close by in the golden square areas and there seems to be alot of cheap places around. Although i will have a much better idea what to look for once i have seen the bank or the mortgage broker.

The only problem i have is that to be allegeable for my first home buyers bonus i have to be pre paired to live in the residence for 6 months of the first 12 months if I'm correct which i could probably accomplish, it would just be tight on the wallet there for a while.. unless there is a way around this i am unsure..

I will keep reading up and getting ideas and goals together. If you have any more info that would help me i would appreciate it very much. If you could recommend any other areas of intrest that are within my price rage at the moment for a long term IP that would be fantastic.

Thank you all again for your input.. Im scared to start this journey but i give it a positive outlook. Looking at some of your stories helps alot

 

[Pete_d]

Thanks for the warm welcome guys

The only problem i have is that to be allegeable for my first home buyers bonus i have to be pre paired to live in the residence for 6 months of the first 12 months if I'm correct which i could probably accomplish, it would just be tight on the wallet there for a while.. unless there is a way around this i am unsure..

In Victoria you must commence a continuous period of 6months living in the property within the 1st 12months. So 364 days after settling you can move in spend 6 months there and then move on. Perhaps waiting 12 (11.95) months might give you some breathing space to increase wages, increase rent, etc.

 

[vbplease]

Harpy,
You may want to look into stamp duty concessions for a FHO. Have a look on www.sro.vic.gov.au or do a google search. The savings are pretty big, but it may require you to stay in the property for the first 12months.

I also noticed (in July's API magazine) that first time investors are eligible for a $10,400 rebate over the first 2yrs. This is done by reducing your PAYG tax by $100/w.

The first time investors rebate may be more useful to you at the moment.. you can always use the FHOG and transfer concession on a later purchase for your first PPOR.

 

[harpy]

In Victoria you must commence a continuous period of 6months living in the property within the 1st 12months. So 364 days after settling you can move in spend 6 months there and then move on. Perhaps waiting 12 (11.95) months might give you some breathing space to increase wages, increase rent, etc.

<3

Thanks so much man! Just lifted a weight off my shoulders

pays to ask i suppose. Still learning.

 

[harpy]

The first time investors rebate may be more useful to you at the moment.. you can always use the FHOG and transfer concession on a later purchase for your first PPOR.

So is what your saying is i can purchase an IP and still get my FHOG on a later property purchased under PPOR?

sorry if that sounds like a stupid question

 

[Peter_Tersteeg]

Can you afford the property without using the FHOG?

You'd get the FHOG later if you just purchase as an IP now and buy your own home later. I suspect the FHOG will also be around for a very long time to come.

 

[harpy]

Can you afford the property without using the FHOG?

Probably not. For me to save my deposit would take a good 4-5 months (without having alot to fall back on). I currently have a bit of money saved up which i plan to use as for a cushion but i would really need the FHOG realistically. My plan is to have people renting and myself throwing in around $50-$100 per week to make up the rest.

 

[tess85]

Hey guys! I'm new here and only just starting to get interested in property. I'm only 19 and don't know much about this sort of stuff but am really keen and enthusiastic to learn. Im seeing a mortgage broker on monday to discuss how much i will be allegeable for to get a loan for a possible first IP.

I am about to start reading the book, rich dad poor dad by Robert Kiyosaki

But i would really like some tips on finding out where to buy. Any good magazines or websites to start reading and just general tips or guidelines you guys use when looking for/purchasing IP's

I currently live in Bendigo VIC and i am looking at purchasing around this area or in a Melbourne Suburb.

Thanks!

-Harpy

Rich Dad, Poor Dad was the 1st investment book that I read too. But I don't think it's that great. Check out this link too:

http://www.johntreed.com/Kiyosaki.html

try some other property-specific ones like those mentioned above.