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Where else should i get my kickstart in this investing world?
Hi All,
Any suggestions or tips on buying my first place to renovate in the state of NSW.
Im on abit of a budget of around $300K, including renovation.
Is it still possible/affordable or am I dreaming?
Where else should i get my kickstart in this investing world?
For houses I would look around the Lake Macquarie area. Still properties sub 300k. You could find something that needs a little love and renovate it to appeal to the first home owner market.
I have worked in the trade and wish to utilise my skills, as well as willing to put in the time and effort.
Working in a trade can be a benefit but is not necessary, nonetheless a good asset to have.
I own no properties, but have been advised to borrow a maximum of 80% if i wish to renovate. So that leaves me with that budget which includes the money for renovating.
I don't know your individual circumstance and all that entails but i would be talking to a good finance broker re the 80% max lend. Borrowing more may be perfectly fine your financial situation/goals/risk profile.
As for timeframe for harvesting equity, I could only guess the 'standard' few weeks that small renovatings usually take, which I know it all depends.
Im really after suggestions or leads of where my budget range can take me.
Im assuming you have little to no experience with property investing, hence jumping into a reno is not something i would advice straight away. This is what I would be doing if i was very serious about the whole investing game:
1. Read a little to understand the basics of property investing.
2. Identify your goals and risk profile
3. Talk to an experienced finance broker who invests in property themselves and has a decent portfolio. If they don't invest in property, skip them. They should be able to let you know your borrowing power etc.
4. If you decide reno is a strategy you want to pursue then hone in your knowledge in that area for awhile. (understanding what makes a successful reno, demographic, needs of the market, how to find a place that allows to add value and be profitable, how to negotiate a good deal. Often with renos, buying at a good price is key. )
Its not as easy as the shows make it out and a lot of the time the renos on the shows sell at a loss.
Good luck
leo
Indeed, I am very inexperienced in property investing.
I have read abit, lurked about and believe i understand the basic fundamentals of property investing.
I have written down goals of financial freedom withing an achievable time frame and being young, i believe i have a carefree, all or nothing, attitude towards what im trying to work out as calculated risks as to unnecessary risk.
After reading the slight edge and hearing about analysis paralysis, I would like to take action and am prepared to make mistakes.
Indeed, I am very inexperienced in property investing.
I have read abit, lurked about and believe i understand the basic fundamentals of property investing.
I have written down goals of financial freedom withing an achievable time frame and being young, i believe i have a carefree, all or nothing, attitude towards what im trying to work out as calculated risks as to unnecessary risk.
After reading the slight edge and hearing about analysis paralysis, I would like to take action and am prepared to make mistakes.