New User Looking to invest

B

Big Will

Hi all

Im new to the forums and have been looking around for about 4 hrs in total. I am 18 years old and i am going to try very hard to own 10 properties before i retire. (BTW thats a long way down the track).

I am looking to buy an IP, however by reading about it i think i have to live in it to be able to get the first home buyers grant. Am i correct???

I have done up an evaultion sheet for properties that i will be looking at. (Cost, Rooms, Garden, Distance to School, shops, train, bus) What else should i include???

I have watch a few dvds about property investments and probably the best bit of advice i have learnt is when doing reno is to start from what price i could get from it after i do the reno taking into account the in and out cost, reno cost, cost of property and how much profit i would like to make from it. Also buy the worst house in the best street and not the worst house in the worst street as when it is done up it will only be the best house in the worst street which will not have as bigger impact on my profits. Any other bits of advice that could really help???

Also stamp duty i was reading in one of the post, i think im a bit tired but 1st home buyers the gov. will weive the stamp duty. Is this also correct???

I was reading a thread about SS and i just got sooo lost but i will talk to my dad about it as he maybe know what the hell its is about. I got some info from that which i never thought about which was pest controls, land tax and other stuff.

However i am having one major problem with my starting investing. I cant get enough money. Does the 1st home buyers grant help with a deposit. Should i put my money into shares or into a fund until i raise enough or something else???

I know it is a fairly long message hopefully i havent lost any of you :D.

Thankyou in advanced
 
Hi Big Will

Where there is a will there is a way :)

The desire will lead to a focus and the focus will lead to some specifc actions which will lead to an end result.

Yes the FHOG can help toward your deposit, most lenders wont take it on as Genune savngs for Mortgage Insurance.

A bit more research will send you in your way


ta

rolf
 
Big Will said:
Hi all


However i am having one major problem with my starting investing. I cant get enough money. Does the 1st home buyers grant help with a deposit. Should i put my money into shares or into a fund until i raise enough or something else???
Click to expand...

Hiya Will and welcome to the forum!
You have a winning attitude, wanting to invest your money at such a young age when most people your age are such large consumers who generally spend beyond their means. Congratulations!

As far as saving up for that first deposit for a property I would recommend looking at putting your money into a conservative managed fund on a regular basis ($X per mth) until you've built up enough for a deposit. Set yourself a realistic goal by the end of a specific period (eg $x by end of 2005) and every time you go to spend, ask yourself "Do I really need this?"
Though there are many different ways of investing, most ppl on this forum advocate property (naturally!) but do some research and make yourself more enlightened with other investment vehicles so that you pick up some ideas. Have a read of magazines like Personal Investor and API for further tips. Good luck in your journey and remember that you can come on here any time and pick brains!! :)
 
Thanks all for all your help

Thank you heaps for all that info most of all Sunstone. That thread of your had a huge amount of info that i never thought of e.g. safety switches, smoke alarms, cable all the things i never even thought would/could make a difference.

I hope to see you around in the forums.
 
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