Property Investor to be

[Liampeak]

Hi there guys

My name is Liam, 23 years young and i'm the newest member to the group i guess. I've been cruising these forums for the last couple of months sifting through and picking out information trying to get my head around this wonderful thing you all know as property investment.

My story:

I have a 50-50 split mortgage on a house with my mother in Hamilton Hill, WA. The house was worth 450k back in 2009 not sure what its wroth now. My mortgage is for 200k and my mums 200k. We both live at the house. I have an offset account linked to mine with ~$120k sitting in it that I'm adding too it each week. I work FIFO so most of my money gets sunk into the account.

Im a very ambitious person and I love to make a dollar. Property investment interests me a lot and I'm now looking at getting my first IP. I was referred to The Investment Club by a family friend of sorts but from reading this forum i've learnt they are not the way to go. Honestly I'm a very sceptical person and not easily led into things like that thank god.

I wouldn't say I'm totally prepared and clued up to be confident ill be making right decisions but at the same time, the best way to learn is to give it a go! If anyone can offer advice for what they think might be a good option for myself it wouldn't be falling on deaf ears i assure you. Also anyone from Perth, if they have any contacts they can pass on, a good reference is priceless!

Many regards

 

[quoll]

So many options.

Work out a budget, household type budge, how much you need to live, how much you can afford to spend on topping up an IP, have a look at what's for sale in your suburb that is similar to your house and have a look at what has sold in your suburb similar to your house, get some idea what it's worth. Then work out how much you can afford to spend on an IP.

Once you have a rough $$ spend you can go looking at suburbs and properties. The choices are endless, you can buy cheap units, blocks of units, rural stuff, apartments, std 3/2 suburban houses. Neg gear, Pos gear. Huge choice.

My advice, just buy a cheap average house, use an agent and rent it out. Learn, work out the game, much sure YOU are comfortable with this game and can sleep at night. What if tenant trashes your house, can you cope with insurance and getting it fixed and putting another tenant in? What if you have to send them to the tribunal to get back rent paid? Go slow learn make sure you are happy then move forward. Work out your strategy. But start easy with something average.