Howdy
I've been struggling to get a clear idea on how to go about developing a strategy for myself and my partner.
I've read a lot of books, attended a lot of seminars and to be honest all they have done is confused me. Although I am aware of many strategies now, i'm unsure of what I need for my circumstances.
My goals are to gradually create passive income over a 10 year period so by the time i'm 40 (30 now) i could stop work if I wanted to and do whatever. I've started with little goals like generate $80 a month to afford an Iphone ), even thats hard enough Retirement, superannuation etc etc isn't too much of a worry for me.
So far we've bought one unit in Adelaide (where I live) and i'm happy with that one so far. Now the first one is out of the way i'm unsure
I spoke with a mortgage adviser recently and it seams as if we can borrow around $300k. So the question is, where now? I know I don't have the knowledge and confidence yet to invest interstate and to be honest I think with only one IP i can afford one or 3 more in Adelaide before I look elsewhere. I know its not the best in terms of growth etc but its what I know best.
I've looked at the following ideas:
- Keep buying when possible new or newish units/houses in decent or up and coming areas and holding them.
- Buy older or in need of reguvination units/houses, doing them up and either holding or selling to release cash for more IP's
- Buy off the plan H&L packages to hold or again make quick profit
-Or a combination of all or some of them
Then theres the cashflow side of things. Currently our unit is slightly negative. If i looked at is as a business it would be a losing game so should I look at trying to get +ve stuff to start with as the more and more -VE IP's i buy the more I rely on a job to keep paying them?
We are also strongly considering moving in with my partners parents place for a year and renting our house out. It would work out to be a huge saving a month and may help us move along quicker, a head start if you will.
Thoughts would be awesome guys
Thanks
I've been struggling to get a clear idea on how to go about developing a strategy for myself and my partner.
I've read a lot of books, attended a lot of seminars and to be honest all they have done is confused me. Although I am aware of many strategies now, i'm unsure of what I need for my circumstances.
My goals are to gradually create passive income over a 10 year period so by the time i'm 40 (30 now) i could stop work if I wanted to and do whatever. I've started with little goals like generate $80 a month to afford an Iphone ), even thats hard enough Retirement, superannuation etc etc isn't too much of a worry for me.
So far we've bought one unit in Adelaide (where I live) and i'm happy with that one so far. Now the first one is out of the way i'm unsure
I spoke with a mortgage adviser recently and it seams as if we can borrow around $300k. So the question is, where now? I know I don't have the knowledge and confidence yet to invest interstate and to be honest I think with only one IP i can afford one or 3 more in Adelaide before I look elsewhere. I know its not the best in terms of growth etc but its what I know best.
I've looked at the following ideas:
- Keep buying when possible new or newish units/houses in decent or up and coming areas and holding them.
- Buy older or in need of reguvination units/houses, doing them up and either holding or selling to release cash for more IP's
- Buy off the plan H&L packages to hold or again make quick profit
-Or a combination of all or some of them
Then theres the cashflow side of things. Currently our unit is slightly negative. If i looked at is as a business it would be a losing game so should I look at trying to get +ve stuff to start with as the more and more -VE IP's i buy the more I rely on a job to keep paying them?
We are also strongly considering moving in with my partners parents place for a year and renting our house out. It would work out to be a huge saving a month and may help us move along quicker, a head start if you will.
Thoughts would be awesome guys
Thanks