Where to start

Hello all,

I am looking for ideas for where to start. I have been reading a lot over the past few months here on SS and want to make a start :) but I don't know where to do that.

My situation is that I work full time, mid twenties, don't own any property, have a cheap car that I share with my BF and pay a very small amount of rent - $220pw for our house, which we split, so $110pw. At present we earn $150k per annum between us, and next year it will be $200k, of which $100k of that will be tax free. We now live in inner north Canberra due to recent move from Brisvegas.

I am really confused; I suppose the first stop is to get serious and start saving money, whilst continue educating myself on property investing and working out my goals?? I am obsessed with looking at property but not sure what I should be looking for.

Any thoughts would be appreciated. :)
 
Where to start?

That all depends on where you want to finish I guess. ;)

The usual place to start is to buy your own home. (PPOR)

Build some equity then borrow against it to buy properly financed Investment Properties (IP's)

What are your long term goals? Do you plan on having children in the next couple of year? What age would you like to retire? etc etc etc

With a 200k income, I would assume that you are in front of a lot of people, even on here :D

Good luck with your wealth building journey. There are plenty of knowledgeable people on here that will help. :D

Cheers

Mick
 
Thanks Mick,

Where to start?

That all depends on where you want to finish I guess.

The usual place to start is to buy your own home. (PPOR)

This is where I get stuck. If our rent is always going to be cheap, eg $220-$250pw (Army subsidised) would it make more sense to stay 'renting' and purchase property that would be rented but could be our PPOR if my BF left the Army?

It's the buying the first place, I don't understand the process, I need to learn more about how finances and mortgages work etc


Build some equity then borrow against it to buy properly financed Investment Properties (IP's)

What are your long term goals? Do you plan on having children in the next couple of year? What age would you like to retire? etc etc etc

I would like to have children, yes, but would like to start us on the path to financial security first, so I'm in no rush. As for retiring, I enjoy the work I do, and am would continue whilst it keeps providing such good cash flow, not really sure how to answer to be honest.

With a 200k income, I would assume that you are in front of a lot of people, even on here

Good luck with your wealth building journey. There are plenty of knowledgeable people on here that will help.

Cheers

Mick
 
The usual place to start is to buy your own home. (PPOR)

That's what 'most' people do, yes. And most people aren't rich. Why? Because:

Build some equity then borrow against it to buy properly financed Investment Properties (IP's)

They're so intent on paying off the dreaded mortgage that they never get to this.

Do what the herd does, get what the herd gets.
 
This is where I get stuck. If our rent is always going to be cheap, eg $220-$250pw (Army subsidised) would it make more sense to stay 'renting' and purchase property that would be rented but could be our PPOR if my BF left the Army?

When I read back over this statement, I'm not so sure. What do others think? My concern with having a place we live in ourselves is that we move constantly and might get little notice to do so. However then I see $1000 a month in rent being payed.
 
Yes with cheap rent, you have the opportunity to buy an IP straight away.

Somesay the learning curve of owning your own home is good too.

In thee 2 minutes I gve it, I came up: buy an IP... Buy nother IP.. Then see what to buy next, life may change
 
Based on what you've written, it seams you are in a very strong position to start acquiring a few IP's.

Like you say save hard and given your current rental advantage I would stay renting, decide where you would like to invest, research and research and put a deposit down!

On 200k you should be able to accumulate savings pretty quickly if your frugal enough.

Good luck....:)
 
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