Hey all, i only found this site 2 days ago and must say i am amazed, so much great info, i am en-devouring to read and learn as much as possible
I am 22 years old, currently have one more year at uni, studying robotic and mechatronic engineering. Been working as a lifeguard and duty manager for a council at their public swimming pools, last 2 financial years have managed to pull in $30,000, this financial year im on track to bring in $35,000 to 40,000+ depending on my reducing package from one of the pools which is closing. Just bought a new $40,000 car, probably a silly idea but it makes me happy and i only owe $4,000 the parents.
Now i have started to think about my financial future and worked out my aim is to get to a point where i am financially comfortable to bring up a family etc... not fussed about being excessively rich although i wouldn't complain if it happened.
Will be living at home for another 3 to 5 years, as the folks are basic grey nomads living in their caravan and never come home
So im thinking i best start out with a small IP:
- Looking in Ballarat at older 3 bedroom houses, as close to central Ballarat as possible and if possible try for a property that has the ability for future sub division and sell of empty land
- Spend less than $230,000
- Borrow Less than $210,00 from the bank on a 30 year loan
- At interest rate of 7.50%, weekly repayments are $338
- Rent it out for $230 to $250 a week
- Put away minimum $200 of income a week, that plus the rent covers the mortgage repayments plus leaves extra for other costs like property manager, insurance, repairs, interest rate rise and rates etc..
- Keep house for at least 10 years, hopefully it will double in value
- Wait for equity to go up 2/3 years, then buy second investment property.
- Repeat above process for second rental property then in another 2+ years buy some land and build a house for myself.
above is the ideal plan, most likely wont work out like that, but thats life...
I have about $8000 in bank shares which im willing to sell.
Have access to borrow up to $20,000 from the parents or grandparents free of interest until i graduate uni, then would cop interest.
Parents are happy to guarantor a mortgage.
Not sure whether i should enjoy my lifestyle for my last year of uni, save up some cash for a larger deposit and then take the plunge into an IP in 12 to 18 months or if i should try now and do it now...?
as i said in the title im "young, keen, patient but naive" so if you have any advice i would love to hear it.
Many Thanks.
Cheers. Jai
I am 22 years old, currently have one more year at uni, studying robotic and mechatronic engineering. Been working as a lifeguard and duty manager for a council at their public swimming pools, last 2 financial years have managed to pull in $30,000, this financial year im on track to bring in $35,000 to 40,000+ depending on my reducing package from one of the pools which is closing. Just bought a new $40,000 car, probably a silly idea but it makes me happy and i only owe $4,000 the parents.
Now i have started to think about my financial future and worked out my aim is to get to a point where i am financially comfortable to bring up a family etc... not fussed about being excessively rich although i wouldn't complain if it happened.
Will be living at home for another 3 to 5 years, as the folks are basic grey nomads living in their caravan and never come home
So im thinking i best start out with a small IP:
- Looking in Ballarat at older 3 bedroom houses, as close to central Ballarat as possible and if possible try for a property that has the ability for future sub division and sell of empty land
- Spend less than $230,000
- Borrow Less than $210,00 from the bank on a 30 year loan
- At interest rate of 7.50%, weekly repayments are $338
- Rent it out for $230 to $250 a week
- Put away minimum $200 of income a week, that plus the rent covers the mortgage repayments plus leaves extra for other costs like property manager, insurance, repairs, interest rate rise and rates etc..
- Keep house for at least 10 years, hopefully it will double in value
- Wait for equity to go up 2/3 years, then buy second investment property.
- Repeat above process for second rental property then in another 2+ years buy some land and build a house for myself.
above is the ideal plan, most likely wont work out like that, but thats life...
I have about $8000 in bank shares which im willing to sell.
Have access to borrow up to $20,000 from the parents or grandparents free of interest until i graduate uni, then would cop interest.
Parents are happy to guarantor a mortgage.
Not sure whether i should enjoy my lifestyle for my last year of uni, save up some cash for a larger deposit and then take the plunge into an IP in 12 to 18 months or if i should try now and do it now...?
as i said in the title im "young, keen, patient but naive" so if you have any advice i would love to hear it.
Many Thanks.
Cheers. Jai