Hi Everyone, Firstly a little about me. I'm a 24 year old first home buyer from Adelaide that's about to settle on my first property with my partner. We both work full time, she's in government and I work for a small to medium size local business. The property is an off the plan apartment in Mawson Lakes that I first signed on to buy back in May of 2013. It's safe to say I've learnt a lot since then! And now a little about why I'm here. I've started reading books/ blogs/ looking at websites regarding property investment, as well as other ways to invest and how to get to financial freedom. I've started with the more popular stuff (Steve McKnight, Scott Pape's columns) but will expand this, approaching everything with an open but critical mind and look for what works best for us. I've also just recently started browsing these forums and already found them educational. One thing I've picked up is that networking and learning as much as you possibly can from others with similar interests and pursuits, even just hearing other peoples stories, is invaluable so thought I might sign up and get involved. The apartment I mentioned above is intended as a foot in the door and we'll be pouring about half of our income into paying it down as much as possible. It will then be our first IP as we look to move up the ladder with a new PPOR. That's as far as the strategy goes for now but I have years to figure out the next step and want to learn as much as possible between now and then. Well that was more than a little and probably enough for now!
Congratulations on getting your foot in the door. Apartments and court yard living seems to becoming increasingly popular among Gen Y. I was looking at Northgate earlier today and they had small 2 bedroom apartments OTP selling for 347k on 171sqm blocks
Hi and welcome fellow Adelaidean Get your team together and I'm sure you'll go far A few of us from the forum are getting together this Friday night at a pub in the city , welcome to join us if you like. Details are in the Meetups section.
Welcome to the forums - great to see more Adelaideans join! You'll find theres a lot of local investors on the forum, with some great threads on investing in Adelaide in the current forum (and the old Somersoft forum). There's also a meetup happening tomorrow night in the CBD: https://propertychat.com.au/community/threads/adelaide-cbd-catch-up.2382/ You've mentioned paying down the loan on your property as quickly as possible - for an investment that might actually come back to bite you! Make sure you have a properly structured lending strategy if you're looking to be a serious property investor, it'll save you in the long run.
Thanks everyone! I just read the meet thread, tomorrow is a bit short notice for me but I'll make sure to get along to one in the future.
Welcome aboard @ElCapitan ! That greeting is finally appropriate Will you be looking to buy your IP in Adelaide as well or somewhere else?
I am going to play Devils Advocate here............................Why OTP in Mawson Lakes?????? I went for a drive around there this week, and was amazed at the for sale boards, they were everywhere.
Completely agree with you, its quite over supplied. Its already been bought though so can't change it now. May as well make the best of decisions already made and / or make better decisions in the future.
@Azazel Not sure yet, but I've got a while to sort that out @jim1964 At the time it made sense for me as far as being my PPOR. Walking distance to the train station, 5 minute drive to work, plenty of cafes & restaurants. Like I said in the OP though, I've learnt a lot since then!
