Hi all, new to the forum and forgot to introduce myself. Have been reading about property investing for a few years (Yardney, Birch, McKnight, Somers etc) but due to circumstances have only recently just put the deposit down on my first IP. Very excited! Over the next 7 years the plan is to buy 4-6 IP's for capital growth and add value but also buy CF+ IP's to cover any shortfall, help get deposits quicker and weather the potential of GFC 2: Redux. Medium risk approach but in no rush to get rich quick Can already tell I'll enjoy my time here as it seems quite interactive and full of very knowledgeable likeminded investors. Very well designed website too. Cheers!
Welcome AlexH - you'd be well positioned with knowledge if you've already got onto those names. Both old and new, great stories and successes. Sounds like you've got a strong appreciation of potential risks too. Any plans on how to add value (development, reno's, etc?).
6 growth ips in a 7 year plan and no rush to get rich quick? I say go all out, get kick ass rich asap, but just don't take stupid risks Good on you mate and congrats on your first ip!
Thanks for the warm welcomes @chylld Don't judge but bought OTP in Brisbane CBD... Currently a jobless non-resident so didn't have much choice and a three year build time suits me fine. Just needed to put the cash somewhere as I kept spending it! @Redom I like to think so now just need the practical knowledge, best way to learn. Do want to do development down the line (Build 4 townhouses, sell 3 and keep 1 kind of thing) but want to build the asset base first so can afford to take on those riskier projects. Until then, aesthetic reno's all the way. @Leo2413 Any advice on how to do so I'm all ears! @larrylarry Might see you at one of the Syd meetups soon
no judging here mate hope the deal works out well for you. seems like you'll have plenty of time to read up on correct loan structure too
For sure. What's your recommendation on that? I've bought Trust Magic and found this free eBook gem this morning http://www.propertytaxsolutions.com.au/ (Many thanks @Terry_w ). Thinking Discretionary or Chan & Naylor's PIT but will have to talk to a solicitor first to see what's best.
haha trusts are beyond my skill level, you'll have to ask the pros on here for advice on that! at a basic level, just get your lenders lined up in the right order, interest only, single owner. give yourself lots of headroom so that you don't hit a serviceability wall in the middle of your strat. when the time comes, would definitely be worth asking one of the many expert brokers on here
@AlexH If your talking about get rich quick no advice here. Only advice is if you want to get rich the quickest that's possible for you - become obsessed. Know the basics inside out, learn about adding value techniques, become a skilled negotiator, build a great team and develop a sophisticated mindset. That's the only way I know how people can become rich as soon as what is possible for them.
