Great site, perhaps I could get some newbie type help for investing in realestate?

I know I may sound completely new and out of the mindset but I am trying to push for a property to rent as an investment however I'm practically clueless on how to go about that.
I have heard of new home grants and all these technical terms however they are never indicative of what the first step to do is. Some have told me 10k is enough to begin some have said I might as well save more. I'm interested in how others got started as that is never really clear to me, I don't want to ask for financial advice however I do want a broader sense of how the average person ends up in real estate. My motivation is to essentially be financially free, I'm willing to make every sacrifice I can. Again I might sound ridiculous.. believe me I'm trying to be realistic I'm just not so sure on the specifics.

 

Sounds like you need to talk to a mortgage broker as a first step to understand how much you can borrow

 

Start with a few australian books, and read this forum for a few weeks (or months). Then, start with a good mortgage broker.

 

Ok.

. Get educated. Buy a couple of the best books recommended on here and start studying. What's financial freedom for you? What's your timeframe? Do you have a very strong income? What are you willing to sacrifice?

I wouldn't do anything until at the very least you educate yourself. There are definitely things to avoid and other things you need to know in order to reduce your risk. A lot of it can be learnt though self education.

 

Yes, I agree with Trainee. One good book to start off with is "Making Money Made Simple" by Noel Whittaker. If you don't want to buy it you could probably get it from the library. It first came out in 1986 but has been updated every year or two since and sold millions of copies even in Australia.

 

None are the holy grail (doesn't exist). But some good reading imo.


Michael Yardney, How to build a multi million dollar property portfolio

Jan Somers More Wealth from Residential Property

Margaret Lomas How to achieve property success

Margaret Lomas How to Create an Income for Life

I buy Houses, Paul Do

20 must ask questions, Margaret Lomas

 

Perhaps if you like Margaret Lomas books you might learn from her TV show Home page - My Property TV

 

To answer a few questions, which by the way I feel very glad to see responses and I'm sorry I was not here to answer immediately. Financial freedom to me means I can essentially live by the most effective financial tactics available to ensure a diverse income which allows more control over my life, Real estate is something I have always wanted to be apart of and I have got a good intuition about it, the main weakness I would have is terminology and that's why I'm definitely going to get books to help widen my knowledge in a more extensive fashion. My time frame is basically 10 years. I would honestly love to have about 5 - 10 properties in 10 years, I have thought of certain strategies especially with first home buyers grant. My income is not significant but my cost to live is very low. Couldn't be lower at this point and that will continue for a few more years I'd say which I'd hope to have one or maybe two properties, one which allows me to live reasonably cheaper than renting so essentially my strategy is somewhat to buy a house at a 5% deposit with first home buyers, initial deposit would be roughly 20,000 I'd say, this house would be primarily used to live in, and pay the debt off as its going to be rough early i'd imagine once I reach about 40% equity in the house, Ill definitely consider using it as leverage to loan another excess to buy another home, essentially piggy backing off this initial purchase, It's not a work of art strategy yet and I have a lot to learn, I have considered duplex's as a first house to purchase, so it'd be great if there is some obvious problems with duplex's that I may be unaware of in which you lovely people might alert me to. Anyhow, I have time to formulate this strategy which essentially is to get me off the ground into some decent options with real estate, the big daunting issue for me has always been the beginning, to that I definitely think talking to a mortgage broker seems good, is going there with intent to learn a problem? they surely don't want their time wasted right? I just don't want to jump into a purchase and lead the broker on to that idea, It'd have to be to get some numbers and understand it all better. Thanks.. - Camillo

 

(Hit the return key every so often. You want help from people, dont make it hard to read.)

Honestly? There are lots of holes in your plan. Mostly because you dont understand how borrowing limits work. Or how long it takes (though it depends on your income.)

you need a lot more knowledge to put together a strategy that works. Your post is confusing because you are not using the right words. Even then, strategies change.

ignore your intuition for now. Just learn with an open mind. Dont fight or argue. Theres usually a good debate about most topics from knowledgable members. Read both sides. If everyone agrees on a point, maybe thats really how it works.

you want some quick comments on your situation? Disclose your age, income, savings rate, debts, family situation and retirement goals.

lots of people here have done what you want to do. But it might not be what you think it is.

 

I fully agree, and even if Its not what I imagine,
I realise it is imagination and not reality.
This is part of why I have come to this forum.
I really need to learn the strategy I laid out was definitely not the whole picture it was not even the outlines. I understand you would probably want a real strategy from me however im too new to be able to do that.
Atm I'm able to save around 400$ a week, I'm 22 years of age, my income is not the exact same every week as Im casual on a couple of jobs,
I have no debt, my family is solid however I plan to move out in a few years.
As for retirement I couldn't even begin to think of that sometimes my weeks don't even go to plan when were talking specifics.
I also love a good debate as long as its in the pursuit of knowledge and not ego, i've found ego will generally ruin the experience for both sides.
Again sorry for being absolute noob at this.
When I said intuition I said that with obviously a different perspective to you folks as I simply do not have the same experience in the slightest or even the knowledge, and when I said intuition I should of said it is mainly to do with negotiating skills and knowing when to hold em and fold em type of intuition, playing to my strengths and understanding my weaknesses, Id like to think I have a decent intuition for that kind of stuff and from what I've been researching It seems to correlate with a lot of skills in real estate, it also kind of speaks about my learning process, I'm never going to be afraid to be wrong, I generally love being wrong.
Anyway thanks for being patient. again sorry I didn't have numbers for my strategy in my last reply.. also sorry for bad typing and english and grammar and all of that I am aware of it and working on making this easier to read.

 

If I could go back to 22.
Me. I would have put more money into my Super.

It would have taken me a while to save up a decent deposit for a house. I would have used that time to learn what type of property is good to buy. Especially if I had continued to rent for the location or life style.