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Discussion in 'Introductions' started by MichaelMD, 26th Nov, 2015.

  1. MichaelMD

    MichaelMD New Member

    Joined:
    26th Nov, 2015
    Posts:
    2
    Location:
    Melbourne
    Hi everyone,

    My name is Michael and I've just joined up with the aim of educating myself on the real estate market. I'm in my final year of medical school and want to be prepared by the time I graduate to start looking for my first house. I'm currently renting in Heidelberg.

    If anyone could point me in the right direction as to where to get started, that would be great :)

    Cheers,

    Michael
     
  2. EN710

    EN710 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,135
    Location:
    NSW
    Hi Michael, welcome :)
    Plenty to learn from the posts here, ask questions and the pros would give you their 2 cents
     
  3. Wukong

    Wukong Well-Known Member

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    18th Jun, 2015
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    215
    Location:
    NSW
  4. Xenia

    Xenia Adelaide Property Manager Business Member

    Joined:
    21st Jun, 2015
    Posts:
    2,347
    Location:
    4/136 The Parade Norwood, South Australia
    Hi Michael - great to have you here.
     
  5. Bran

    Bran Well-Known Member

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    20th Jun, 2015
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    3,220
    Location:
    At work
    Ha ha.
    I used to live on Beverley Road. I loved Heidelberg (I was a cyclist/mountain biker, was pretty easy to love it). In fact, you may even know who I am ;)

    I've got a post in here that I'm not going to regurgitate, you should find it - I think it was in response to Nathan Simon 'am i too young...'

    Study hard. Pick what you think you might want to do. Do some research. Impress your mentors - this starts NOW. You will need them when you want to go somewhere, we have contacts literally all over the world.

    Don't put yourself in a financial position that your studies/training/exams suffer. Be flexible. Be prepared and willing to travel. The places you are sent that you would never choose will turn out to be the best. Don't be that guy/girl who 'can't move' because of xyz b.s.

    My mistake was buying a house after a stretch of private overtime was enough to make a deposit. I should have researched like you are doing.

    Don't pay off your HECS any more than you need to. You will never get money that cheaply again.

    Good luck.
     
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  6. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    2,458
    Location:
    Sydney & Gold Coast
    Welcome to the fountain of knowledge, @MichaelMD – good place to end up. You'll learn a LOT here.

    Read around the place, check out the topics on book recommendations, where people are buying, mistakes people have made, ask some questions and all that stuff.

    But to kick things off.....what's driving you to want to buy property? Are you after the feeling of owning your own home? Are you aiming to build an investment portfolio (if so, what's the end goal–early retirement, a regular but very comfortable retirement)? Answers to these will help steer you in the right direction.

    Working as a GP will have a few perk as far as building an investment portfolio if that's the plan :)
     
    Xenia likes this.
  7. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    18th Jun, 2015
    Posts:
    2,150
    Location:
    Canberra and Sydney
    Welcome aboard Michael :)
     
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  8. Azazel

    Azazel Well-Known Member

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    8,113
    Location:
    Brisbane
    Gday Michael, good on you for deciding to educate yourself.
    A good start is reading books by as many different authors as you can (Margaret Lomas, Steve McKnight, Jan Somers etc...) to get an idea of the different strategies.
     
    Xenia likes this.
  9. Redom

    Redom Mortgage Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    862
    Location:
    Sydney (West) and Canberra
    Welcome Michael - you'll soon find that being a medico means property investing is that little bit easier for you. Simply, banks will love you and fall over themselves to lend you money. You'll need a smaller deposit than most, save on insurance costs and have a few other quirks.

    This place is a great starting point to learn.

    Happy learning!
     
    Xenia likes this.
  10. See Change

    See Change Timing Lord Premium Member

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    Location:
    Sydney
  11. MichaelMD

    MichaelMD New Member

    Joined:
    26th Nov, 2015
    Posts:
    2
    Location:
    Melbourne
    Thank you all for your warm welcome and advice! :)

    @Bran , that whole reserve is a beautiful part of Heidelberg. I used to live right on the corner of Beverley Rd and Burgundy. Some great bike routes! And all nestled around the best public hospital in Victoria :p

    @Steven Ryan , what is driving me to want to buy property...

    Well I suppose it's a mixture of things. For one, most of my long-time friends are all married, property owners, or both - meanwhile I'm still studying and renting! I want to get my foot in the real estate market as soon as I can, as I feel like I'm already behind the curve by virtue of the career path I've chosen.

    Another reason is the experience that my family has had. My parents are nearing retirement age, and have only one house to their name. Only now are they considering possible investment opportunities. Were something to happen to this home, they would not have much to fall back on. This is a scary thought, so I figure the earlier I get my first property, the less likely I will end up in a similar situation.

    The goal would be to build a healthy investment portfolio, involving interstate and also overseas property, so as to not keep all my eggs in one basket - but I suppose I'm thinking ahead a little too much there.

    Thank you all again for your advice, looking forward to learning and contributing :)
     
  12. York

    York Finance Broker Business Member

    Joined:
    24th Jun, 2015
    Posts:
    1,621
    Location:
    Sydney
    Welcome to our insightful forum Michael. You will learn as much as you want here. This forum has generous members than can help you along in your property investment journey. There are no silly questions when you are learning. It's part of the process. In 3 months you will surprise yourself how much more you will know than you do now if you read threads for even just 30 min a day. Goodluck and happy learning.
     
  13. datto

    datto Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    1,392
    Location:
    Mt Druuiitt
    Welcome Michael.

    I'm datto, the resident bogan.

    If I can make money out of property anyone can.