Hi all, Firstly thanks to the admins for accepting me. I'm excited to be part of the community and look forward to learning as much as I can from your collective wisdom. Hopefully in time I can contribute some of my own wisdom. A little about me... My name is Matt, I'm 37 and married with 2 children. We currently reside in the UK, but my wife and being intrepid sorts have decided to emigrate to Australia. We will be arriving in March (flights and container booked so no going back) and we will immediately begin working on our portfolio. Because of my visa restrictions we are constrained to Adelaide in terms of location, so this will begin our journey. We have the foundations of a (very) small portfolio in the UK already which we intend to leave in place as it requires non of our own time to manage and is providing a modest passive income. Our goal is to gain financial independence through investment. Given the fact we will have zero credit history in Oz, I'm expecting financing any purchases to be initially challenging, so my thinking is that we will start with a focus on strategies that require low initial investment. Rent 2 Rent is one that I was considering and having read through the forums, I can see that there are some pitfalls to be aware of and regulation can vary between states. So I'd love to hear if anyone has had success with this strategy in Adelaide or wider. I hope that when we've got a better foothold in Australia we can graduate onto other strategies. Ultimately, I'd like to get into larger developments such as flats, but that's not an initial focus. Finally, hope you are all well and haven't been heavily impacted by the fires. Thanks for reading this post and I wish you a prosperous year ahead. Matt
Welcome. My best piece of advice would be not to assume anything. Loans are assessed on deposits and serviceability. I would start by spending a few months to educate yourself on the basics to PI in Australia by reading some recommended books as well as going over the forum. Whatever works for you, but get the education. Once you have this. your risk on so many levels is reduced and your chances achieving your goals are much greater. I would also be clearer on your goals. FI is just a term. What does it actually mean to you in dollars. Get the education. Imho it is THE most important thing a new investor can do.
Thanks Y-Man, I heard if you put a small amount of tooth paste on your neck, it keeps them away... could you confirm? Matt
Thanks Sackie, appreciate the response. I don't mind admitting my education in property is fairly rudimentary at the moment so it's something I was planning on addressing anyway. - Do you have any recommended books? I'm already soaking up what I can from the forums. Matt
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
There are a few drivers... I think primarily, it's a love of the outdoors. My wife and I have grown tired of the perpetual winter in the UK and this has really hit home since we've had kids, it feels very limiting when it rains continuously. We visited many years ago and loved our time in Oz, that coupled with my long held desire to experience life outside the UK naturally drew us to Australia. It's been a couple of years in the planning, but we are finally making good on it. We needed to find the best balance between opportunity and the great outdoors so we felt Australia was the right fit for us.
Welcome to the forum Matt. Out of curiosity, how long are you restricted to Adelaide before you can relocate? And do you plan on relocating elsewhere?
Welcome. Adelaide is great. As Sackie mentions don't think you're limited. Can be done pending visa status.
Hi Air_Bender, 2 years initially. My agent has said that if there are limited opportunities for work in Adelaide, the authorities will allow you to move in those 2 years though. It's not in anyone's interest to have people out of work I guess. From a lifestyle perspective, what we know of Adelaide really suits us, so assuming I can get work (I work in IT) I think we'll stay put. That said, it wouldn't put me investing in other areas if the opportunists arose.
Great decision coming to Australia this year and Adelaide is a great place, best of luck with it all for you and your whole family. Keep in mind Rent 2 Rent will need permission from the Property Manager who will seek approval from the landlord if this is what you want to do with their property. Some great suggestions on books to read above. Also get out and about and goto property inspections, auctions, rental inspections, and even visit a finance broker, these forums have some finance brokers from Adelaide so reach out to them. Read these forums on a regular basis including many old threads and then start asking questions to polish your knowledge. You will quickly learn which professionals you need to deal with, what they should earn and how they good paid and by whom. Don't sign anything and don't pay anyone any money until you have learnt the way things operate in Australia.
Thanks for the response Alicudi, the rent 2 rent idea is just that at the moment. I want to make sure I'm up to speed with regulation before getting into it. I'd be looking at it as a stepping stone rather than anything more long term as it's more work intensive than other strategies. We'll definitely be inspecting properties when we arrive, I want to quickly get a feel for the market in Adelaide and try to get a foothold. Cheers!
