And you think youll do better at building and development because........? You didnt save all that money overnight. You wont become an investor overnight either.
I think most Australians build a house at some point in their life. Hopefully I can do that too, even better build two houses.
I am interested to know why you want your parents to go guarantor? By the sounds of it, you have enough funds to get on your bike and do something by yourself. I wonder if your parents would be keen to go guarantor if they read some of your comments? It seems like you don't have a clear idea and want to run before you crawl. Anyway, good luck to you.
I understand throwing some ideas around, however, you haven't set any goals except something about being a multi-millionaire. From the age of 20, when I bought my first property, I had very clear goals of what I wanted to achieve by a certain date, made sure that they were achievable, and never relied on anyone else. Break your goals down into something achievable. It is easy to build a house or two, buy a block of land, build the first house and then rinse and repeat- and do it by yourself. Learn from your own mistakes. Not exactly sure if you are genuine.
At a personal level I prefer used. IMHO people who build spend the money, people who buy pre-loved make the money. Having said that, I do own shares in a major developer!! The Y-man
This is throwing spagetti at a wall to see what sticks. Except you dont have a wall. Reading a few australian books on basic property investment will help you a lot if you are serious about this.
Some steps you might follow for what they are worth: 1 You are right, decisions will impact your future, so move slowly and think twice before any course of action. 2 Avoid any rash single path where you "bet it all" on any 1 high risk endeavour as you could lose the lot. 3 Learn and grow into an investing plan. You can build a portfolio based on what you have now and are earning in the future that will indeed help you achieve multimillionaire status but it will take time and personal growth. 4 Baby steps - if investing and unsure, it is wise to try it out with more affordable properties first. The margin for error is smaller and potential losses are too. This doesn't mean buying cheap rubbish out in the sticks, it just means biting off smaller chunks at a time and the first one might not need to be a million dollar capital city property given where you are at. Whatever you do you want to learn to repeat it so you can get better each time, this is where profit lives. 5 Set your goals, long, medium, short term and really visualise the kind of life you want, the process not just the outcome, what are you doing for a day job/business... what kind of management does your portfolio require, are you actively/full time in property or is it passive? etc etc 6 Ask questions about what kind of properties might fit if you were to reverse engineer a portfolio to suit the above goals. 7 Begin to dive into the research needed to find and acquire those kinds of properties. 8 Decide how much you want to do the above research yourself (and if so learn what is needed) or how much you want to outsource (and if so find/build a team of experts to help with each task) - don't outsource your brain however as this is liable to get you fleeced. It is possible to fast track things with good help but just blindly handing over the keys to the kingdom is a recipe for disaster. I hope this helps
When reading focus on the australian books for actual process and strategy. Non australian books are ok for mindset etc So dont read american books for tax ideas for example.
Hi @--Michael-- I'd do nothing for at least 12 months except for reading and learning. You've already got the hard bit sorted (saving the money) and you seem humble enough to to realise that you have a few gaps in your knowledge. I suspect you'll be very successful.
you can do a lot with your current resources @--Michael-- however the "cash" and "borrowing capacity" are very scarce ATM, pls use them wisely. like ppl already said above, don't rush, read read read. meet with like minded ppl, share your experience and ideas with them, bounce ideas. form a plan, seek help from professionals. I think you will do well.
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