Hi everyone! I've come across somersoft and property chat just in the last week and it's been exciting. It's cool to find something like this with good info and good folk as well. My aim is to learn/adopt/develop a solid methodology of sifting out good properties. I'm very much at the beginning of the learning curve so a little lost to be honest. I'm avoiding property pitfalls thanks to forums like this, and wanting to grow in my own knowledge. I read that the interviews in somersoft is a good place to start. Any pointers for a structured learning source? A recommended book list? or property education website (happy to pay for good information)? Been looking to buy a first home. Spending many hours on finding a place that is pleasant, and with potential for good capital growth within 10km of Brisbane CBD. Some areas I'm looking in are Annerley, Cannon Hill, Tingalpa, Algester. Haven't looked north much as I'm not too familiar with north Brisbane. Feels like there is an urgency to move sooner than later, as I don't want to be priced out and miss the train with rising prices.
Welcome. I don't think we are yet on a runaway train, but its hard getting in at the value I perceived about 2-12 months ago
Hi Noobert. Great user name. Cannon Hill is going through some rapid changes and I am a fan of the area. Keep reading somersoft and property chat and that will be a great education.
Hi @Noobert - you are on the right track. I will start with looking at the Interviews on Somersoft Good for you on finding this site early on in the journey. Finding Somersoft was the best thing that happened for us when starting out.
Welcome to the site,go back too the old site,and track every post that is in a ten year time frame and study their experience,so many to learn from,look up the name handy-andy and work down from that level and find where you want to end up ..
Welcome aboard @Noobert – you've hit the jackpot in terms of learning. Keep reading through both forums, and don't be shy to ask questions As for books, there are some topics with recommendations. Worth reading through those. What sort of budget are you working with for the first home and when are you hoping to buy? I would recommend Pete Wargent's newsletter/blog as a great resource: Pete Wargent blog – I found it invaluable for my own education.
Thanks Steven I am looking at about 450k, with a time frame of next few months. Shouldn't have bought the new car :/ I've also been thinking of different scenarios like purchasing investment property first, purchasing more than one property with less deposit and paying lenders insurance.. seeing how I can stretch my very limited capital! Then I realise I don't even know (yet) how to find the right property with yield and capital growth. One thing at a time I suppose.
It's good that you're thinking about those things. Generally speaking (and not knowing your exact circumstances), buying IPs first and utilising LMI with 88% lends will produce the best results without too high of a price. FYI, it is possible to borrow up to a 95% but LMI would be a significant amount–$16k on a $450k purchase and you'd most likely have to pay Principle & Interest and be stuck with about...ONE lender to chose from. This is all stuff you can explore with your broker (based on your circumstances and goals) Here's a shortcut to finding property: connect with other investors, ask where/what they're buying and why, then investigate their reasons and see if they make sense. Head out to meets ups, ask questions here, message people etc.
