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Discussion in 'Introductions' started by MistyBronson, 22nd Sep, 2015.

  1. MistyBronson

    MistyBronson Member

    Joined:
    22nd Sep, 2015
    Posts:
    14
    Location:
    Sydney
    Hi folks,
    I'm a 26yo girl living in Sydney, looking to purchase my first investment property in 2016.
    Read/reading a number of Rich Dad Poor Dad books, played the board game with family members and really enjoy it.
    Been to a few seminars, done a couple of courses but now need to buckle down, do my research and save up enough money for a deposit.
    Currently learning to speed read so I can read more books quicker and retain the lessons better.
    Look forward to chatting with you all and learning a whole lot more.
    xx
     
    tobe likes this.
  2. datto

    datto Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    1,394
    Location:
    Mt Druuiitt
    Welcome Misty

    I'm a seasoed investor who knows a trick or two in this game ;)

    Be glad to help you in your endeavours

    Cheers
    Datto
    xxx
     
  3. MistyBronson

    MistyBronson Member

    Joined:
    22nd Sep, 2015
    Posts:
    14
    Location:
    Sydney
    Awesome, thanks Datto.
    Will def have questions as I figure things out along the way so will try not to spam you :p
    Cheers
    MB
     
  4. House

    House Well-Known Member Premium Member

    Joined:
    13th Sep, 2015
    Posts:
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    Location:
    Sydney
    Sounds like you have your head screwed on and already made a great start with educating yourself. Next step of gaining practical experience is the best part. Best of luck!

    Do you have a particular plan or strategy in mind?
     
  5. MistyBronson

    MistyBronson Member

    Joined:
    22nd Sep, 2015
    Posts:
    14
    Location:
    Sydney
    Hi AlexH,
    So far the plan is to keep saving up as much as possible and get more knowledge of areas and properties I can invest in.
    I've been told I'm unlikely to be lent much from the banks if I opt for a capital growth property at the moment so best focus on positvie cashflow.
    I'm meeting up with a financial advisor this coming Thursday to discuss my options further.
    I definitely can't afford Sydney prices so I've been thinking Gosford or Wagga Wagga based on what some friends have mentioned but said friends don't currently own any or invest in real estate. I still need to do my homework and see if these locations are worth my while.
     
  6. wylie

    wylie Moderator Staff Member

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    Location:
    Brisbane
    Just be aware your financial adviser may suggest you invest your deposit in something he earns a commission on. I would be contacting one of the brokers from the forum first so you know what you can do with your deposit and earning power. Financial advisers get no commission if you buy a house. We even went to a "fee for service" adviser back when that was not the norm and he suggested we sell our IP and put the money into some fund. We would have lost hundreds of thousands of dollars in growth had we done that. I couldn't get out of there fast enough.
     
    Last edited: 23rd Sep, 2015
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  7. MistyBronson

    MistyBronson Member

    Joined:
    22nd Sep, 2015
    Posts:
    14
    Location:
    Sydney
    Thanks for the heads up. I have been reading a Tony Robbins book where he talks about some services will point you in the direction where they get the most commission, scary how that's allowed.
    This is a real estate only advisor/broker so he won't be pushing me towards shares or funds as far as I've understood it. Will see for sure Thursday.
    I'll make sure to contact a broker or two here first to make sure I've been given the best options before I go ahead with anyeone/anything :)
     
  8. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
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    Location:
    Melbourne
    Hi and welcome.

    IMHO might be better to spend the time learning to speed read t scour re.com instead for deals. :)

    There's only so much you can get from books.

    The Y-man
     
  9. tobe

    tobe Well-Known Member

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    Location:
    Melbourne
    Welcome,
    Rich dad poor dad is a great place to start. Reading and researching is a great way to divert your attention while you save. You cant do too much IMHO.
     
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  10. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Location:
    Perth WA
    I'm interested to hear the outcome of your meeting with the financial advisor - make sure you let us know what they suggest :)
     
  11. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    Location:
    Sydney & Adelaide
    Welcome onboard. Looks like another husky owner... I have 2 :D
     
  12. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    Location:
    Sydney & Gold Coast
    Welcome @MistyBronson. Sounds like you've got yourself off to a great start with the self-education and you've hit the jackpot discovering Property Chat.

    I used to live in Wagga Wagga. I wouldn't personally invest there :)

    Like Jess, I'll be interested to hear what the financial advisor recommends to keep us posted.
     
  13. MistyBronson

    MistyBronson Member

    Joined:
    22nd Sep, 2015
    Posts:
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    Location:
    Sydney
    Ok so as I don't have a huge amount saved up yet and as my goal is to get my foot in the door during 2016, the financial advisor mentioned making use of the First Home Owners grant and getting something I can live in for the first year. It would need to be something new and max $450,000 mortgage (based on my income and situation etc it's unlikely I can borrow more). Maybe a 1 bedroom apartment or something. Live in it for a year then rent it out, move myself back into a cheap rental like I'm doing now and save up again for a second property. That was his advice on how I can get into the market during 2016.
    He mentioned best not to buy off the plan (my partner works in construction and has said the same thing, keep away from off the plan options if possible).
    I'm (cross fingers) expecting a pay rise as I'll be transferring from Customer Service into Sales in the next 6 months so that'll be quite helpful.
    We then decided to revisit my situation next year once I've got the new role, saved up more and I'm, all in all, in a better financial position... :confused:
     
  14. MistyBronson

    MistyBronson Member

    Joined:
    22nd Sep, 2015
    Posts:
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    Location:
    Sydney
    And yeah I used to have a husky and a lab cross staffy, my pride and joys :')
     
  15. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Location:
    Gold Coast
    while there may be some generalised and broad truth in this, Gov made comms on investments a no no.

    Property is usually NOT going to b on the FPs approved product list for reasons other than just no comms

    ta
    rolf
     
  16. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Location:
    Gold Coast
    these same peops will tell you how to raise your kids when they dont have any ...................

    often well meaning but commonly poison

    ta
    rolf