New to propertychat, 24 years old, need advice

Hi Y-Man the $190pw rent was a typo, the old tenant was actually paying $200pw. OC is $1200pa, rates $700pa, water $1000pa, insurance $140pa. PM commission is 5.5% inc GST 'end to end management' which means no extra fees for advertising or letting, the 5.5% covers everything. RP Data values it at 260k which is a bonus. Net yield is about 5.8%
Here's a unit in the block rented 2 weeks ago for $265pw..

Leased Studio 1/31 Smith Street, St Kilda VIC 3182 - Mar 13, 2020 - Homely

 

This is a great example of a property you shouldn't buy. High body corp, cookie cutter, no add value, likely to depreciate in value. Absolute rubbish.

 

There is only 1 answer for every question you have asked in this thread so far. And the generous members who have replied to this thread before me have already provided the answer over & over again. But you don't seem to be listening.

A formal education is great, but self education is way more important. If you want to become a great investor, you need to put thousands of hours of study into learning from the greatest investors in the world. You can do this through books, courses etc.. but I've found a more efficient approach is to find a great investor (Warren Buffett for example) and watch as many interviews / speeches / podcasts from him on YouTube as possible. Once you have a good understanding of Warren Buffett's best ideas, you can branch out and find other richest / smartest / wisest mentors in the world and spend time with them every day. It takes time, but gradually over time you will download the wisdom of the great investors into your own brain. Their ideas will suddenly become your ideas. Only then, will you be on your way to becoming a competent investor.

There are no short cuts. There is nothing anyone can tell you in this thread that will improve your situation. Even if someone gave you the perfect answer to every question you have in this thread - you would not be ready to hear the answers and you would not understand how they arrived at their conclusion. So moving forward you would be stuck again.

We are not here to give you fish.. We are here to teach you how to fish. Lifelong learning is the key. No one can do that for you - only you can. You have a LOT of learning and maturing to do. You have the responsibility to yourself to commit to lifelong learning. If you do, not only will you rise above everyone around you financially - but so many other aspects of your life will improve. Your general happiness will increase every year as your knowledge grows. Try doing this a few hours per day for the next 12 months - You will become twice the person you are now. You will probably be embarrassed by your former self. I know I was. I hope this helps.