Newbie to the game

I'm a "soon to be made redundant" Contract Administrator/Project Officer. I've joined this group and commenced study in property investment as it's an area I've wanted to move into for years. And now's the time to bite the bullet and get out of my salaried comfort zone and use property as the vehicle to reach my goal of financial independence. My initial strategy is flipping in order to get the capital behind me before moving onto a buy and hold strategy to earn an income.
I'm looking forward to all the intelligent advice I'm going to obtain from the many experienced and knowledgeable people in this group.
Thanks for the add ... I'm feeling positive about the future (today) but, by all means, advise away if I need redirecting. Cheers.

 

Welcome to the forum and well done on taking the Red Pill

Have you looked into the full set of figures that's re involved for flipping? After all costs involved you probably be much better off just extracting the equity and using that as the deposit for you next B&H IP.

 

Welcome aboard!
I second the above. But keep going, first step is to buy! And you have the last step, work on filling the gaps

Do you have a new job lined up? That's a bit of an important part.
Where are/were you working? Is it project work on site?

 

Thanks for the replies guys. No, Bob. No job lined up yet as I live in a regional area where jobs aren't as easy to come by. Bit I'd like something part time so I can concentrate on property. I was also thinking about getting a mortgage broker qual, but that's an aside.
I do have savings though and equity in my home. Oh! And a working husband
I was managing maintenance projects and contractors ... Administration rather than technical.
I thought about the costs involved in flipping and would definitely put in the required research to assure a positive return but your advice regarding B&H is something I'll certainly think about before taking that step.

 

Is the contact coming to an end? Can you jump in with the next company that gets the contract?

But sounds like your sorted with hubby for the time being.
Research your local area if there is potential for growth and yield. Good practise for a reno close to home

 

Hey @MaddHouse , good on you.
Are you studying a structured program or just doing your own thing?

 

Hi Azazel, yes I'm doing Jane Slack-Smith's Ultimate Guide To Renovation to begin with as it covers everything from goals and strategy to how to select your property and add value with Renovation. That will take me through to December.