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Discussion in 'Introductions' started by MaddHouse, 1st Oct, 2015.

  1. MaddHouse

    MaddHouse New Member

    Joined:
    1st Oct, 2015
    Posts:
    3
    Location:
    NSW
    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.
     
  2. House

    House Well-Known Member Premium Member

    Joined:
    13th Sep, 2015
    Posts:
    767
    Location:
    Sydney
    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.
     
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  3. bob shovel

    bob shovel Well-Known Member

    Joined:
    18th Jun, 2015
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    5,378
    Location:
    Somewhere in the land of Oz
    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?
     
  4. MaddHouse

    MaddHouse New Member

    Joined:
    1st Oct, 2015
    Posts:
    3
    Location:
    NSW
    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.
     
  5. bob shovel

    bob shovel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,378
    Location:
    Somewhere in the land of Oz
    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
     
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  6. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    Hey @MaddHouse , good on you.
    Are you studying a structured program or just doing your own thing?
     
  7. MaddHouse

    MaddHouse New Member

    Joined:
    1st Oct, 2015
    Posts:
    3
    Location:
    NSW
    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.