Hi, My name is James and I'm 27 years old living in Melbourne. Basically I'm looking for some direction on my next move in the property market. Last year, I paid a deposit on a 3 bedroom house and land package in wyndham vale. The land is due to title in December 2018 and construction to be complete July 2019. The overall price was $404k, less deposit plus LMI brings the loan amount to around $369k (No FHOG as it's being purchased as an IP). My ultimate goal is to become a full time property developer, acquiring properties, subdividing and building for end sale. What is my next best move; do I build up a small portfolio of IP's to build some sort of foundation of equity? I understand wealth through property investment is a long process, but I'm looking for the fastest possible avenue which I believe is development. Any help is appreciated, thanks!
Honestly, stop to take a breather, read this forum religiously for 6 to 12 months, and save money while you do that. What was your goal with the H&L package? Seems somewhat of an odd purchase if you're looking to build equity quickly.
The banks wouldn't lend me enough to purchase a decent property. So I entered the market through the low deposit first home buyers scheme, and then changed my loan to an investment property option and then paid the difference
I'd get the first purchase sorted and focus on paying it off before you do anything else. Yes, and start reading.
Good luck with your goals. Just want to mention that investing long term in property and operating a business related to property such as developing are pretty far apart even though they appear similar. It seems a common theme that people with an interest in property want to pursue a business related to property, but don’t close yourself off to the huge opportunity of other more rewarding businesses you could get involved in.
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