Perth guy looking interstate

Hello all,

My name is Adam and I'm 22 working FIFO as an exploration geologist.
I'm looking to build a big portfolio to replace my income so I don't have to be away from home for nearly 70% of the year and trading my time in the form of 14 hour days for money!
I am yet to purchase a property and right now I am looking at building the right team to help me get there.

Obviously being in Perth, I'm not looking to buy here, I'm looking interstate so everyone opinions, comments and recommendations on who I need in my team and where to find them is much appreciated! Also does it help if certain members of my team are Perth based or can they all be interstate?

I want to meet up with successful property investors too but I am struggling to find where they all hide in Perth. I mean the people who aren't out to just take my money! Where are they?!

Thanks!
Adam

 

Hi Adam

Welcome to the forum. Perth members met up for dinner last Wednesday. They meet up regularly so keep an eye out for a meetup thread.

In terms of your team it really doesnt matter where they are located, most thing can be done via email these days. If you are looking for a broker in Perth @Jess Peletier might be a good option.

Id spend lots of time on the forum and talk to people before jumping in.

Have you got any ideas on what you are looking for in terms of property?

 

Awesome, thanks for notifying me of that. Another one please! haha

The 'usual'?, below median price, close but not in the CBD, house not apartment, opportunity to renovate - but this needs a lot more research to be done since I'm not on the east coast and can't just 'fly up for the day'. :/ Overall, buy to build equity and buy in locations with good capital growth prospects.

 

Wow....you might connect well with @Rolf Latham - also an ex geologist , also a broker and a great person to be around.

 

Welcome Adam. Good to see a Perth newbie investor who recognises that it might not be the best choice to buy locally ATM.

 

Welcome.

A number of interstate markets are interesting at the moment but if you want to renovate, as you say, that could be tricky, but not insurmountable.

I left the Oil and Gas arena after 14yrs thanks to property and I love it - my family too.

Whilst you might say that Perth is obvious to not buy in don't write it off completely. It's a buyers market and there are some bargains to be had which can put you on the ground for good growth gains when the market picks up. Not everyone will agree with me on this but you will find people on the forum who are happy to buy now and wait.

 

Thanks for the welcome everyone
Indeed Perth is going down and I believe soon will be the time to buy, but maybe not just yet.
I'm thinking first property (or two) Brisbane, then back to Perth but who knows, nothing set in stone. Depends how fast I can buy up...

I think renovating interstate is possible and doesn't have to be insanely hard if I can find the right people to help me, just like others have done (and that sentence makes it sound easy!! haha) But that on top of the fact I wont be able to fly over to check up on it whenever I want, makes things a little more difficult / need to place a lot of trust in people! Lots to learn. So I found myself here!

Can't wait to meet some successful Perth investors!

 

Adam,

let me introduce you to @Matt Ad who's around your age and FIFO and just starting out too.

 

We'll definitely have to organise a Jan or early Feb meet up - I missed the last one too.

 

Spoken like a true organising the event volunteer @Jess Peletier

 

Haha! Whos coming to Mandurah?
Im happy to organise - I'll start a thread soon

 

Welcome to the Forum.

Happy to send information about areas you are interested in exploring e.g. Reports/data..
just send a PM if interested.
Enjoy the journey...the acquisition phase is exciting

 

Hey Adam!
I love the bike dude, is that an R6?

I looked at interstate when I was deciding on my first purchase, but I stuck with Perth. It concerns me that the market may still go down, or just stay stagnate for a while longer, but Im going in willing to hold for the long term and catch the benefits of the next up swing. I know alot of money can be made from good market timings and alot of developers on this forum in particular have done very well by buying and building just before a rise, but I dont really have the free time or the risk tolerance to try a guess market cycles.

FHOG will be up to 15k this year for building which makes Perth a little more attractive too.

While Im clearly pro Perth right now, there could be some growth in Brisbane, there is a lot of information on this forum so have a read . Building the best team will definitely help you succeed, try come to the next catch up @Jess Peletier is organising (thanks Jess ).


Matt

 

I should add Westy and I are still finding great deals, there are good buys getting snapped up in a matter of weeks in Perth, with multiple offers etc .

 

Hi Adam,

Welcome and good luck with your search.
Any experienced/successful investor will tell you there is no "usual" investment for you.
If you only look for the "usual", you'll only ever achieve usual results at best, which is pretty ordinary and not much point doing if you're going to be putting in an effort to do this in the first place.
The unusual is usually much more rewarding if you're willing to take some risk.

 

Hey Matt, it is an R6 nice work ha That's a nice C63 AMG!
Yeh the 15k is nice but I'm avoiding building for a number of reasons, one being limited to outer suburb locations, for the most part at least, cost is a bit high if I built in a more inner-suburb location, and headaches. I might look into it later and I think Perth will be turning around soon, so I'll be looking here perhaps later in the year.

Ill definitely try my best to be at the next meet. I fly out start of Feb so make it before then!

I'm trying to find a mentor to help me get started, and all I'm getting on the internet is every man and his dog saying they offer mentorship programs and just try to sell you on how easy it can be if you just hand over your money to them and pretty much let them invest it. I'm sceptical and I want to do it myself anyway (i.e. with the help of a mentor that isn't some 28 year old who has limited experience etc. etc.)
Where can I find one?! convincing them to be my mentor is the next step I'll worry about later.
What have you guys done / what are you currently doing mentor-wise?

 

I hear good reviews about the R6! Im hoping to buy a Panigale winter this year cant wait!
And sadly that C63 is one of my friends, not mine, not yet at least .

My mentors are all my friends and all my family, I would never have one designated "mentor". Every one has something to share, no idea is ever the same. Iv been lucky to have made friends with such a great bunch of people, including some investors on this forum. There are plenty of "professional" who will try and sell you "plans" and "programs" but at the end of the day, your the only one that can make decisions and grow.

We both have plenty of time, its about the baby steps.

Matt

 

Its a great 600! I sold it though A panigale hey? We sound very similar you and I! haha 899, 1199 or 1299?
None of my family or current friends are investing, and so they aren't very good at it!
Baby steps I agree.
Would you be keen for a catch up sometime? If you currently ride, lets go for a ride and coffee? (Ducati enthusiasts can't pass up a café run!)

 

I used to do mentoring but keeping track of time etc was just too hard. It got easier to just offer a lot of free time around but keeping expectations low about how much and what I'll do.

As @Matt Ad it's handy to get thoughts and input from various wise people in your life who you admire and you think are in a position that you want to move into. If you're in a grad position at work you probably have a mentor there but there are various people who will willingly give time to people that genuinely want it.

Think about what you want to get out of it and how. Let me see - rules for Mentees
1. Be aware that if it's not a paid mentorship (which are rare to find genuine ones) that your Mentor's time is valuable and they may have different priorities
2. Listen and ask questions. Don't get frustrated that the Mentor doesn't know everything or that they won't tell you everything - some might be their intellectual property/income stream but they will give you pointers to help you learn to reach the same conclusion
3. consider your own risk profile and things you want to achieve - this will help you consider what sort of strategy might suit.
4. how hands on do you want to be? Some people have a thirst for knowledge and understanding, some people are happy to be led


I'm always available for a coffee with anyone that wants to bounce some ideas, swap journeys or just talk property. I've met heaps of great people on here at organised meetups, online chats, coffee etc.

 

I do love a cafe run! We can definitely catch up if you wanted.