Strategy to start investing how should I start

What do you do for work? If a tradie I would recommend putting your skills to work and perhaps doing a renovation to accelerate your equity position.

 

I work in Warehousing , my dad has building experience , but if I buy in brisbine thats a state away because I live in syd

 

Thanks for the kind words !
Hmm im just not sure weather to go for capital gains or cash flow properties tbh I still cant deside haha

 

Hey yeah definitely thats actually my biggest goal , its to get to the point where I can do it my self !
And yeah thats true , how did u get to the point where your buying ur ips your self ? Was it through reading forms on this and somersoft and reading books etc ? Also I assume after u buy your first ip your self u would learn heaps , one other thing is that I wanna buy inner state I live in sydney and want to buy in brisbine so it makes it a bit harder for me , but it can still be done!

 

I'm actually your age as well so the only first hand experience i've got is from my family investing so far, i'm looking to buy in the next few years when i have better serviceability.

As for research, i've spend the last 3-4 years reading somersoft/propertychat almost everyday, read a few of the typical investing books and just networked with investors to ask specific questions about their journey. I also work in property valuation so i have first hand exposure to the commercial and development deals.

Don't rush, you're in a good position so get educated. With the recent APRA changes, you need to be very careful of what you buy (and ensure it doesn't cap you at one property) because finance is no longer what it used to be.

PM me if you'd like to have a chat, it's good to find other liked minded young people.

 

Hi @Freedomlife94,
You've done a sensational job saving up a healthy deposit at your age - well done! I'm a Sydney sider like you and bought my first IP in Brissy also. Have a few now all in Brissy, done mainly through renovation strategy (project managed from Syd).

This forum is the bomb - ask a lot of questions, read the posts that's relevant to you, and connect with some of the members. I've made some great contacts through here.

We have a Sydney CBD meetup on Thursday 7th July. We have a number of investors of all ages and experience, and I know many who have purchased in all parts of Brissy will be there - it will be great for you to come along and ask a bunch of questions and share ideas. If you'e keen, comment in the Meetup thread (link below):
https://propertychat.com.au/community/threads/sydney-cbd-meetup-thursday-7th-july.11505/

Hey @Daniel007,
Good to hear you're keen also. I note that you'e in Vaucluse.
Come down to the CBD Meetup on the Thursday 7th July. Will be a good opportunity to meet other like minded people, all intent on property investing. Will be a blast, meet new faces and learn a bunch. If you'e keen, comment in the Meetup thread in the link below:
https://propertychat.com.au/community/threads/sydney-cbd-meetup-thursday-7th-july.11505/

 

Thank you ,
And yeah I know right its very active this fourm soo good im so gald I discovered it!

Wow that sounds great unfortunately I have work on Thursday in the afternoon , but ill try and get out of it !! Would love to go to this meet up thanks for bringing it up

 

Nice ! Yeah if uve been on here reading for the past 3-4 years you would have definitely learned heaps !
Yeah absolutely ill pm you now id love to make friends with like minded people in the real easte investing game !

 

Thanks for the recommendation I definitely read all of his posts and yeah I plan on visiting this site everyday ! Haha hopefully I get to that stage

 

FYI - it's from 6pm..

 

That will come with clarity around your goal (what do you want, and when e.g. $50k/year cashflow in 5 years) tied in with your circumstances (income, expenses, future plans) etc. Cashflow may be your only option for building the portfolio. If not, you may be able to pursue more of a balancing act - a bit of both.

 

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Yeah 50k a year cashflow would be great , u think I can achieve that in 5 years ?

 

Yeah I said I work in the afternoons and finsh at midnight

 

I'm at exactly like in your position for first IP @Freedomlife94 (deposit,IP at Brissy,learning)

however, my age is double of yours ! .. very very late entry !! however, I still like to try my best..rest is unknown

So, I would like to watch your experience\move very closely

 

The only thing stopping you is the desire and knowledge.

 

Just keep studying this forum, YouTube, podcasts, books ect and you'll quickly catch on. Everyone starts somewhere.

Im roughly your age, recently bought my first IP in Brisbane aswell. I'm from Melbourne. I did consider a buyers agent initially cause it did seem very daunting. Glad I didn't though, definitely worth putting the time in.

All I can say is surround yourself with positive people that understand your goals. It's important to be patient, don't rush into anything and there's always deals that come up, so don't get too hung up on missing out on anything through this learning phase.

All the best!

 

R u going with a buyers agent to get ur ip ? Haha watch it

 

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For that sorta goal would I need to target cf properties not cg , yeah knowledge is a big one

 

Your right ! Any books you recommend ?
And wow congrats , I wanna be able to buy em my self too , how long for study etc did it take u to get it your self ? Also did u go for a capital growth or netural cash flow ?

 

Many ways to go about it (including non-property avenues).

CF+ will certainly help but don't think it has to be one or the other. There's nothing to stop you from buying a property, doing a reno to improve cashflow and add value (capital growth) and repeat.

e.g. Buy at $300k
Reno for $30k (adding $60k value)
CF+ $2-$5k/year
Repeat