Yes, that's how we feel... We never thought we would be investing in property that soon. At least soon for us. We always had that mentality that debt is a bad thing, don't know why... weird .. After buying our first home 3 years ago our only concern was to pay off our PPOR mortgage as quick as we could and then relax and get on with life. Finish the race as quick and smart as possible. What a waste of time, income and effort that would be... why not use that PPOR to our advantage? The race never ends! It just started! Anyway... here we are now... both wife and myself on our 35s... with considerable equity on our PPOR. About to set up our Loan Structure in order to purchase or first investment. There is lots to read, lots to learn. Scary but exciting at the same time! Grateful with all you guys for sharing your knowledge and tips. See you around! Lewis
Good job Lewis! May be scary at first but as time goes by, and you havent been jailed for buying an IP or 2 or 6, then you'll be an old hand at this game. Know your risks and mitigate them. Stick close to the good advice and real life experiences expressed on here and you cant go wrong. Easy as 123… Good luck, you wont need it!
It's not uncommon to hold the view that debt is bad. People don't understand that there are different types of debt and you will work for some debt (like taking an unsecured personal loan to take a holiday) or debt can work for you (like buying a positively geared investment property). I was talking to one bloke who was absolutely against taking on any debt in any form. He didn't even have a credit card. However, he was passionate about investing in residential property and when I showed him how taking on debt could help him achieve his goals, he took the plunge and bought his first IP. He has not looked back since and no longer has an issue taking on productive debt. Good on you for setting yourselves up to take the first step. That's a great effort!
