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Hi all,
I am also in a similar situation to Nads as I am considering property investment as a way to ascertain financial freedom and the accumulation of wealth. This is my first time reading and posting in this forum and I am finding it to be extremely educational thus far. I am looking at borrowing with a 5% deposit and purchasing two properties with the one loan, renting one out, renovating and living in the other for a year and then borrowing against the rental after 6mths- year to purchase a third property to rent out as the loan will not be associated with that property at all (on paper). After a year i may also sell the 1st property (after rennovating) to allow me to access the captial i gain through rennovating and purchasing at a low price.-(40,000) then renov. 35-45,000 and selling 160,000+.
I am only 21 and this opportunity has arisen through family and I am extremely reluctant to pursue this plan simply because i do not feel that i have learned enough about what i intend to do, so I was wondering if anyone has any advice for me, or if anyone could refer me to materials that could further educate me?
Also was wondering what people on here mean by subdividing, and what a +CF property is, and what the 11 things to look out for are and what I should avoid when buying investment properties and how quickly or slowly I should purchase investment properties, for example, if I can purchase two immediately, should I and If I can purchase a third or even third and fourth within 12mths, should I or would it be wiser to wait for a period to see what happens with the first one/two?
Thankyou, look forward to reading your reply posts!![biggrin]“BE COMMITTED, DO WHAT IT TAKES AND YOU’LL HAVE WHAT YOU WANT”.
