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I think i may have missed the boat for Latrobe Valley
Hey,
Hmm, other than property :p
Travelling abroad, and within Australia. Have 3 overseas trips this year (a habit i'm attempting to curb), have been to over 20 countries in the last 4 years, long way to go before I hit 60 tho. Would love to do 6 months to a year in south america.
…and scuba diving, tho the dives are few and far between, it's just too expensive in Australia unless you own your own gear.
…and of course what started it all, community work, starting grass root activities within neighbourhoods for the benefit of the community.
Tho sadly this has slowed down due to work taking up so much timeHi, and welcome!
There's a number of individuals on this forum with properties in Sydneys West who may be able to provide some useful advice
First question, is this purely and investment? What are your goals/aims?
My own personal experience has been the high cost of construction and current land values in the area make construction a poor investment at the moment. I am constructing 2 granny flats in St Marys and tended to find vacant lots with just granny flats were unviable and overprice by the seller.
I have however found a good deal just last month, a brick veneer house with a second dwelling for $320k (all fees inclusive). Needs about $20k worth of work tho. It took a lot of stressful negotiating, I had to find a place for his mother who was the current tenant to live, thus the lower price (tho in hindsight could have bargained harder).
My focus was on areas in close proximity to train stations, and other amenities, (St Marys, Kingswood, Werrington, Penrith etc) those areas ticked all my boxes, tho a few individuals have made great deals in places like Tregear etc.
I have bought 2 properties there, now am being more aggressive on my bargaining for cashflow positive properties. I don't think i'll find those in Sydney's West due to the high volume of 'investers' there recently willing to pay what I would consider too much for a property.
Am also keeping an eye on Camden, a friend of mine has over 20 residential and commercial properties there, tho his strategy is hard to copy, he loves it there.
Regards
NHGJust settled on a place this Sat.
6.5% returns before building Granny Flat. If you subtract the 20% deposit I used then am already over 10% return.
Will work harder to find a true cash-flow property before end of the yearSo much to learn, so much opportunity out there!
ozlat wrote:NHG – so continuing from my comment above… if i start by putting 20% of my weekly income into my etrade account and then invest $1,000 at a time… that would be a good place to start? i did have some success and failures with small cap stocks… would you recommend that since I literally have nothing to lose and everything to gain to get back into small cap stocks? or blue chips? or something all together different? and how easy is it to use those investments to get more money to invest into further investments such as property? if i was to get back into shares I would probably buy a subscription to one of their newsletters and follow their advice whilst also conducting my own due diligence… some of the publications they offer are:Hey Ozlat,
The common theme here is learn to save and create a steady cashflow. Learn about delayed gratification etc, Baby steps. Something to aim for really helps you meet your goals quicker, just make sure you don't loose sight of the end result your after.
What is your aim? Financial stability? A property to call your own? What do you need to do or know to get there?
Perhaps use this period to learn more about investment tools and find what suits your level of risk vs reward, while saving money and as mentioned previously learning good habits.I had 'analysis paralysis' for 2 years before i made my first move in the property market, and still made plenty of mistakes :p One step at a time.
JacM wrote:I have to admit, and I will upset some forumites by saying so…. that it does upset me that when newcomers come to this PROPERTY investing site to seek advice on investing in PROPERTY, that they are encouraged towards the stock market. That is not the investment strategy they came here for and it is quite unlikely they have enough knowledge of how to make their money grow on the stock market. I worry their money pile will reduce, and that yes, in many cases it would be safer saving furiously in a bank account…JacM,
I completely agree stocks can be dangerous, I just sold up all my stocks last week and reinvested it into property. It sounds like Ozlat is asking about how to get on his feet tho, not about property per se.
I personally used stocks to build up the deposit on my first property, tho it is not a 'strategy' i would recommend to everyone, I happened to have had experience with the stock market well before property even registered on my radar, now I much prefer property. They are both tools to an end result.
