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Hello,
I am 20 and i bought my second IP that settled on Friday!!! So excited
[biggrin]
Anyway, I have decided that i want to live where i grew up which is quite an expensive area. So i bought my first IP when I was 18 with the plan of paying it off while i stayed at home and then selling it in 5 years to buy my own home. Well, i was VERY VERY lucky and it doubled in price.
So I have bought a second (now fingers crossed for that to happen again). I have five brothers so i wanted to move out of home. I rent a cheapie apartment, which i know is not the best thing to do financially, but for my mind it works best. Hopefully in 3 years i can buy a house in my dream suburb.
Good luck with it, i think invest first so that you are in a better position later.
Tink [rolleyesanim]Hi,
Yes, Land lord insurance is DEFINATELY the way to go… I learnt that the hard way. I had a very poor tenant and property manager combined and by the time i took tenant to tribunal to get evicted he was 12 weeks behind in rent, $1920. I am a student so this was a hard hit to me. Luckily the tribunal made an order for him to pay me back in small increments until the debt was settled. He didn’t leave a forwarding address and now the courts tell me i have to get the sheriff to serve him which will cost another $250 and they can’t do that unless i give them the address of my ex tenant.
Very unfortunate, but worse things can happen. Cut your losses and learn from it… I now have mortgage insurance and pay that little bit extra for a quality property manager!
Tink[rolleyesanim]Hi
I am! I am really looking forward to it.
If you know anyone who would like to come… I have one spare ticket..
Tink [biggrin]I am only 20 and have quite an interest in property investing. I got my first at 18 but i worked so hard to get the deposit that i thought it would take many years before i could afford to save for another deposit again. It was then that i started to read everything that i could find on property investment and am slowly starting to understand how i may make this work. Though banks are usually a little reluctant to lend to a full time uni student working casually in a bar. Then one day my boyfriend bought home Steve’s book. NO: Definately not easy!!! I consider myself a smart enough person, but i read it 3 times before i felt i had any idea what he was talking about. It inspires me to try harder, think diferently and suggests a few helping hints on the way. For those who think that it should be easy and someone should tell you exactly how it’s done are daft! Then everyone would do and then who do we get to rent out our properties!!?
As my mum always says… you can’t have everything handed to you on a silver platter.
Tink [blush2]My rent has gone from $110 when i bought it in 2000, and is now $160… before that i’m sorry i don’t know. But with the prices they’re asking for the units now, they are not self sufficient…
Hope that helps, best of luck
TinkHi,
I bought a unit, my first IP in Queanbeyan almost two years ago. Whne i bought it everyone told me that there was no capital growth, but seeing as though it had very high positive return that didn’t bother me. Although i got it valued in October last year and it had more than doubled in value.. not bad [biggrin]
It is a two bedroom and i am on the third tenant, it has never been vacant for longer than a week so the demand is good. Check size, a lot of Queanbeyan units were built very small, try and not go under 50sqm (yu’ll be suprised how many there are!)
If you need a real estate i would suggedt Ian McNamee and steer clear of Realty World.
Good Luck
Tink
[biggrin]
