1st property

Hi Dellas

well done saved $25k that fantastic.
My advise to you
1. spend a lot of time reading and researching. Read a lot of the old posts here, and buy or borrow books on investing in property.
2. learn all you can about Cash positive properties.
3. look only at buying cash positve properties. You may not be able to if you live in Melb or Sydney. but consider regional areas.
4. look at buying something that needs a little bit of work but you will be adding greatly to the value of the house.
5. if possible live in it while you fix it up to Get the $7000 FHOG. Then rent out the other rooms and have them pay the mortgage or move out and rent the home.
6. look for areas that something is happenning. for instance in Victoria Hamilton has taken off because of a billion dollar Mineral sand project nearby. Some properties at the bottom end have doubled in 12 months (i bought one 15 months ago for 32k put it on the market for 89K recently). keep an eye on local developments.
7. read steve’s new book and “Rich Dad Poor Dad” by Kiyosaki
hope this helps
The other point about getting a loan
With your deposit you should easily qualify for a loan of up to 100k, and the rent should cover the property repayments if you buy right.
regards westan

One other thought is to also find a mentor. Learn from the horses mouth….

Enjoy
AD [:0)]
(Andrew)

“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”

Hi Dellas. Pay special attention to what willrogers (you cowboy you) said as far as not rushing in goes. It seems at the moment that every man and his dog is rushing out to buy investment property. Just hope they all don’t get burnt. Keep doing your research, talk to as many people as you can,i.e people who have already invested and are doing o.k and in the meantime keep on saving.

Good luck

Marty