heaths22Member@heaths22Join Date: 2006Post Count: 1
Hi all, I am 28 and just recently married. We’ve had a my own home for a little over a year. My older sister and hubby are keen to invest in some type of property in the near future.
My question is, it just seems to me that all the great deals seems to be on the bigger scale. Is it stupid for me to go big straight away (thats if any1 would even lend me the money!) or should I just start off doing little renos (im a plasterer by trade). Has anyone started big and if so how?
thanks in advance
HeathwestanMember@westanJoin Date: 2002Post Count: 1,950
i ‘m a believer in start small, and i disagree all the good deals are big deals.
Look for something that you can buy below market, If you can improve it and add a lot more value then that will be great for you.
By starting out small you will learn about the process etc. The idea is to make money and educate yourself, I’d encourage you to do a few smaller deals, first to work out what your doing,your strategy and what works etc. Are you buy and hold or buy and sell.
How Much $$$ , without a knowledge of your financial position i can’t say. But don’t get yourself into a difficult financial situation.
Evaluate your risks
what if interest rates rise, property doesn’t sell etc.
all the best
regards westanducksterParticipant@ducksterJoin Date: 2004Post Count: 1,674
It sounds like you do not have much equity in your house you live in. The banks will lend you money based on your assets equity and what your income is. This will limit what you can start investing in.
You may need to investigate the requirements of a low doc loan if you are self employed. The main thing is to start even if it is small you will be in the market. I prefer myself to start off small and get the property into a cash flow positive position and then repeat the procedure for the next property and then repeat for the next property. This way you are building up a cash generator to use to buy a better property much later on or to buy two more properties at the same time.
“My older sister and hubby are keen to invest in some type of property in the near future. Maybe you could investigate a joint venture with them as either tenants in common or through a trust , you could discuss with your accountant and lawyer (a joint venture agreement).
Comments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
[lmao]BeckParticipant@beckJoin Date: 2007Post Count: 24
I was once told ” the bigger the problem the bigger the paycheck”
I believe it is so….