hey everyone .
My name is Shaun and i'm looking to get started in the property market …. i have a few ideas on what i would like to do but interested in what every has to say and what they think will be the best way to start .
my thoughts are that i'm handy with my hands and reno's would be a good way to accrue gains ?
i was looking at the buying and selling through homes and using the profits from each sale to built enough to own a home outright ? ( hope this makes sense , eg buy one home at a time , sell one at time and hopefully pull a profit from each )
here is my sit –
25 years old , sales man , handyman backround
living in brisbane's north side ( newmarket ) and loving it here . so would like to look in general area cloase to the city
i have a partner with a combined income of around $125,000pa
debts – very small personal loan ( $6,000) and credit card of $1000 maxjust wondering if anyone has any suggestions to get started , i have spoke to loads of general people about loans and maybe setting up a trust? have a meeting with a bank manager this week and also looking at advisers …. anyway …… is anyone can help that would be great
many thanks
shaun
Hi Shaun
Welcome to the forum and our world of property investing.
Obviously limited data to make a structured comment but i think you biggest enemy maybe the lack of deposit.
Most lenders are not limiting their lvr's to 90% so this means you need to come up with around 10% deposit + costs and renovation expenses (Yes there are the odd lender doing 95% lvr's i admit). I assume you qualify for the First Home Owners Grant but there are qualifying criteria and would mean you would need to reside in the property for a period of 6 months within the first 12 months.
Also with almost every lender a saved deposit over a 3 month period is almost a necessitty.
As I say can be done but more work needed initially.
Richard Taylor | Australia's leading private lender
Hi Shaun, it is good to know that you have entered at this place. Go to the forum and look for your suitable threads. Share your views and let us know if you need help. We are always there to help eachother.
thanks for the starting advice .
working on the depoist now …
do you all think it is doable given current market in brisbane to renos and still make some money out of it , or look outside brisbane metro for pure investment prop's and start that way ,
i'm intrested on what everyone thinks id the best way to go to meet my goals
A common saying is that you make your money when you buy – ie, buying the right property in the right area at the right time. In most market conditions, if you have an eye for it, reno's can work. In some situations, they work very well. However, they also come with plenty of risk, so doing your homework is a great idea.
Work out what you are good at, what you are not. Do your budgets, talk to as many people as possible, and most importantly, be patient. Don't rush into something before you've got it worked out or ir can come back and hurt you. If you don't feel that you want to be so full on, then a simple buy and hold strategy may work.
And if you're thinking of buying and selling to build up more $$'s, don't forget about capital gains tax. Ouch.
FS
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