Hi All
My name is Jon. I am 23 and live in Perth WA.
I purchased my first property approx 3 months ago which i am using as a live-in home base for the foreseeable future, and i am currently pooling my money into an offset account attached to the mortgage. I also have 2 people living with me paying rent which has contributed, along with my reasonable job income to me being able to pay $30 000 into the offset in my first 3 months.
I am looking at buying a 2nd property towards the end of this year and should be able to use some of the equity in my current property to assist. My thoughts on strategy at this point would be “buy and hold” with a strong preference to positive cash flow properties.
Although they seem relatively hard to come by/find in WA… does anyone know of any good areas for this in WA?? I am also very open to all other states with Aus if necessary.If anyone has any advice on how to proceed from my current position (as i would like to go on to own a number of properties in the future), tips, random facts, etc, how i could get started, other strong strategies to consider or how you all got started and your stories of wealth building success, it would be greatly appreciated!!
Cheers
JonHi Jon,
Welcome to the forums!
A good question to ask yourself is "what are my goals?" If it is for passive income then buy and hold with CF+ is a great strategy. A couple of things people regularly say about this is that you often sacrifice capital growth to achieve CF+. An alternative is to buy a house that needs work and renovate before renting out to bring the rent up in better areas for capital growth. But there are many other strategies that people use to create wealth through property.
How to start = educate yourself, and get a good team. There are many good books and I would also buy Australian Property Investor to read each month. As far as a team goes you need accountant, conveyancer/solicitor, mortgage broker or bank, real estate agent, builders/handymen, amongst others.
Hope that helps. Check the forums there's heaps of info to answer your questions.
Andrew
itsandrew
Go as far as you can see and you will see further.
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