I am completely new to this forum, completely new to the idea of property investing.
I have never even been to a Seminar before.
i keep hearing that anyone can do this.
I cannot understand how.Is it really possible to find an investment house in Melbourne that will positively geared?
I currently have one property with about $100k still to go on mortagage.
How and where to start?
Thanks for your helpHi there,
Depending on your income and on how much your current house is worth it is possible to use the equity in this house to purchase another property.Is there a reason you've limited your thoughts to Melbourne? Using Steve McKnight's history as an example (refer the right side of this screen that has a pic of his book "0 to 130 properties in 3.5 years") he deliberately got started in Ballarat in order to get positive cashflow.
And in answer to your question, no, not really. Not everyone can just race out and buy property any more. The bank actually expects you to have a deposit or equity, and an income that will enable you to repay the mortgage.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Search for "getting started" and "how to" threads here on the forums, purchase some books that explain various ways to get into the market, seek professional advice, and good luck!
Thanks for your help all!
Income $65k/yr gross
House paid off $300kYes this whole idea of positive cash flow is a new concept to me.
i never knew you could buy a property where not only did the tenants pay off the mortgage, but you got cash flow from it too!!!Thanks for your help all!
Income $65k/yr gross
House paid off $300kYes this whole idea of positive cash flow is a new concept to me.
i never knew you could buy a property where not only did the tenants pay off the mortgage, but you got cash flow from it too!!!Hi Kimberly
Welcome to the forum, good on you for making a start!
Suggest that you spend a little time on the education side of things so you can be confident with what you're doing.
There are quite a few good books that talk about positive cashflow property including Steve McKnight's books and also Margaret Lomas has some good books about it too.
Check out the starting out threads here as suggested and maybe think about subscribing to a property investment magazine or attending a property investment type focus group in your area.
If you are itching to get started now and don't want to wait, maybe consider finding a good investment advisor who understands the positive cashflow strategy to help you through your first one. But definately get the self education process underway – it'll put you in a much better position to go forward!
Good luck!
KazHi Kimberly
Welcome to the forum. You'll find loads of information and plenty of friendly people willing to answer any questions you have.
Finding cashflow positive deals in Melbourne is likely to be difficult – but as JacM alluded to, there's no need to restrict yourself to Melbourne. You'll find cash flow positive deals are generally found in regional areas where the rents are quite high in comparison to property prices.
Start with reading the books mentioned above – the more educated you become the more confident you'll be in the decisions you make. Jan Somers also has some great books that explain the basics of property investing.
You have lots of equity in your house which you should be able to access to start investing.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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