All Topics / Help Needed! / New Young Buyer Looking For Some Tips

Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of MaddyMaddy
    Participant
    @madison1992
    Join Date: 2014
    Post Count: 1

    Hello,

    Im 22 and a young new buyer looking to invest into the property market.
    I am looking at buying around the Hunter Valley NSW area as I have been doing some research.

    Could anyone give me any tips or hints to make things easier. not exactly sure what i am doing, trying to do as much research as possible

    Thanks

    Profile photo of Corey BattCorey Batt
    Participant
    @cjaysa
    Join Date: 2012
    Post Count: 1,010

    Hi Maddy,

    Make sure you build yourself a good team of related professions, including finance, solicitors/conveyancers/accountant etc. Get your finance in order if you haven’t already. A good broker will be able to set out a plan for your finance structure to make sure you first purchase helps the 2nd, 3rd, 4th and onwards by being placed with the right lender from the start. Remembering that interest rate isn’t the most important thing with portfolio finance. :)

    And great work taking the effort to enter the market at a young age, I’ve got a lot of younger clients who are building their property portfolios in leaps and bounds, it’s great to see!

    Corey Batt | Precision Funding
    http://www.precisionfunding.com.au
    Email Me | Phone Me

    Investment Focused Finance Strategist - servicing Australia-wide

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi Maddy

    Welcome to the forum and I hope you enjoy your time with us.

    Just be careful if your not sure what you are doing don’t rush in.

    The Hunter Valley is an excellent place to invest but as Corey mentioned ensure you assemble your team upfront.

    In the 13 years I have been involved with the forum I would say the biggest mistake I see from new investors is not getting the right loan structure or choice of lender.

    Many young investors have a good income to enable them to buy a couple of IP’s but lack deposit due to their age.

    There are many ways to ensure you stretch your savings to enable to you kick start your portfolio but if you have to get it right from the start otherwise you grind to a very quick halt.

    If you need a good conveyancer let me know and be happy to review you to the firm we deal with.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

    Profile photo of Adam SweenyAdam Sweeny
    Participant
    @asweeny
    Join Date: 2014
    Post Count: 12

    Hi Corey / Richard

    That’s definitely good advice above, but if I wanted to learn more details where can I find further information on some of those things you mentioned?:
    – A finance/loan structure that supports the next investment
    – “The right lender”
    – “Getting it right from the start”

    Cheers
    Adam

    Profile photo of BuyersAgentBuyersAgent
    Participant
    @knightm
    Join Date: 2005
    Post Count: 338

    Maddy I just want to ask why the Hunter in the current market? It has been hard hit by coal prices dropping and mining activity reductions. Perhaps long term this will improve but Muswellbrook for example currently has a vacancy rate of 9.5%! Thats not an easy place to find a tenant (or fast capital growth for that matter). Maybe in a year or 2 if coal picks up it might be worth another look but surely there are lower risk locations currently?

    BuyersAgent | Precium
    http://www.precium.com.au
    Email Me | Phone Me

    South Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au

    Profile photo of AustinAustin
    Participant
    @harryaustin
    Join Date: 2014
    Post Count: 1

    Helo Maddy,

    I must suggest you that while making a first property purchase you should first plan all your financial calculations so as to avoid any trouble. For this you can download “Loans Calculator For Australia” a smartphone app.. i’m also using the same.. It helps you calculate the repayments amount, interest rate, stamp duty, mortgage repayments. After calculating you can make a proper schedule so as to make your purchase easier.

    Hope it helps you too @adam Sweeny..

    Thanks!

    • This reply was modified 7 years, 3 months ago by Profile photo of Austin Austin.
    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539

    I agree with knightm. Don’t take the approach of choosing the suburb and hoping it’ll all work out. Define a set of criteria and find the suburb that complies with it. Be clinical about it.

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of TaylorChangTaylorChang
    Participant
    @scha9799
    Join Date: 2009
    Post Count: 234

    I totally agree with all the helpful advice from everyone above.

    If you can, go down to the area, walk on the streets, talk to the people on the street you will find out a lot more things on the ground !

    When I research an area, I like to talk to some local real estate agents, attending some auctions, talk to people at the auction see what they think about the property/area.

    TaylorChang | Finance Broker
    Email Me | Phone Me

    Home loan | Commercial loan | 0414 691 517

    Profile photo of BuyersAgentBuyersAgent
    Participant
    @knightm
    Join Date: 2005
    Post Count: 338

    As scha said on the ground research is important.

    But as Jacqui clarified – to define a set of criteria to even choose the suburb comes first.

    1: Decide on your goals (ie are you investing for cash-flow, capital growth, to get some quick equity for your own house soon??? there are many different goals, if you don’t even know what they are then you are unlikely to meet them! )
    2: Work out what kinds of property (in what locations) might help you reach the goals fastest and with least risk
    3: Start to do research on those locations
    4: Get down to buying the right property.

    BuyersAgent | Precium
    http://www.precium.com.au
    Email Me | Phone Me

    South Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au

Viewing 9 posts - 1 through 9 (of 9 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.