getting in to Property

[Cap]

anyone on bigfooty got into property (and been successful?)

I'm looking at starting an investment portfolio, ultimately I would like to quit my job and manage my portfolio full time - acting as a property manager.

I haven't checked the tax implications, but I;m assuming I can actually do that

 

[Hinkleyfan]

Whats your start up capital? May need to work for a while yet to pay the initial bills...

 

[bunsen burner]

anyone on bigfooty got into property (and been successful?)

I'm looking at starting an investment portfolio, ultimately I would like to quit my job and manage my portfolio full time - acting as a property manager.

I haven't checked the tax implications, but I;m assuming I can actually do that

First:

Read this: How to build a multi million dollar property portfolio in your spare time by Michael Yardney

Second:

Drop the property manager idea. If you're serious about eventually quitting your job then you will build a portfolio that most likely is spread across the country. You won't be property managing many of them.

Third:

This shit won't happen overnight unless you're already loaded.

 

[Hinkleyfan]

anyone on bigfooty got into property (and been successful?)

I'm looking at starting an investment portfolio, ultimately I would like to quit my job and manage my portfolio full time - acting as a property manager.

I haven't checked the tax implications, but I;m assuming I can actually do that

Yeah lol, this post makes it sound so easy to do.

 

[Cap]

Yeah lol, this post makes it sound so easy to do.

well if you want to read it that way....

 

[Cap]

I probably have $40-50 k to play with at the start.

I was hoping to get into a small rental (say $250k) I have found one which with a bit of work (say $5k) would give me a good uplift in equity whilst still being affordable to negative gear.

after that, it really is going to depend on what comes up, I've just found a large block which I can acquire off market likely to be able to put 2 on it and the home is demolish-able under regulations.

I just need to have the balls to take a risk.

 

[bunsen burner]

I probably have $40-50 k to play with at the start.

I was hoping to get into a small rental (say $250k) I have found one which with a bit of work (say $5k) would give me a good uplift in equity whilst still being affordable to negative gear.

after that, it really is going to depend on what comes up, I've just found a large block which I can acquire off market likely to be able to put 2 on it and the home is demolish-able under regulations.

I just need to have the balls to take a risk.

What city? Radelaide? Mind if I ask which suburb? At $250 I'm assuming regional, maybe Elizabeth area?

 

[Cap]

No surprisingly there are quit a few rented apartments in nice areas at the moment between 200 and 300k.

 

[Visions]

Buy initial property that needs minor renovating at below market value, do minor renovations, rent out at rate where property is about cash flow neutral, have property revalued after renovations, use equity for next investment. Rinse and repeat.

At least that's the theory behind it. Need to do a fair bit of research to try and achieve it though.

 

[meowis]

Determination and perseverence will get you there bud