From someone who dabbles in all property markets, I have recently decided to use my experience to now buy into the lower end.... and buy property that can be bought less than current valuations and value add, therefore making the 10-20% prior to buying.
an example to explain further.
I bought 2 days ago a place in Ethelton SA for $255k
I also asked for entry to the property for 60 days prior to settlement to fix it up....many problems....white ants...bowed floorboards...sinking house stumps.....terrible kitchen......all up a disaster of a place.
At 255k I will spend 20k doing it up and fixing the issues.....the bank has valued the property at $320k once refurbishment has complaeted.
So I spend 30-40 days completing refurbishment and have a property I paid...
255k 9k stamp duty 20k refurbishment
284k total
320k valuation
@ 80% 256,000
therefore I need to throw in just $1000 to get the loan.
I will probably sell and return 30k or so in 60-90 days.
Ive done this kind of deal many times.
What im getting at is...dont for one minute look at property as.... i need this much to buy and thats it.
There are many ways to make a property more valueable and decrease the cost to secure.
You I guess have the FHOG which in my situation would mean you basically throw no money in.
Happy to discuss further if you would like to know any more about how it is done.
The kind of property ive discussed above is an example that could be easily done by a first home buyer with a bit of foresight and knowledge.
Im more than happy to find a property that can be done the same way in your area of choice with no cost from me......
If nothing more I can show you how to do it.
I like your last couple of posts....you seem to be a smart young fella...mind you im only 34 myself...but I love to pass on my experience to others if I can help.
Good luck with it all and if you have any questions happy to help.
