Kincella, Well said. Anyone can be a millionaire but few can stay one. Property is the best investment anyone can have. I myself have a family member who wants to buy a house. They are a young couple and my advice was similar to yours I said ' Don't go buy a house straight away buy a townhouse in a good area that has plenty of amenities and good public transport that needs fixing for the right price fix it and rent it out. Write off all the demolition and new fixtures through a QS and pay off as much as you can by7 offsetting the interest and fixing 50% of the borrowing amount etc, etc, etc'. I cannot understand how many people do not want to grow with their investments ie. You don't need to borrow so much for the sake of owning a house that you cannot afford. Pay off something first and then think about growing your wealth. Don't expect to make money straight away always keep your comfort zone as things may fluctuate. I did this and I actually bought into a bubble about 14 years ago and over paid and was told by all the bankers and financial advisors and media and and and that it was junk and to get rid of it and buy somewhere else. My plan was to have a very rentable property and pay it off well since then it's almost paid off and who cares what the market it is always rented and bringing a good steady income. So the moral of the story is if you can't pay it off in 12 to 15 years don't buy it because it will stop you from progressing and stress you out and that's what causes bubbles is people not thinking on a long term and worst case scenario. Times like these are always going to happen it's the smart who survive and the impatient that lose. Always start small. Bean by bean you end up with a bean bag!
