Hello
I am new to Property.Talk and this is my first post on the forum.
I'm the average 34 year old male who is happily married with children and earns a average wage with a desire to start investing in property and trying to secure a better future for my family.
In 2004 I brought my first house for about $70K in a small King Country town which is dominated by a low socioeconomic status and plenty of state housing.
Later in 2007, my wife and I (with no property advice or experience) decided to buy a nice vacant section for $140K in Kinloch, Lake Taupo District. We thought this would be a good investment with a view to build a new house on the section, and also that a "Jack Nicolas" signature golf course had just being built across the road.
We were both working and had a fairly healthy combined income that could sustain mortgage payments for both properties. As with most families the time came for children and my wife stopped working, hence we could not afford both mortgages.
Even though the capital value of our home had doubled to $145K we knew its value would not increase much more. We decided the vacant section in Kinloch would be the better property to keep given we were offered a subsidized work rental in my home town.
So we sold our house, paid the home mortgage and other debts along with part of the Kinloch mortgage.
Recently I read the book "Building wealth through property investment" by Jan Somers and Dolf de Roos.
I cant help but think Ive gone the wrong way about starting investing in property by buying a vacant section and selling our first home.
What I'm asking is what is the best option for getting my foot back in the door of starting to build a portfolio of property. The Kinloch section has dropped almost a third of its value. Is it wise to build a new home(when we can afford to) on the section and make it a rental from the outset?
Also the Jan Somers book was published in the early nineties and now is obviously out-dated with the current property market. Are the strategies for starting your rental investments the same as 20 years ago?, or are there are a whole new host of problems that I need to be aware of in today's market.
Maybe there is a new book out there that someone can recommend for me to read before i make any other wrong property choices.
Any suggestions would be appreciated.
Thanks for your help and look forward to reply's.
I am new to Property.Talk and this is my first post on the forum.
I'm the average 34 year old male who is happily married with children and earns a average wage with a desire to start investing in property and trying to secure a better future for my family.
In 2004 I brought my first house for about $70K in a small King Country town which is dominated by a low socioeconomic status and plenty of state housing.
Later in 2007, my wife and I (with no property advice or experience) decided to buy a nice vacant section for $140K in Kinloch, Lake Taupo District. We thought this would be a good investment with a view to build a new house on the section, and also that a "Jack Nicolas" signature golf course had just being built across the road.
We were both working and had a fairly healthy combined income that could sustain mortgage payments for both properties. As with most families the time came for children and my wife stopped working, hence we could not afford both mortgages.
Even though the capital value of our home had doubled to $145K we knew its value would not increase much more. We decided the vacant section in Kinloch would be the better property to keep given we were offered a subsidized work rental in my home town.
So we sold our house, paid the home mortgage and other debts along with part of the Kinloch mortgage.
Recently I read the book "Building wealth through property investment" by Jan Somers and Dolf de Roos.
I cant help but think Ive gone the wrong way about starting investing in property by buying a vacant section and selling our first home.
What I'm asking is what is the best option for getting my foot back in the door of starting to build a portfolio of property. The Kinloch section has dropped almost a third of its value. Is it wise to build a new home(when we can afford to) on the section and make it a rental from the outset?
Also the Jan Somers book was published in the early nineties and now is obviously out-dated with the current property market. Are the strategies for starting your rental investments the same as 20 years ago?, or are there are a whole new host of problems that I need to be aware of in today's market.
Maybe there is a new book out there that someone can recommend for me to read before i make any other wrong property choices.
Any suggestions would be appreciated.
Thanks for your help and look forward to reply's.
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