Chris Duong's investment began with a question.
"One of my friends from high school asked me," Chris, can you stop drinking coffee a day if it meant you could buy an investment property? "Share it."
At the time, Chris was 21 years old and had just started working in computer science. With his first paychecks, he bought a new car and spent his salary to go out for dinner at the movies. Meanwhile, his friend had started investing his money in the property.
"This friend bought in neighborhoods that I would not have dreamed of buying at the time – old dilapidated flats in Hurstville, followed by Eastwood."
Five years later, in 2010, Chris and his wife Mandy bought their first PPOR in the Castle Hill suburb of NSW, where they both grew up. They started playing with the idea of ​​investing in real estate but they did not know where to start.
Since then, they have built a portfolio of six properties representing nearly $ 1 million in equity.
Chris here shares his main advice to new investors entering the market today:
1. Understand the laws of different states . When you diversify a property to acquire it between states, make sure you know the local regulations.
2. Talk to other investors. Do not just look for counselors, look for peers who can motivate and share your experiences with you.
3. Do not be emotional – There is a difference between a property in which you will invest and a property that you will use as OPP. Do not project your tastes and needs.
4. Malicious Risk – It is good to take risks, but be sure to always do your research and calculate that risk before taking it.
5. Have a solid team . This is especially useful if you want to invest in an unknown place – an expert hand will save you from making mistakes.
Learn more about Chris and Mandy
inspirational story of the success of the property,
retrieve the January 2019 edition of
Your Investment Property Magazine
for sale in news agencies and
Coles supermarkets from December 6th to January 10th
or download the magazine now.
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Top suburbs:
new city
,
stafford hts
,
Toowong
,
Newcastle
,
St. Peters
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