There are a lot of great stories about first-time property buyers and property investment. The hero buys one or two properties, starts a portfolio, and retires early. I like those stories. But then there are also the many tragedies of people having dodgy builders, tenancy issues, growth issues, market issues, hidden global pandemics, and unexpected outcomes.
As a single 28-year-old guy and first-time property buyer, I knew coming into this that I needed someone I could trust to guide me through the process. Someone who knew I would still question, triple-check, and cross-reference everything they told me - and be okay with that process. I had to learn what I needed to, to make the best decisions for my own savings. Luckily, I had two excellent Property Mentors who went out of their way to help me on this journey.
I started out by attending a couple of Property Club workshops, met other members, and was introduced to Club Loans Mortgage Professionals. My first Mentor, Sheryn, was a wealth of information and very supportive despite my restrictive work schedule and indecision.
However, during the first 18 months, I became frustrated with properties that I thought I had approved offers for, with two properties falling through due to issues with the developers. On the third property – which I had completed the extensive paperwork for – I noticed that the build contract had unusual ‘non-negotiable’ conditions throughout it. At the advisement of Sheryn, I was able to withdraw before settlement. After hearing about what happened to others, I’m glad I did and am grateful for Sheryn's guidance and support in that matter.
At this point, I had lost faith in buying property and took no action for several months. I looked at other investment options and spoke with friends and family about what they did with their savings. Equipped with a better understanding of the jargon, the process of buying property, and insight into being a landlord, I decided to try again. I worked with a new mentor, Roger Galway, to secure a piece of land and began building a 4-bedroom single-story house on it in Outer Eastern Melbourne (Victoria).
Then COVID-19 hit.
There was an uncertain period where we were worried construction would halt, but the builder and developer were excellent, and the house quickly took shape.
Roger also recommended a local Estate Agent another member was using, and things have gone very smoothly since. Despite being in the strict Stage 4 Lockdown, the agent was able to secure a tenant who moved in three weeks after hand-over. These were exceptional circumstances - the tenant had only seen the property virtually before moving in.
Now that I have successfully purchased my first investment property, I continue to use Property Club’s Member Benefits. During the lockdown, I was able to attend several online educational workshops. Roger has also kept in touch, sharing his resources and time to help me manage all the paperwork. We have had several video calls where he has taken time to explain how he manages his portfolio and answers all my questions.
I know that this is an uncertain journey to embark upon, and it’s not for everyone as it does take time. However, my experience so far has been very positive, which I credit to the guidance of my Property Club Mentors and the support of the Property Club for my current success. I have recommended membership to my friends and family - and why not? It’s a free excuse to learn more. If you’re not sure if this is right for you, start by having a chat and listening to someone else’s story.
Are you a first-time property buyer interested in building your own successful property portfolio? Join Property Club for free today, and gain access to the same resources that helped Tim on his journey to success. Get in touch today for more information.
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