TIPS ON GETTING INTO THE MARKET !!

When we bought our first home we had to borrow $5k from his parents, not ideal in my eyes but some times you just have to swallow your pride and go for it.

We bought our first house in Mt Hawthorn a 3 X 1 corner block and right next to the freeway. This is what we could only afford barely without moving to far away from Cottesloe.  Now Craig being the exceptional trades-person that he was he  renovated that house. Built wall to wall wardrobes for me (man they were big, he had a very small portion of it the rest was mine).  We landscaped, painted, put new bathroom, kitchen in and did a pretty good makeover on the property, didn't cost us that much because Craig did it all.

From memory the house cost us $33,000.

One day Craig said let's sell up now and try to get back to Cottesloe as that's where we were doing all our socialising, working and beaching etc I  was a little apprehensive at first but reluctantly agreed.  So we sold our house quite quickly before we found something else so we rented in a unit in Claremont, meanwhile we were trying to save more money.

About three months afterwards Craig went to see a house which he knew I would say no way to.  He made an appointment to view it and told me we're going to look at this house on Eric Street Cottesloe.  He took my hand ran me through it and back through and said what do you think? You kidding me the place was a wreck!!!!!  I will fix it up he said, it will be fine, what are we going to buy it oh really!!!  and that's how we got into Cottesloe.  

The house was a mess but we did renovate the kitchen, I painted, Craig brought the toilet from outside to inside (he got sick of walking me down to the toilet in the dark). We had to borrow money again to take that huge jump as the place was for sale for $79,000 think we got it for $59,000 2 x 1 with a sleep out, small weatherboard cottage with grass growing up to the gutters, there was green shag pile carpet, green, blue and red painted bathroom, lime green kitchen, yellow sunflower wall paper in the master bedroom.  Now doesn't that sound appealing to you !! NOT !! 

I have to say that was the best move we ever did, however once we got there and paid the money back to the parents and eventually paid off the loan Craig then was complacent and didn't want to do another one, whereas I wanted to buy and sell places (obviously this was prior to me getting into real estate).

Unfortunately for us Craig's desire to get a boat before we had kids was made a reality and if you don't know they are just big holes that your pour your money into.  Promising of course we would sell the boat after kids come along and we would build our dream home. 

You guessed it the home didn't get built two children were born and then of course the boat had become entrenched into Craig's life.  Don't get me wrong we had so many great times on the boat with the kids and did lots of diving but you don't create wealth with toys they only deplete your wealth.

With a divorce in the later years put me back financially, but eventually built a new house not my dream house of course but it was still new one.  I had to work really hard to pay that debt off.

What followed was some really good advice from my broker that told me to go back into debt and buy some investment properties which I did. I am not saying that it wasn't scary doing this as I don't like debt but it was the best advice I have ever been given.  My investment properties have tripled their value and although I have sold a couple to go into Vivian's Residential our new business venture I can always buy more when I pay down more of the debt.

What advice I would give to first home buyers is:  get into the market right now, it might not be your dream purchase but it's a start you can always rent a bigger property, the Western Suburbs is so hard to afford anything but a one bedroom apartment in Mosman Park is still affordable.  Hey don't scoff at this as you have to start somewhere and don't let those who have no real estate put you off. DO IT NOW!

Start saving for your deposit and get in there.

MAKE YOUR OWN DECISIONS AND GIVE IT A REAL GO !!