Hello and welcome to our March monthly update. Not too much to report this month but there has been some moves forward regarding property which we’ll discuss below.
Mr. Shift
Hello and welcome to our March monthly update. Not too much to report this month but there has been some moves forward regarding property which we’ll discuss below.
This has been quite an expensive month for me. Mainly because my rego + insurance for both my car and motorbike were due. Also, I did purchase a new camera and lens for my side-hustle, which was also quite pricey.
I’ll need to really watch my expenses leading up to my next purchase. My serviceability due to salary isn’t the greatest so I’ll need to play every other advantage I can to be able to get another loan.
The property prices in Brisbane continue to soar quite rapidly as the market maintains its heat, which is looking quite promising for pulling out the equity for the next property purchase.
Monthly summary/current trajectory
At the beginning of the month, I had been hard at work at creating up my new hobby/side-hustle setup. I’ve purchased a new camera and have a nice studio setup in my room for future vlogging. I’ve created a really nice system/setup for myself now so it’s quite easy to just flick on the camera and start recording without needing to worry about the hassle of setup and all that. Not having a good system or setup in place creates a negative incentive (if that’s even a thing) to do the things I need to do.
Anyway, moving on, as I am nearing my property re-evaluation come the beginning of May, I need to really pick up the ball with preparing my next investment property purchase. Mid-may I began my ‘property search’ again, beginning with finding what region to invest in…
It looks as though Perth is where I want to purchase next, and I’ve made two blog posts this month!
· PropertyPost#10 – Perth – a potential investment prospect
· PropertyPost#11 – Understanding the different regions in Perth
Creating these posts have really helped me get a high-level view has given me an appreciation of Perth’s history and economy which I think is a useful prerequisite before investing in this state. I also have a better idea of the regions in my budget and where I am planning to invest.
Now, addressing my previous month’s quests …
1. Create financial forecast – I did not complete this. I’ll need to make this in April.
2. Liaising with Mrs Shift – We’ve been quite on top of discussing the potential options with investing in Perth vs. Adelaide and it’s been really useful masterminding this together.
3. Ask for a pay raise – not to make any excuses, but this month has definitely not been a good time at work due to a variety of factors, and it would be a lot more beneficial to ask this question when I have more work billability.
Next month’s quests
As mentioned above, my hobby/side-hustle of vlogging will need to take a bit of a backseat for now, and I’ll go full steam ahead on property. Here’s what I need to do:
· Scripting/creating my vision – I’ll need to be quite definite on what exactly it is that I would like. What is my budget? What area would I like to invest in? If these are the areas, what is my specific criteria (e.g. I’ll only buy on this side of town… or not next to highway… or only purchase 5 min away from beach… etc..)?
Once I’ve got all these characteristics of the property I wish to purchase, I’ll need to put it on a piece of paper and look at it everyday (sounds weird.. I know..). I won’t bother saying the reasons for this here, but I thought it was just worth mentioning as I believe this is a big part of what will bring this into fruition.
· Also as part of the scripting process I will need to write down the potential sequence of steps I need to do such as.. liasing with PMs.. liaising with REAs… speaking with broker… etc. I’ll need to be very specific and it would be good for me to really try get the A->Z drafted down, so I am aware of my path. It’s just like going on a road trip with Mrs Shift. – she’ll really understand what’s on the path to the destination and plan our pit stops and what we do along the way as we drive to where we need to go. This will be crucial.
· Familiarise myself with the market – start understanding what is for sale, and how much stuff sells for afterwards. Do I need RPdata or something for this?? As of now, I do not know how to look at listing price/sold data. Not sure where I can get this… will need to look into it.
· Maybe look into some free courses some of the people I follow may have… there may be some aspects into property investing which I may not be looking into which may be valuable in my search. I know my broker has a 90 day challenge of getting a property, maybe I can look into that.
· Once I know my area, start looking for PM’s in the area.
· Understand the process of how a good PM can help you purchase a property. I think PK has some good videos detailing how this can be accomplished.
G*damn I have a lot to do LOL. Will need to do all these before Apr 25 where me and Mrs Shift will be on holiday for a week in Taz. Anyway, we’ll see how we go!
Till next time, peace.
