In this week's episode of the Property Planner, Buyer and Professor Podcast, the team answer burning questions from our listeners. From mortgage strategy and prepping for decisions for first time buyers, to what would you do if you had a time machine and could go back 25 years and start again. We put Dave, Cate and Pete in the hot seat to discuss: 1. Top tips for first time buyers entering the market during COVID-19 Although we're currently in a unique time (did someone say pandemic?), there are some fundamentals of property purchasing that always apply, rain hail or shine if you are a first-time buyer. 2. What should you focus on if you're not purchasing your long-term home? Your first purchase can catapult you forward on your wealth creation journey if you get it right. But conversely, it can set your lifestyle and financial goals back if you get it wrong. Each property decision can either help or hinder and should be considered very carefully, but none is more important that your first! 3. Getting your mortgage strategy right at the beginning of your journey. In episode 50, Dave, Cate and Pete shared their biggest mistakes and one mistake they all had in common was selling property they could have kept. This is in part due to not understanding mortgage strategy and how it helps you to keep properties during your wealth creation journey. Is your lender or mortgage broker an expert in mortgage strategy? Very few are! 4. Have a plan for holding your first purchase It is unlikely that your first property will be your long-term home, but you will be better off if you can keep it as an investment when your long-term home comes along. 5. Rentvesting, a viable option but not everyone's cup of tea As a first-time buyer, you often can stretch your budget by purchasing an investment property based on the fact that the projected rent will be added to your income tally. This might allow you to secure a stepping stone home that will meet your requirements for longer, or just purchase a superior quality asset whilst maintaining your lifestyle. Education and understanding your options is the key to successful property decisions. 6. Price tag v comparable sales Adjusting your expectations at the beginning of your search will help you narrow in faster and make any necessary compromises to purchase your property. Make sure you are following the sale prices and not the asking prices! And here's a little secret, there are always compromises. Shhh! 7. If Dave, Cate and Pete and could go back 25 years, what would they do differently? The answer to the first question is they would do many things differently, and yes, they would have a better financial outcome, even if the property market does not perform as strongly as it has over the next 25 years... but it might! 8. And would they have a better financial outcome? From buying and holding rather than having less itchy feet, starting earlier, making each property count, to self-education, the advice is varied! 9. And of course, our 'gold nuggets'! Visit the show notes - https://propertyplanning.com.au/tips-for-first-time-buyers-listener-questions-1/