hi everyone,
i am a new member to this group and have enjoyed reading the various topics of late. my husband and i are very keen to leave the “rat race” and believe property investing is the answer for us. having said that our experience and knowledge is very limited and we were wondering if anyone out there had some advice for those of us just starting out. we have have approximately $75000 in equity in our home and are wodering if we should just start by buying a positive cashflow property or wait and learn all we can about wrapping and jump straight into it (we do realise there is a lot to learn!!) we are keen to get started as soon as possible.
thanks. we look forward to any or all responses
cherieEdited by – [email protected] on 24/08/2002 2:33:02 PM
Hey there Cherie,
Welcome to the gang…..You ask a broad question. I suppose the answer is found in what you want to achieve. I started out only 6 months or so ago and have bought (as of Friday) 5 positive geared properties (that is money extra after all expenses regardless of Tax). The last of these I advertised on Friday (yesterday) to Vendor Finance (I don’t like the word wrap sounds less credible to me). I have had three responses but I’m going to post a thread all about that later. From where I sit now (not that far along), I think I should have done a wrap sooner. For me (note me) I want to increase my cashflow position so I can buy more assets sooner. The one thing I have learnt is that each property holds it’s own special key. You must find that key as thast will unlock the best exit strategy for that property. As many people will agree when buying you must look at the exit strategy for your purchase (rebo, Vendor Finance, Buy and Hold, Lease Option). If I can make five suggeestions they woud be these.
1. I would read John Burley’s book “Money Secrets of the rich” and read it end to end.
2.(points two and three are interchangable) I would try and get to Steve McKnight’s weekend seminar in Sydney in November https://www.propertyinvesting.com/files/content.asp?cid=mpi
I will be going and everyone who has been and reporrted back said it was great. Steve is an inspiring person with a lot to offer you (and me) and I have found him to be excellent in all things.3.If you liked what you read in JB’s Book I would buy Steve McKnight’s Wrap secrets Revealed (including the Property Secrets Revealed). Even if you never do a “Wrap” you will find heaps of valuable information in there.
4. I would spend as much time as possible on Forums like this one listening and learning. (other forums lik http://www.somersoft.com and http://www.mastermindforum.com/phorum/ go to JB’s chat).
5.Visit sites like http://www.positivecashflow.com.au for free information and access to material.
Just remember Cherie it is not a race against anyne else, only yourself. Push yourself and seek only the very best from yourself. I have spent countless hours researching, pounding the pavement and asking questions of people. You may need to do the same. Whatever you do though make sure you enjoy it. I have had a shocer of a month with regards to settlementson three properties but hey that’s part of the game and I have learnt heaps from the incident and also tested the mettle of my conveyancer (she stood through the test well).
I hope this helps you Cherie I know I have learnt a lot from the other people on this site and they really are great. Don’t be afraid to ask any question no matter how silly it may seem as it is important to you. You will also find stuff may cost some $$ but I believe it was worth the spend. I can honestly say that I have more than covered the money I have spent (and I have spent some).
Hope you enjoy your journey I congratulate you on taking the first step and if I can ever help let me know. Just remember to do something. Don’t be a gunna do it because they look back in five years and realise what they missed out on. The hardest thing for me was spendig the time (a lot of time) and then taking that first step. Not the best deal I ever have done (in hindsight) but I learnt heaps and I know I have improved.
I am no expert but hope I helped with my ramblings……
Enjoy
AD [:0)]A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney SmithAD
Thanks very much for your positive words and sound advice. yes, i agree my question was extremely broad, yet just by asking it i feel a little more in control! there is so much to take on board and get our heads around, but we are determined to make a positive difference to our lives. we will be attending steve’s seminar in sydney and hope to gain a better understanding of property investing and the huge benefits associtated with it.
thanks again
all the best to you
cherie
ps i am going to purchase a copy of John Burley’s book today.[
]Cherie,
Glad to know I helped. I think you will find JB’s book challenging and Steves more so when you get there(as it is very specific). JB’s stuff is all about getting you and your life into gear. I know you will enjoy it. If ever I can help again please feel free to contact me.Enjoy
AD [:0)]
[email protected]A great deal of talent is lost to the world for want of a little courage. Every day sends to their graves obscure men whose timidity prevented them from making a first effort.
-Sydney Smith
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