I am very new to property investing but I am determined to learn so i can start buying. I have read some books, currently reading Kiyosaki’s while waiting for Steve’s book to arrive in my mailbox. I read the papers, browse the net etc. I haven’t had a good sleep since i started looking at properties. Could somebody please help and tell me where i can get (if there is any) a checklist sort of thing. I look at properties and go to some auctions just to observe but i really have no definite idea what i should be looking for in a property. I’ve read you people talk about the 11 second rule. What other rules are there ? I want to buy a property that i can rent out and give me positive cashflow.Now how do i find out that property will be a +cashflow? Im feeling really stupid asking this but it’s been sitting in my head for a while not letting me sleep. So if someone could point me to a direction, it will be appreciated. If i join Steve’s seminar, do i get to learn how to choose the right property ?
thanks.
aafreen
Aafreen,
It is really exciting when you first come to investing and I know what you mean about sleep.
My husband called out something in his sleep last night, it was very clear and had the word INVESTING in the sentence. [
]“The book” is the absolute best place to start.
Then go to other books….do a search( makes me sound like an oldie when I say do a search)
for investing books at the top of the screen, because we discussed good books on investing a while back.
Gave me some good ones.And a check list for checking properties
……well many here recommend Steve’s Buyer Beware ebook which Iam about to buy myself.Let us know how you go [
]Good Luck
Rita []Anita Bell’s ‘Your Investment Property’ has a good checklist.
In my opinion you need two checklists. One for various towns you’re considering investing in and then once you’ve made this decision, one for each individual property you want to look at.
The individual property list would start with some simple sums to gauge the investment worthiness of a property. You can use the forumlas out of Steve’s book and/or refine them if you wish. You’d look at things like income, costs, repayments, etc as well as other factors that might enhance the property’s worth (eg <1km to beach & shops, large land component, brick construction, etc).
Note that at this point you don’t need to look at a property – all the salient info can be got from the selling agent who will know all this stuff.
Then if the figures work out, you can visit properties and fill in the remainder of the list, ticking off things like building condition and any repairs needed. Bell’s book is a good starting point for this part of the list.
Then based on your assessment, put in an offer on the best place you find!
Steve’s book is good, but doesn’t go into as much depth in some parts as Bell, Lomas & Somers. But there are things in Steve’s book not in the others. So buy several books and take the best from each of them.
Peter
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