Hey all,
Excuse me – I’m very green in this game but also very eager. I’m just trying to learn what’s the most effective learning resource on property investing for beginners, There are loads of books and I’ve been getting into Steve’s book, “From 0 to 130 Properties…” (which is great) but what about seminars? Can anyone recommend an especially clear and inspiring one taking place within Melbourne?
One more thing… I was just wondering whether it is legal to buy an apartment off the plan then sell it before completion. Thanks in advance. I’m finding the postings on this site very informative.
Cheers
Coldy
Coldy, I’ve say read, read, read, everything you can get your hands on and then work out what method would work best for your circumstances.
FOr some -ve gearing say suit better, particalurly if they are on a high income and do plan to work more many years to come and need the tax breaks while waiting for the gian. FOr others, +ve cashflow owrks better as it gives you income now that you can use to fund further properties, or if on a low income then it helps your sevicibility levels with the banks.
So read everything and then decide. Personally I suggest Steve’s book whihc you’re reading (or have read and I’d recommend readind “Building Wealth through Reisdientail Properties” by Jan Somers. I’ve heard Margaret Loams books are also recommended but I haven’t read hers yet so can’t comment but I’d say read lots and then work out your plan.
I like what Steve has to say in his books but I also believe others have fair comments too and it depends on you risk levels etc as to which road may suit you.
Regards
PKOriginally posted by Coldy:One more thing… I was just wondering whether it is legal to buy an apartment off the plan then sell it before completion. Thanks in advance. I’m finding the postings on this site very informative.
Coldy
Hi Coldy,
This is commonly referred to as ‘flipping’ and was used by some investors very early in the current boom who made frequent use of deposit bonds to secure their property befor onselling prior to settlement.
Sure some of these ‘investors’ (if that is the right word) made some money but there are many more who being burnt by the downturn in the Sydney, Melbourne and Brisbane apartment markets.
As a word of advice – this is NOT a strategy I would emply at this stage of the property cycle.
As for seminars – for me they are of value as they can speed up the education process. However I would also strongly recommend a lot of reading of various authors to help fine tune your ‘BS detector’ before attending a seminar.
Having said that I would not pay big $ for expensive seminars but rather use the funds towards income producing assets. Go to the free and/or cheap seminars as part of your education process.
Ultimately the value in a seminar is determined by what you do with the knowledge – no action = no value.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
Thanks for the advice derek and PK. I’ll check out Jan’s book you mentioned.
Cheers,
coldyHi Coldy. As others have so rightly mentioned, you should read as much as you can and visit the cheap seminars but I kid you not, you will pick up heaps of info from hanging around this forum. Dont be afraid to ask questions either, no matter how “silly” you may consider them to be.
Regards
MartyThe best way to learn is from someone who has been there and done it. There are a whole bunch of nice helpful people on this site and the wealth of information here is amazing (mainly because most of it is unbiased). You could maybe attend one of the investor meetings where you could make a few friends and maybe get a few mentors [biggrin] I’m anxious to attend the next meeting..
There are a heap of different strategies to property investing, you just need to study them all and find what suits you.
Goodluck and all the best [exhappy]
Coldy :o) Firstly, welcome to the Forum!
You asked about books and seminars, and you’ve probably already read a few books- good for you. The best way to get into the RE game is to.. wait for it… buy a property!! Hey- i know it sounds crazy, but do it
Read more books along the way, but I reckon the 3k or 5k that you might spend on a seminar, ought be used as a deposit on your property.As Newgen said, use this forum. Think about it- it has probably 5000 pages? Maybe more? That’s pretty good value for free. You’ll learn about all different types of strategies and perspectives on here, and the thing that you get on here and not in a book is *debate*. A book will sell you their own perspective, without critique- on here, you get the critique as well, so you can decide what’s good for you… dependent on your financial situation, your own investor psychology etc.
‘d say the first thing you could do is ask a mortgage broker what you’re able to borrow, or look it up on a mortgage calculator, and then asks heaps of questions in here.
Oh, re your off the plan question… flipping of OTP’s is now complex- in 2004, and I reckon you’d have to have heaps of inside (developer) info to do it. Personally, I think that OTP’s are marketed at max prices, and I think in a falling market, such as the one we are currently in, you would be lucky to get your money back by the time the place is built, let alone flip for profit. Not a good strategy in my opinion. [thumbsdownanim
Enjoy! And buy yourself a property! Go to realestate.com.au and check out the hundreds of thousands of properties available- it’s all good fun!
kay henry
Yes, I is legal and actually done all the time.
Linda
Linda
Hey Coldy,
Let’s be green together!! I am new to this too but have been reading on this site non-stop and it is an ever-enlightening experience. There is a wealth of knowledge here if you are keen to put in the hours to sift through it all. I’d like to echo your thoughts also – thanks to everyone for being such an informative and friendly bunch. I am really enjoying learning from you all! And now I wonder… what mistakes would I have made if I had not come across this website??
Good luck with whatever decision you make Coldy. Keep us posted!
Cheers,
Ali G
Read more books along the way, but I reckon the 3k or 5k that you might spend on a seminar, ought be used as a deposit on your property.
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