I’ve read Steve’s book and now feeling very enthusiastic and ready to go. I spent a lot of the time on domain.com searching for properties for sale in regional NSW, and comparing them to available rents in the area. However turned up nothing. I guess this wasn’t meant to be easy. Do any of you have some tips for getting started? Do you use the web to search for properties or have you located agents in local areas who are searching for you? Any words of advice for a first timer would be appreciated!
Where have you been looking?
What price ranges have you come across?
What rentals?
Are you plugging the figures into a spreadsheet?
If it was easy everyone would be doing it..[rolleyesanim]
Not being sarcy..with the above comment, just you’d be suprised how often your question gets asked..
Saying that, research in any investment is paramount..
PS-I know ‘zilch’ about NSW
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorI think reds comment was hard. You need to do your research,find out how much you can borrow, then search properties on the net and at agents windows and look for a nest egg, as the egg grows in value use the equity and borrow borrow borrow. make sure you do your figures and do not take realestate agents expected rent return as gospel. Good luck on your wealth creation journey.
Thats why i said not being ‘sarcy’ lukis..
a ‘search’ of this forum would reveal many answers to the questions asked (note- questions asked , but no details given by Lisa2..)
If however you posted some details (without stipulating locations) you would get some ‘detailed’ advice.
Lisa has taken the first step by joining the forum, however, by ‘searching’ the forum and locating bits and pieces of information, from the numerious posts you will begin to gain an insight into the hows and why’s and maybe the where’s..
realistically, the majority of people here won’t give you the location of any ‘Great” areas, some will..others..[biggrin]
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorLisa
Undertaking your first wrap or IP purchase is undoubtedly the hardest one.
When we started in 1996 I remember not sleeping for nights wondering if I had done the right thing and whether the purchase would make his loan repayments. Having completed over 148 wraps since then I never loose a seconds sleep these days.
As Red said if it was easy everyone would be doing it. Just remember along your wealth creating journey you will make mistakes. The most important issue is that you learn from those mistakes and don’t make the same mistake again.
Ensure that you carry out your own due diligence talk to others by all means but the bottom line it is your decision and one you have to happy with.
I have seen some many wouldbe investors sit on the side line for years watching the property market go by and wondering why they hadnt got anywhere.
You have start somewhere be patient and thr right deal will come around.
Cheers Richard
richard at fhog.com.au
http://www.fhog.com.auThere is no such thing as a problem.
Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
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