Hello All
I am in the process of learning about IP’s. I have read counltess articles and books. Any further tips on getting my first IP. I have equity of $120,000 in my primery residence and $60k cash. My partner and I earn an average of
$60k per annumn. I only work part time at the moment.Also I am very hands on i.e carpentry ,plumbing, painting etc
Sounds like you are in an ok position. It will depend on what you want to buy and your goals, etc to determine how you proceed. Talk to a broker about finance and talk to everyone here about tips. Read a lot of the threads because most things have already been discussed.
Most importantly, ask a lot of questions regardless how petty you may think they are because most tims, someone else will be thinking the same thing but be too scared to ask.
Robert Bou-Hamdan
Mortgage AdviserM: 0414 347 771
E: [email protected]
W: http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter: See – http://www.mortgagepackaging.com.au/index_files/newsletter.htm
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
Hi Pressic
Good advice from Robert. Set your goals and decide what you are comfortable doing (reno’s or otherwise, locations, etc), then go ahead and look for a deal that suits.
Theory is great, but it won’t make you money. It sounds like you’ve been gathering theory by the bucketful, but need to apply it now. Set general limits on where and what you are happy to invest in, and then go look. You can tweek the details as you go – the forum can help there.
Good luck!!
scotty3I too am a first time investor, buying my first interest only beach house in the suburbs north of Cairns. I have read oodles and asked questions ad nauseum of my accountant and think I am ready to do it!!! Reading the forums it seems that there is no black and white road to follow, just a series of tracks leading to where I think I want to be in a few years time. Still have lots of questions but now need to do it, buy my first property and carefully analyse and evaluate what happens and what it means to my wife and I. Then use that experience to move forward. It appears from the forum postings that this whole area of investing is a very personal thing that, except for a few basic principles, works differently for different people in different situations.
Any thoughts from anyone?
rogrecogHi rogrecog,
My thoughts are that you have done a lot of reading and thinking before making those 2 posts
Not sure how long it took me to realise for myself but I came to the same conclusion as you. There are countless ways to make money from real estate but just a few general rules that successful investors seem to follow. Some of these rules seem to be quite general (eg try not to let emotion interfere with your investing decisions) while others are more individual (eg Steve’s rule that the investment must make money from day one).
At the moment I consider myself as just beginning to put theory into practice. I have just enough practical experience to realise that the vast majority of my learning as an investor is going to come from practice rather than theory.
I don’t underestimate the value of theory and due dilligence though, as I have been saved from some huge mistakes (and will probably avoid many more in the future) thanks to the books, seminars and forums.
Regards
SonjaMy answer are “just do it”
Start looking and when you find then decide how to proceed.
As for your hands on approach, that is good if you are in a travelling distance from the properties you buy. If not, then it is no great benefit.
I think you have a great starting position and should find it very easy to build a great portfolio fast.
Good luck and Happy New Year for 2005
Byronent
Adelaide SA
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