Good afternoon all and Happy New Year,
For Christmas Santa gave me Steve McKnight’s latest book and I couldn’t put it down. Since then I have purchased his first book (1-130 properties) and once again haven’t been able to put it down.
We are the typical purchase one property family as we haven’t been able to afford to buys any more due to the amount we are subsidizing the IP. After reading the books, they confirmed what I already knew being that we did everything wrong. We are now in the process of cleaning up the mess we have created and starting fresh.
My question is, where do you start? We are now focusing on CF+ instead of the negative gearing and we don’t mind where it is. However, where do you start? Australia is a massive place. Due to the NSW taxes, I want to stay out of NSW, and would like to focus on QLD, however once again, where do you start?
I have gone through the API mag and marked some areas that seem like a good place to start (based on CG as that is all the info they publish), but are there other ways to track down information. Or is it purely an internet crunch thing?
As I am brand new, I would appreciate your thoughts and any help to kick start my dynasty.
Thanks and good luck,
Groova
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The starting line you have passed by taking the first step with your financial education. Keep it up. You will surprise yourselves at how much you can achieve if you apply yourselves.
Perhaps a good thing to do would be to determine exactly where you are now (financially) and where you would like to be in, say, ten years time. Don’t be too unrealistic or you might end up putting yourself off. Then break down the progress into yearly increments. Then break down the first year into monthly increments. The first month into weekly increments. The first week into daily increments. Now you know what you are going to do tomorrow towards achieving your 10-year goal – so get up in the morning and make a start.
It might not seem like much but tomorrow’s effort is a very important step. Keep it up and reward yourself with little treats for reaching milestones along the way.
Best wishes.
Julian.Hi Groova
If I were you, I’d start by determining exactly what strategy I want to focus on: buy and holds; wraps; renovations etc.
Also, the API magazine has rental yields (although not every month and not for every state!!). If you’re going to focus on +ve CF properties, then yields will be more important that CG.
Hi Monahan & Julian2 and thank you for your advice.
I am still into the books and learning more every day. Read up on wraps lats night and then couldn’t sleep. So from a strategy point of view, I will be focusing on CF+ buy and hold IP’s and a small number of wraps in my local area.
I have a five year plan and that is to replace my income, however it is going to take about 132 properties based on current figures.
I suppose what I am looking for is where to start the research. I am doing the API thing at the moment but i was wondering if there were reports or something you can purchase that would improve my effeciency?
Hope all is well
Groova
[confused2]Hi Groova
It is worthwhile having a look at, particularly in Qld, at the Residential Tenancy Authorities Website (RTA) which shows median rentals, I think the site is http://www.rta.qld.gov.au – see if that helps. Also the local real estate institutes may be able to help with some info.
Good luck
Yasna
Hi Groova,
For Christmas Santa gave me Steve McKnight’s latest book and I couldn’t put it down. Since then I have purchased his first book (1-130 properties) and once again haven’t been able to put it down.In Steve’s second book, he itemises what and where he looks. Have another look, I don’t know the pages as I don’t have the book handy.
Book one gives you most of the calculations you could/should/would use to discover where you are, where you want to go and what you have to do to get there. They are quite good and will give you most of what you’ve just asked for. Once you’ve gone thru those you will be able to ask more pointed questions that will answer the more obscure issues.Hope this helps.
Cheers
C@34
Thanks everyone for your help. I have taken it all on board and see where I end up. I haven’t finished the second book yet as Steve kept on referring to the first, so that has been my focus. Maybe I am just a little eager to get going.
Chat soon,
Groova
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