Its 11.21pm, and i’ve just finished Chapter 5 in Steve’s first book. Have read it before – however am making notes as i go this time. Also, am starting to realise only after 2 days, that this is going to be harder than i expected.
Working full-time as an Account Manager and coming home to do the usual prep-up for dinner, like all Australians – does make it hard to find the time. As I think Steve states, times is a precious investors commodity.
Anyway, better go – stay tuned. Happy to receive thoughts and thanks for the replies thus far. They’ve been encouraging!
What about some pro-active planning?
I reckon two things equal property investing.
1. Find money – use brokers – start making a list of brokers
– make up your financial sheet ie assets, salaries, debts etc.2. Find a propertty – use real estate agents – make list of agents and their emails & phone numbers
So what property do you want? Cashflow positive eh? Capital growth? Write it down, and location, close by so you can reno if needed or further afield?
If you then know what you want then start contacting the real estate agents.
Don’t forget the money chasing – you need to be confident you can get some money and how much. Once you are confident in this area start letting the real estate agents know you’ve got some gold.
Are your reading every real estate advertising paper yet? Got to have a handle on some baseline prices ie 3 bedroom/double garage & ensuite for $250K X 1.5 = $375/wk rental to fund 100% of purchase amount. Need to have the stamp duty, conveyancing fee and inspection costs.
Happy Learning.
Hello Nordicskier
Can you please explain your formula.
Purchase price (in thousands) X 1.5 = weekly rent needed to 100% finance property.
At what interest rate?
How did you derive this formula.Thanks [smiling]
Elka
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