First time poster, so I appologise in advance for my ignorance [blink]
*I just realised how much I wrote. If you don’t have the time to read it all (I don’t blame you), I would still appreciate it if you skipped to summary at the end.*
I’m very new to the world of investing. I have so many questions to ask, that I’m not even sure where to begin.
I guess I’ll start with some background info. on myself and go from there.I’m 20 years old, and have only recently (over the past year) started to read. Long story short I have spent alot of time reading books on business, investing, motivation and the like. My bookshelf is filling up quite rapidly.
I don’t have a ‘regular’ (9.to.5) job, and don’t ever plan on working one. I have plenty of spare time up my sleeves.
As it stands, I have very little money in the bank, minimal income, and basically zero debt. I’m basically a blank canvas.Anyway, I think it’s about time that I started to build my assets and get a head start on my financial future.
At this stage I don’t see property investing as something I could really dedicate myself to entirely. Don’t get me wrong, I’m willing to work and study hard, but I can’t see myself doing ‘this’ professionally.
I may be deluding myself (please let me know) but I would basically like to invest in property for a couple of reasons.
– I think it would be a good learning experience
– I would like the security of owning some properties, which would give me more freedom in pursuing my real goals
– I would like some regular residual incomeMy problems are, I have absolutely no idea where to start. This is where I was hoping to get some input.
What are the steps I should be taking to begin investing?
Who should/can I speak to? I live in Melbourne
How do I get started?Do you think it would be worth while registering a business name or company? I won’t pretend I fully understand how it all works, but I like the idea of keeping myself seperated from by ‘business’ and ‘financial’ operations.
How would I even go about doing this?From what little I have read, the idea of a positively geared propery seems to appeal to me most. I like the idea of having a property pay itself off from rent, while still being able to make some residual income on the side (even if I put it straight back into the property).
What I’m really looking for is a fairly simple, straight forward process which wont require too much of my time. Do you think that property investing is for me?
SUMMARY:
I have little money, little income, and almost no debt / bills.
I’m interested in property investing as a way to build some assets and aquire some residual income.
I don’t want this to take up all my time, but want the financial security to be able to go after my real goals.
Do you think propery investing can help me?
How do I get started?
Who can / should I talk to? (I live in Melbourne)
What should I read / do ?
Should I start a business / company to trade under?Any help, comments, advice, criticism would be greatly appreciated. I’m willing to do what it takes.
If you need any more information then please feel free to ask.
Kind regards,
Compleks…Hi Compleks,
I think the questions you need to ask only you can answer. For example you talk about not being able to dedicate yourself to property, my questions to you are;
1) What can you see yourself dedicated to (investment wise)?
2) What are your goals?
3) When do you want to reach your goals?Anyway my advise is simple, most people regret what they did not invest in rather than what they did. And those that regret what they have invested in mostly do so because they were not prepared to do some research. So do your homework and have a go.
Its not rocket since, its fun!Have fun!!!
[cigar]
Thanks mate, I appreciate it.
At the moment my main focus is on my training (martial arts etc…), aswell as my limited clientelle base (personal training).
I don’t mind dedicating myself to property, but I won’t be able to commit 100%, and I don’t want it to be my main priority at this stage.
I would like to open my own gym sometime in the future, but not for some time yet. There are a few other projects I would like to work on aswell, more in line of starting some business projects (such as a website).
I don’t have anything planned seriously as of yet, but I just feel like that is where I would be really happy. The thought of owning property, and maybe receiving a residual (or is it passive?) income also makes me happy.I would like to take some positive steps towards my first property sometime soon. Like you said, I don’t want to regret missing out, or leaving it too long.
I just don’t know where to start. I really need someone to talk to who can guide me through the whole process and not take advantage of my ignorance.How did you guys go about purchasing your first investment property?
To be honest with you my first property investment did well and I still own the property. It is very +ve cashflow and is worth 3 times what i purchased it for only 5 years ago.
I did not have a ‘mentor’ or advisor but what i did (and still do) have is a burning desire to succeed.Look the best advise i could give you is that you will get exactly what you NEED and not a cent more, so understand what you need and trust in your abilities.
Books that say they will teach you how to make lots of money in two minutes or purchase 100 properties in 6 seconds are fine if you believe that crap but the 1st thing any person needs to do is set goals and get their mindset right. Forget the books of how to make 2 million in 1 second and read stuff like ‘acres of diamonds’ or ‘your erroneous zones’ as they offer something more deep than money.
Take care.
[chill]
Thanks again.
I actually try to avoid the bull<edited>, and it’s not the money that is important to me. What I really value is the freedom to live my life in my own way.
I believe I do have the mindset to accomplish what I want.. I do have the desire to succeed, and when I set my mind to something it gets done.What I’m having trouble with is getting started.
What practical steps should I be taking in order to acquire my first property?
Who do I need to speak to? An accountant, financial planner, real estate agent, mortgage broker, etc… (all of them?)
Hopefully my income will be going up slightly in the next few weeks, and I don’t mind paying for good advice and guidance.Has anyone got any opinions about registering a business / company to trade under? Not only for property, but do you think it would be a good idea in general?
Thankyou.
What would you register your business for? Once you know the answer then go for it. Have a look at the ATO website, depending upon what you want to do there are quite a lot of options like Sole Trader, Company, Partnership or Trust.
You can buy property using the business name as well. It has many advantages and disadvantages. But as i said earlier, you need to have a plan… set your goals….. and then think about the means to accompalish your goals….Property… business… etc are all means… not goals….Hi Compleks,
Welcome to the PI forum and the world of property investing.
Its often very overwhelming when you first start out so my advice would be to follow our 7 step program:Step 1 Set your personal & financial goals
Step 2 Prepare a budget & savings plan
Step 3 Determine your investment strategy
Step 4 Build your team
Step 5 Research areas
Step 6 Prepare a feasibility study
Step 7 Negotiate the deal and repeat!Keep reading as knowledge is power so grab a copy of Steve’s latest book “0 to 260 Properties” & spend some time searching and reading the forum posts. Its all free and helps to build your knowledge base.
AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
Thanks, you have all been most helpful.
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