To Do Property Investing with or without Professional Help

It is good to have mentors – this forum is full of them that will help you for free. I am happy to help where I can. I have some mentors; my Mortgage Broker and accountant are part of the team.

You will learn all you need to know to begin and with safety by reading many investment books and reading the posts here, and asking questions. You can email us privately, or ask on the open forums. No question is stupid.

Working out the numbers to qualify a prospective property is not that hard. Working out whether the area and the future of that area for cap growth is harder.

You will need to get the right finance structure set up if you are intending to be serious and long term investors, so a good Mortgage broker will be important.
You will need a good property savvy accountant.
You will need a reliable solicitor and conveyancer.

You will need to get your personal finances in order as well. By this I mean you need to start treating your household like a business; with budgets, projected cashflows for the year. Track every cent and reduce personal debt as fast as possible.

Look for ways to improve your cashflow for freeing up funds for investing and debt reduction. Lenders like financially literate clients; it gives them confidence in you and they will lend you more money for investing. Not only that; the more in control of your money and the more financial knowledge you have, the more you can invest to get better returns with more safety.

Here are a few books to start you off. Personally, I have read over 100 investment books – some I have read 3 and 4 times.

1. All the Robert Kiyosaki books – to improve your mindset especially. Rich Dad, Poor Dad is a favourite.
2. All of John Burley – same as above and some more detail.
3. All of Jan Somers books – mindset and lots of "nuts and bolts"
4. All of Margaret Lomas books – same as above.
5. All of Noel Whittaker – fundamental money management.
6. Al of Paul Clitheroe – as above
7. Steve McNight  – the first book is a little outdated in today's market, but still a great read.
8. John Fitzgerald – nuts and bolts and developments.
9. "Think and Grow Rich" – Napoleon Hill; mindset.
10. "The Richest Man in Babylon" – mindset, money management. My favourite book.
11. "The Millionaire Next Door" – Stanley and Danko; mindset, money management. Another favourite.

This will keep you going for about 6 months or so. While you are reading, start studying a target market/area for values, rent returns, rent demands etc. When the time comes you will know a bargain when it appears.

One last thing; when we started, my wife and I weren't on the same page. It was a bit frustrating, but she came around and now it's exciting and fun.