Creating A Great Team??

The answer is the same for any business you would go into.

Surround yourself with people who are knowledgable in their field, who are competant at what they do, who are willing to be challenged by circumstances and outcomes .. and who will work with you consistantly.

Property ownership, maintenance and renovations from your side of the equation should act like a well lubricated cog in a clock, the actions should take place soon after commiting them as a task, the results should be as good as you asked for OR BETTER, and you should be able to continue with repeat business.

Build steady and ongoing relationships with finance institutions to make things happen easier. Either through a broker or a bank itself. Make sure that for all the people you work with .. working with you is easy and there are no arguments. I believe that every time you get angry about anything in front of someone (even justified !) you will LOSE long term. Think about that.

Always hold your position UNTIL PROVEN OTHERWISE. If someone says he can do better on a project .. will that be at the same quoted price? Or will that be extra? Sometimes the specialist may know better .. other times you may be just getting the runaround. Never be afraid to query a quote .. or a timing on a job. The minute you stop being in control of the operation of your property .. you delegate to someone else. And that in itself .. can be disasterous.

G'Day CMartyn,

Save as much money as you can – if you have a car sell it and park the funds in a term deposit and just add to it. Live on a budget and save every single cent. Do everything you can to save funds. The amount of deposit you have will dictate the amount of funds you can borrow (servicing is the other factor) which in turn will dictate how much you can buy. 

A lot of first buyers or investors have an issue with the amount of deposit so try and save as much as you can. I have one client that purchased her first house when she was 18 and is now 26 and has 4 properties. She only went travelling last year and bought her first car a few weeks ago.

Regards

Shahin

$60k is a great amount to start investing with. I also recommend that you start looking locally. Go to open houses, auctions and get a feel for property types (not just a unit or house but think properties that you may be able to develop). Speak to RL agents and get a feel for what sells and what doesn't. Which part/area of Sydney are you from?

I am from the North Shore and have 2 properties within Western Sydney (around Mount Druitt and even South West Sydney). There are some good yields in those areas. Positive cashflow in about 1-2 years. You have to be careful of certain things though when buying in those areas. 

Hi

Just sharing what we have learnt so far from our property investing journey….

A good mortgage broker is very important.  You need one who responds quickly and thinks outside the square, one whose first answer to an obstacle is "how could we…." instead of a straight "No, can't be done". 

Next, good accountant who is not only great at doing your tax return, but can help you structure your portfolio to the best tax advantage.  We have outgrown ours and currently looking for "the one"!

Fantastic property manager is your next best friend.  Keeping a good relationship is very important – you want them to have your best interest at heart!  Remember, they are also your ears and eyes to the property news in your investment area.

Also, don't forget about legal advice.  You will need this when time comes for your contract preparation.

Above all, you are your own best friend!  Seek advice where you need the expertise, surround yourself with experts, but don't be lazy.  Continue to self educate.  We find website forums (like this one) is like the bottomless well of knowledge – we learn new thing everytime we log in. 

Good luck!

Or a mid-wife who has never given birth!

LOL – it's a scary thought….but I guess there's a first time for everything.

Cheers

Jamie

Nah, wouldn't know where to find a broker!? Don't think Richard or Jamie would know either.

Where are you located?