thank u everyone. I should have mentioned i am from adelaide. I have taken your advice. Spoken to my local council and spoken to an architect friend of mine who has done quite afew developments himself and he has filled me in with the basic outline of what to expect. Its not as daunting as i first expected.

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Dear Getting there!
look i just returned and got back my $300 . i had purchased the success from scratch kit
it comes with 3 cd’s which are just a recorded version of the 300 page manual/programe
1/3 of the manual is dedicated to motivation and how to set goals etc etc then it has two books “7 steps to wealth”it is a general outlook on ivestment property you can buy it for about $25 or borrow it the 2nd book “we are heroes” are stories about doing good and about life i’m not sure if it has anything to do with property light reading. i didn’t read it. the rest of the manual has relevant information towards IP’S but but i got the same info from two books from the library so for $300 i found the kit was not worth it [xx(] you can learn alot from this forum and from books you can buy or borrow . the author leans alot towards property in brisbane and perth and negative gearing which is not bad .i found the same info in books and on the internet for free. you can buy alot of books with $300 and have some left over.[8D]
i read “rich dad poor dad ” then the the “cash flow quadrant” by robert t. kiyosaki they will certanly get your mind and motivation going
and then A BOOK BY JAN SOMERS titled
“more wealth from resedential property” very good i strongly recommend it, it will give u a good insite into creating wealth through investment property over time. it has all the info to get one going to ask the questions.and it is relevant to australia not the USA.
as i said i retured my kit not what i expected they have a 30day trial period so if you are still curious you wont lose anything since you can return it. hope i could help. there was a list of other books posted in the is forum i’ll try and find it or perhaps someone else could give you some book titles and or the list i have mentioned the web site http://www.ninemsn.com.au has some good info if your just starting out like me.
cheers happy reading cris []

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Gettingthere Hi,
Ok,my reply is looking in hindsight at what we did and I hope it is helpful.

Several years ago, we purchased a couple of negatively geared properties and obviously were putting in more than we could afford from our pocket. Listened to the negative gear advocates which is ok if that is your strategy/plan.

We sold one. Even though we had bought and sold for many years mainly through work transfers, we were not into investing as such. We have now really thought about a plan for cash flow so did lots of research into where, how much, and what outcome money-wise. The forum with a wealth of advice and ideas has also been encouraging. So when you ask what would you do, it depends on your plan if you have one, what outcome you want, and also if you want to use the cash you have as deposits on properties that will be positive and stand alone or use equity (tie in with your PPOR) and keep the cash for later. Not all our properties are stand alone and that is fine for us. Some tied in with our home, others we paid the deposit. We also wanted to purchase many quickly.

To answer specifically, “if I knew then what I know now,” I would go for cash flow first with several properties, even though you pay tax on the income, but it’s money coming in each month from the beginning. Also build my portfolio with a mixture of properties as other bargains come along too. The past 6 months has been very successful for us. Good luck. Anna

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Thanx for that Anna. I suppose knowing what u now and comes from experience and it makes sense to create cashflow first. For a beginner, to create cashflow can be daunting. Im just hoping everything falls into place…

Thanx for replying so quickly everyone. I guess id love a passive income as well as a couple of investment properties to pass to my children when they are ready to move out and start their own life( about 10 yrs time). From writing my 1st post, i have actually read up on wrapping and feel like its something that may suit me well. Ive looked into the website of positivecashflow.com.au and it so far makes alot of sense. It is something worth looking into deeper but as usual, weighing up the risk factors is a must. How safe is wrapping?
I will continue to work through all the forums but its gonna take a while. by then property would have jumped up another 10%. But so be it..

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Welcome aboard GT []

At the risk of being a pain, I’g going to answer your question with a question of my own.

Your Q: If you were in my position where would you start?

My Q: Where would you like to finish?

Personally I’ve never been big on planning or setting goals, but if there is one thing I have learned so far, its that it is of VITAL importance in your financial endeavours that you sit down and work out what goals you want to achieve through property investing, and then develop a plan that will help you to achieve those goals.

For example, I’m a 23y.o Uni graduate about to start work full time. My only cashflow will be from this job. Starting from July of this year, I have set myself a goal to generate approx $50,000 in passsive income over the next 5 years. Traditional “buy and hold” strategies wont work for me in achieving this goal, so I will need to adopt a more creative approach (ie. “Wrapping”) which will require me generating arpund $10,000 of additional cashflow from properties each year, which in turn means acquiring at least 4 properties each year that provide an after-expenses return of $200 a month per property.

This is just a simple example using one of my own goals to demonstrate what I want to achieve and how I’m going to try and achieve it. You mentioned that you were in a high tax bracket? I’d be inclined to think that you might want to invest in negatively geared property to reduce your taxable income? This may be an incorrect assumption, but in anycase it would help us, in helping you, if you decide upon what goal(s) you want to achieve through property investing. Then we will be in a much better position to help you out with your “Where do I start” question. []

Regards,
Brett []

“Even if you’re on the right track you’ll get run over if you just sit there.”

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