Hi All
This is a bit difficult as I am not a 20 year old but a 40 year old that has not really done much.
Have two kids and a great wife. Combined income is good but is the active type (job). Have had property before but have not managed to hold on to it. We have recently purchased a property and been in it now for over a year. I do not know what it is worth apart from the council valuation on the rates notice. I figure I need to begin by understanding where I/we are financially in preparation to investing, this will hopefully give me an idea of what the possiblities are.
I figure there is possibly some equity in our home by now. Any suggestion as to where to go to get an accurate valuation, or is approaching a financial institution the only real option. I have toyed with the idea of negative gearing, but was still investigating all avenues. Positive gearing sounds better as it appears more reproducable that Neg.Gearing. I have read some books on investing (i.e Jan Somers and Robert Kiyasaki).but am looking at the next step now in some real life investing (me doing it). Any suggestions would be welcomed.Hey Spring,
Welcome to the Forum. Hope your stay is long. It is excellent to see new faces all the time who are keen to ask questions….. As a bit of an aside there is heaps of stuff tucked away here it just requires a bit of time to read back or search topics. I think there will be pieces you will enjoy.
As to the valuation take…. I would suggest getting three local agents to give you appraisals in writing of your property. Tell them you are considering selling (as we always are!) and you wanted to find out what the house is worth. They shouls also give you a orint out of comparative sales in the area usng RP Data or such information. Ask for such comparative data for you to make a balanced decision. The next step is then to go to your lender armed with such information and ask for a revaluation (as long as it is up) based on the data you know have. If you are lucky and it is the NAB or such like they are pretty easy to swing as an Ex- Bank manager comes around to do the appraisal. If you have the info and appraisals there it is rare they will argue.
Once you have equity available you then go hunting for your kind of property…..whether you are going to wrap, flip, reno, rent….so many options to choose from. If you are knew to property then you need to decide your path. That is always a tricky one but there are plenty of good books out there and also courses such as the one Steve is running in May. It may help give you an idea of direction.
For me I am a positive cashflow person. I buy propertes that add to my bottom dollar. I have set my goals this year (in an earlier post) and I will not do a deal if it does not take me closer to my goal. As a good getting started and organising your life read try John Burley’s book. It is in all bookshops and worth the ~$30.
Hope this has helped Spring and don’t worry about being 40ish at least you are starting now and that is the best time for you to start.Hope this helps.
Enjoy
AD [:0)]“A successful person is one who can lay a firm foundation with the bricks that others throw at him.”
-David BrinkHi Spring,Oh to be 40 again!I also started at age 40(I’m now 48) and must confess hadn’t really grasped the real meaning of equity until my late 30’s.I started with small positive cashflow property because I couldn’t come to terms with neg. gearing and I.O.loans(and still can’t).I now have 9 properties in value ranging from 20000 to 500000(3 outstanding loans)and in my mind they are all pos. geared because my portfolio pays its own way.No money needed from my personal wage.This post is not to blow my bags,merely to show you it can be done.Trust me when I tell you that there is no rhodes scholar at this end of the keys.All the best,Mick[
]Hi all,
Thanks for that advice, will organise the three independant real estate guys and will take on what you guys responded with . Thanks to David and Mike for your feedback. I will also look into getting the Burley book, as have had this suggested before by the person that referred me to this site.By the way David is the guy I quoted from…..
Enjoy
AD [:0)]“A successful person is one who can lay a firm foundation with the bricks that others throw at him.”
-David BrinkHey spring1
the book is a very good “how to….” and really gets you thinking.
the B[
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