My wife and I earn combined 60G per yr have the usual debts ie: house mortgage.
What we would like to know is how you can get started in property investment, as we are absolute gumboots when it comes to how to start.
Can anyone help with as much information as possible ie: initial financing etc.thanks very much
Hi Rogue,
Welcome aboard, you’ve certainly jumped onto the right ship here.
Not long ago, I knew zilch about property investing, and didn’t really even properly understand the difference between neg. geared and pos. geared property!
] Please dont laugh….[]The best advice I could suggest is to regurarly get onto this forum and read the posts. There are a lot of interesting topics covered and it’s amazing how soon you find yourself being able to help others. It becomes a bit of an addiction, (but a good one).[
]My next advice would be look and read around Steve McKnights site. Then perhaps, buy “Property Secrets Revealed” etc…. A good insight into positive cashflow property V’s negative cashflow property.
The forumites here are so helpful, and there are a few good regular mortgage brokers that answer posts in relation to finance etc…A bit of a “one-stop” shop!!!
Give it a go, you’ll love it.
Bye,
Del
hi rogue133au,
welcome to the forum. well you have come to the right place to start your investing journey. i too am a relative newbie to the realm of property investing and have found this site amazing.
there are many wonderful people on this forum and you will learn an enormous amount by reading their posts. my suggestion to you is begin thinking about what you want to achieve in the short, medium and long term, then start working towards your goals. and my other suggestion is to read, read, read[] hope this helps.
all the best
rierogue133au
Welcome to the forum. As usual Del has given great advice and I am a strong advocate of the advice given by riegaz94, read, read, read.
Like Del, and I am sure many others (yourself perhaps) I wanted to be doing more with our equity and wanted to work towards a better life (not that it’s so bad now[
]).When I came across this forum I don’t think I slept for a week because I couldn’t get enough about this exciting venture. I went to the library and borrowed books that had been recommended here (use the search function above to find them) then bought the fast track tape available on this site for about $15. after that I was well and truely hooked. That led me on a journey to learn all I could, that ment pestering my personal banker at the NAB as well as people on the forum and anyone I felt really knew what they were talking about. I also learnt that everyone has an expert opinion including my mum who has never owned a house in her life. So choose your advice carefully.
The forum is a good place for finding reliable advisers like accountants, solicitors and brokers.
So my advice is don’t plan to be a millionaire by the end of the year but plan to know how you are going to become a millionaire by the end of the year and you will do so well.
Cheers
& Good Luck
Leigh K[]Read, learn, grow but most of all just do it.
Thanks for that Leigh,
Nice to read your posts again…[
]I really agree about: everyone is an expert when it comes to investing, and yes you do have to choose your advice carefully.
What I find funny, is when you tell your “friends or family” that you are doing property investing bla bla, and they look at you as if you’re about to jump off a 40 storey building, or something!!!!!!!!![
][][]They tell you to BEWARE etc…etc…, but deep down they are SO ENVIOUS that you have actually taken the step that they were too scared to try, and they know that you will succeed and they will stay in their 9-5 job forever!!
Good night,
DelAnd that funny glazed look that comes over their face when you try to explain what you are doing, usually it’s this one [
] or this one [xx(].I think my mum thought I was going to buy her a house because I bought one for someone else. Not much chance mum![
]Cheers
Leigh KRead, learn, grow but most of all just do it.
Hi there rogue. Another thing you may want to consider is going to the seminars that R/E agents and investment companies run. These are usually free and you can bet your bottom dollar they will try and steer you the way of negative geared properties. I’m not for or against neg props. but the reason I suggest you try these seminars is to just find out some free info and get your creative juices flowing. Just my opinion, but DONT sign anything, just let them know you are gathering info, and will contact them if you are interested. As everyone else has said, read as much as you can and keep visiting this site.
Take care
MartyHi Rogue,
I don’t know what others think about it, but I found the Rich Dad book on property investing (written by Dolf de Roos) to be really useful. I didn’t necessarily agree with everything he said, but one tip I thought was really good was the 100:5:2 rule (if I remember it correctly) – for every 100 properties you look at, you only find 5 that you want to make an offer for, and only 1 or 2 get accepted.
I followed this rule for my first IP, so don’t think it’s impossible! I spent every weekend looking at around 10-15 properties, and several months later, finally found one that I realised was a great buy. One of the best things about this rule is that the more properties you look at, the more experience you build up. You get a much better idea of what’s on offer, what’s above or below par, and sometimes even what’s a fair price.
Anyway, hope this helps
Cheers
M
] Please dont laugh….[
]
]
] hope this helps.
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