I would like to know how did everybody get started. We are currently renting and would like to have our own home and have investment properties as well. To be honest, we do not know where to start. I have been reading everyone’s messages the past 2 weeks, great info but i really need the basics first. I bought a few books yesterday to get me started. We need advice. Which books ? which seminars ? which sites ? we were about to sign up with Bridgepoint and do their trainings (costs $12,000) but changed our mind as we have not done any research as to who else are providing these kind of training and support. I know i have a lot of learning to do, just don’t know where to start. Any advice will be greatly appreciated.
newbie,
AafreenHello,
I highly reccommend Steve Knight’s “0 to 130 properties in 3 years.” THis book is essential reading for the wannabe property investor. Also get into a bookstore and look up some of John Burley’s books.
In regards to seminars I have been to two so far and I found John Burleys effective as a trigger for more research (it had some good info on positive cashflow properties but you get way more info from the above books.
I have been studying positive cashflow properties for the last month and cant wait to get into the market through the lease option strategy.good luck with your investing!
Toby SAI am only a semi-newbie myself, but I would have to agree with Toby — Steve’s book “0 to 130 properties” was very good, and I am currently reading the 2nd John Burley book. Also from my shelf of motivational books I would recommend Robert Kiyosaki’s “Rich Dad, Poor Dad” for a start, “Real Estate Riches” by Dolf De Roos and a good classic was “The Richest Man in Babylon”. I have also read Margaret Lomas and Jan Somers books, but these don’t cover wraps.
Enjoy! [
]Hi Folks
We started about five years ago and idn’t really know it, we had to get our finances in order, and then we bought our first home (just pre fhog, [xx(]) We ploughed heaps into our homeloan and then finally this year felt we had enough equity to buy a property. The key to our success woul dbe research.
I strongly reccommend Steves book, Margret Lomas and Jan Somers, but definately read Richest Man in Babylon, it was a huge eye opener for me.
My biggest advice is go to the library, all of these books are there and they are free, thats the best price for anything[
]Good luck
Cheers
Leigh KRead, learn, grow but most of all do it.
Im new to this particular site. Ive read “0 to 130 properties in 3 years.” and almost the whole rich dad series. I rekomend all of these books but also “Billionaire in training”. An excellent book!
Just remember that financal education is the most important thing you can invest in and if you spend $300 on books only you can make profits to the sum of infinity.[
]Aafreen
I have come accross the Bridgepoint as well and not sure whether to join or not. Have you done anything yet them?
Any feedback would be appreciated.
regards
I would like to know how did everybody get started. We are currently renting and would like to have our own home and have investment properties as well. To be honest, we do not know where to start. I have been reading everyone’s messages the past 2 weeks, great info but i really need the basics first. I bought a few books yesterday to get me started. We need advice. Which books ? which seminars ? which sites ? we were about to sign up with Bridgepoint and do their trainings (costs $12,000) but changed our mind as we have not done any research as to who else are providing these kind of training and support. I know i have a lot of learning to do, just don’t know where to start. Any advice will be greatly appreciated.newbie,
AafreenAafreen and others:
AVOID BRIDGEPOINT LIKE THE PLAGUE
its henry kayes ex partner in a new company
http://www.jenman.com.au/NewsNews1.php?id=175
see web page for more info.
please please check before you sign up for any seminar. ontop of that 12000 dollars is a lot of money. do steves course for heaps less than that. even de roos in only 3000, and he (as far as i know) is more reputable.Couple of random thoughts
Avoid any expensive courses, esp bridgepoint AKA henry “I should be in jail but I’ll do a skasie before i am charged”. In any event, if you can ever buy a 30 or 100 dollar book or go to an event by the same speaker for 2 or three grand, BUY THE *(&#$(*&%(*& BOOK! It is a fraction of the price, and will contain much much more information, particularly as there is always some dopey dickhead at courses asking questions of no relevance
Couple of books I would recommend- jump onto the reno kings site- they have a couple of beauties that are pretty cheap, by far the best value for money, talks Re buying, looking, lifestyle, choices which others are lacking. Rich dad poor dad is good. I bought ricks pack, which i would highly recommend if you are considering wrapping, but it sounds like you probably shouldnt be doing it now!
Problem is this, if you want to wrap a 200k property, you will need to have well over 40k (probably closer to 60) in cash in order to wrap it properly. Got that sort of money laying around? If not, then you are in the situation I was in a few years ago. You may have the ability, drive, but you also have to pay the doorman to get in. Lets face it, how many 200k properties are out there?
I am not trying to be rude, but better to find out now that you cant currently jump on the investment wagon than after being screwed for 12k (and then more- bridgepoint and henry kay are the classy veneer to the two tiered marketing scam to sell shitty (or overpriced units) that developers couldnt sell to locals- by the way, notice all of those to lease signs everywhere- stick to house and land!)
If you have not got the cash, a few ideas.
i) find a money partner- someone who will put up the cash, you do the hard yards, then split the profits. Of course, how do you get someone to throw the ante on the table and buy a house, on the hope of onselling in this heated market, when your experience is zero?
ii) give up- no shame in that at all, not a good idea, but always a possibility
iii) find a way to get some cash to buy your own home. Have you got some oldies? They probably owe close to nothing on their home loan. Even if they are asset rich, cash poor, they may still feel comfortable loaning you some money for a deposit for your house. Redraw facilities, etc. If you can get under the 80% rule you will automatically save a couple of grand.
iv) living at home with the oldies? then you probably can afford an investment home loan
I would seriously advise-
Seriously save for 6 months, market is soooo hot, and may be coming off the boil. we have just had two rate rises, henry kay will be all over the news, and soon buyers of units will find them to be untenanted and untenantable, and our market up here seems to be seriously slowing. If there is a downturn, and you can afford a property, wait, wait wait. Wait for the downturn to conplete ( months to years, not weeks!) and just start to recover.If you know where you want to live, then buy and concentrate on that loan. Wait for a couple of years, and if the trend continues, you will easily have cash on tap in the form of equity. Unfortunatly, it is very difficult to own your first home, but very easy in a rising market to own two or three. Concentrate on the first.
Gotta leave you with that cause I think my keboard may stop worki
Wrappack,
Could you please provide an address for ‘reno kings’?
Thanks.
Hi
If there is one book you should read, try “Prophecy” by Robert Kiyosaki, its a real eye opener.
Try not to over load yourself with too much information at once. Read one book, if you like the ideas, then try to make them a part of your life, then on to the next book. Just making one new great idea a part of your life, can change your life forever.
Good luck :0)
faircloughm, the web address is http://www.renos.com.au
Cheers
MelFound Rob Kiyosaki’s Rich Dad books to do nothing more than state the obvious, with little practical insite. Many of the seminars out there are more about taking money off you than helping you with your financial journey. Better, I feel, to get in touch with a financial adviser or even a broker and determine where you are now and what money you can borrow. Find some local papers in areas that you can afford to buy and get out there and do the hard yards looking at properties, asking questions etc. Keep living below your means, saving hard, and reading what you can. Become familiar with as many of the financial terms as you can, and develop a system that will rule out most potential purchases if they don’t meet your criterior – such as the 11 second rule. Talk to people you know that have a few investment properties but ignore everything they say if they recommend negatively geared properties. It won’t be some gravy train you can just go out and hop on to without putting in any effort. Your library may have access to newspapers for areas outside where you live. Scan the classifieds. Put in the mileage, get to know a few real estate agents. That $12,000 you were going to spend on a seminar could be the deposit on your first cash-flow positive property. And remember the harder you work at it the luckier you will be. Good luck.
JulianBillionaire in Training is one of the most vile books I have ever read. I could not believe that any business person could condone such methods.
While I don’t agree with wraps, this fellow Brad Sugars makes the worst wrappers look like saints.
He believes in the win for him and lose for others method.
Here is just one example of the appalling advice he gives…
Now I know what we’ve all be taught. I know the text books say we should be aiming for a win-win situation. This is one of the biggest fallacies when it comes to negotiating..
You can only sell at a profit if you buy at a loss. Not your loss, the sellers. Remember, somebody has to be losing through the sale of a business. Your job is to ensure it’s not you.
Oh really?! To do business on the basis that someone else is hurt is despicable. If this is what it takes to become rich (which it isn’t), then poverty is the better option.
In the UK, this guy is becoming known for – well, I can’t really say it in public, but let me assure you all that this is one chap you ought to avoid like the plague.
Trust me on this – we are going to be hearing a lot more about him in the very near future.
Cheers
Bec
I bought his Real Estate book, which wasn’t too bad for information.
So I bought Billionaire, and I must admit, I think I only got about halfway through it. For me, that’s pretty bad, as I read hundreds of books every year, and there’s only about 3 in my life that I haven’t finished.
Cheers
MelAafreen
My guess is that you really dont want to know where everyone else got started in as much as you want to know where YOU should get started.
Most people dream of a better lifestyle but do nothing, so you have actually started by beginning your search. Congratulate yourself on taking some action.
You can read countless books, you can attend any number of seminars, talk to whoever, but you wont get anywhere until you become very emotionally involved in the outcome.
What do I mean?
You gotta know what you want and want it with a passion. The more passion, the more driven you will become.
If it’s just a preference, chances are you wont do much.
But when the “wanna be” becomes a “must be“, boy oh boy you will things change.
Let me explain;
My turning point, came 2 years ago when I drove a 24 seater bus for a group of people to a winery for a day.They drank top class champers ($80 – $100 a bottle) from loooovely glasses ( not plastic picnic cups!) on the way there and back, dined on the finest food the Yarra Valley has to offer and had a fantastic day out. (then tipped me an extra $200- because they enjoyed the drive!)
I chatted with a few of them and I discovered they were all multimillionieres yet they weren’t stuck up pricks. (one is the President of an AFL club). They were really nice people.
I thought, man, if i wanted to have a picnic with my family and friends, this is how I’d love to do it. But I couldn’t afford it so it would never happen! Grrrrrr painnnnnn.
And I realised there and then that I was a “wanna be”. Always had been, always would be unless I took loads of action. These men and women were all self made – they took an idea and took action. They were doing the things I wanted to do as a result of their action – I needed to action now!
I was now highly emotionally involved in the outcome. I knew change was needed and it was time to IMPLEMENT all that theory and get serious ( without loosing the fun aspect).
Well 2 years has passed and yes indeed, things have changed.
What I now have is the ability to make certain choices.
Example; I sometimes buy fish n chips, sit on the beach with my family and eat it from the box, wraaping the fish in the paper… yum yum! Other times, we dine out at nice restaurant and order from the left side of the menu, not the right!
Take action, find something that works for you and work it hard!
But above all, never ever forget:
1) Money can buy you anything except for the things money can’t buy.
2)The things that have the most value, are the things you can not value.
3)Understand the value of your time and your health because once gone, no amount of money can ever get them back.
4)always wave at kids on the school bus[]
5)Take your dog to obedience school, you’ll both learn something.[]Enjoy
Thanks John. Good to read you here.
All the best for the New Year to everybody.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
Hi,
I’ve moved your post to this forum…
I started by reading and attending Kiyosaki events, and then read and studied more broadly.
Seminars
Travelled the world to see:
R. Kiyosaki*
J. Burley*
R. LeGrand*
D. Campbell*
R. Aaron*
D. Kennedy*
R. Allen*Books
Read a lot (one day I’ll compile a list), but for starters:
George Clason : Richest Man in Bablyon is the best place to start.
For those new to wealth creation, J. Burley’s book “Money Secrets of the Rich” is great value.
These days I’m more into biographys.. such as Packer’s, Lowy’s, Bond’s etc. to try and learn from people who have done it big.
General Comments
I’ll not pull any punches… personally I don’t value the ethics / morals of some of the people I’ve listed above. Others have unashamably ripped me off and thrown daggers at my back. Still, I’m more interested in finding ideas that I can make owrk within my own ethical/moral framework.
I recommend that you spend a lot of money on educating yourself… BUT, and only but, you recoup the cost by taking immediate action.
An academic investor isn’t much use.
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi there[
]
Do yourself a favour Take ACTION and be a strict SAVER…..I did it with nothing I came here as a backpacker in 1996 with $3000 and a dodgy old backpack.
Im now 29 years old and pregnant with my 1st child, I had to make a major decision to educate myself on real estate as I want to bring this child up and not a day care assistant [] no disrespect day care assistants I know they do a great job!
I have spent a on fortune books, tapes and recently a fabulous Real Estate home learning kit…..
If I can do it anyone can, trust me it was all worth it, I now own 4 properties with many more to come!!!
Cheers D
to have alook at the home learning products go to:
http://www.sunshine.lifestyledirectory.net
or email me
[email protected]
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