Hey, since Steve’s first seminar in 2002, I’ve been doing a lot of research for properties as well as numerous meetings with my business partners. I’ve chosen to have business partner since I’m a university student with no full time job whereas the other 2 have full-time jobs.
We considered a few deals which were discarded after looking at the market condition in that area. The last one was a great deal ($50,000 @ $140/week; contract was signed, subject to purchaser’s approval etc..) except the bank rejected our loan application on the basis that my business partners were not australian citizens… by the time the offer expired, another couple has snatched the deal… that really pissed me off [
!]Now, our property venture has stalled for the moment. My property investing partners have their own business on the side-line which they are planning to expand o/seas and I’ve just started my own with another 2 partners a few months ago so it’s really too busy atm to really get into the property market.
Anyway, my plans are to postpone any investment in property as it wouldn’t be fair for my other 2 partners to bail out if the banks need to sell my share of the business if a real estate deal goes sour and we have already invested a substantial amount of money in it.
I’ll still be learning and reading about property via the API and this forum but property investing is not a priority at the moment
Just wondering whether anyone else has similiar experiences or not
Cheers
Martin
Hi NU Gen
I am a newbie with absolutely no previouse investment experience.After getting Steves book at the end of september my wife and i jumped straight in.We took a punt on some property we saw on the internet in Tassie.With absolutely no money of our own to invest we were able to arrange through family to buy our first property outright and have used this to secure a loan for a second.The loan for this second property was approved today so on the 9th dec we will take possesion of our second +ve cashflow property.With a total outlay of $93000+ closing costs we have 2x2bed units and a 3 bed house with a return of $240pw gross.We still rent and will not be purchasing a property for ourselves for at least 18 months but will be buying more investments in this time.Actually seaching for the next one now.I wish i had started earlier as deals are harder to find we are thinking more along the lines of commercial property at the moment as there seem to be more gains in this area.Some say its luck but we have made some sacrafice to do this (my dream holiday of a months fishing the top end with a week of fwdriving on Frazer Grrrrrrrr was due back last friday)but i know that what i do today will give me more oportunities in the future.In saying that to the people who are in a better position to me financially and are still thinking and researching their fist +ve cashflow property dont procrastinate and get in there and have a go its not as scary as you think.
Regards
RobHi
We are waiting to finish our Uni degrees. I am completing accountancy at RMIT in Melbourne. Broz is doing Nursing-Midwifery at Latrobe Bendigo. For the summer break though I am working as a manager at IGA Gisborne, full time to save up some $$$$.
That’s about it for the moment, just scanning through the real estate papers and learning as much as i can from the forum!
Fudge111[
][8D][^][]Hi all,
I have been studying property investing for about 6 months now and joined the forum about 3 months ago. I have learnt a great deal, but unfortunatly cannot purchase my first IP as yet because I am in the middle of a 4 lot sub-division. This is my 2nd sub-division and would love to do it again. (Council’s are annoying as they are sooo slow).
I will wait for another 6 months (that’s when the sub-division will be finalised), then I will buy some investment properties with the money I make from the sub-division. I also think in 6 months time, there should be more bargains as people with a number of investment properties (that didn’t do their sums for higher interest rates) will have to sell due to affordability.
In the mean time, I’m on the councils back every week regarding the sub-division and am reading all I can about investment properties. I am also going to write a book. (not on property investing). This will create passive income!
Happy Investing everyone.
Regards
Lee.I hadn’t realised there were so many of us new guys…
I’ve been studying for 6 months now and somewhere along the line received an email about PropertyInvesting???? I love this forum, it’s been great to read up on what everybody else is doing and learn the ins and outs of some of the different methods of investing.
I’m actually looking at Lease Options at the moment as well as the +ve cashflow side of things.
Enjoying getting into the action.
Thanks for asking Nu Gen…
Alex
I have been reading the post on the forum for over six months and I am not sure if I have ever replied before.I began purchasing investment properties about just over 12mths ago. My sister was being moved from one place after another and she was very unhappy so I got over my nerves bought a house she now rents. I did know at the time I had bought a positive cashflow property. Then I convinced the other half of the benefits of doing this and with my partners help we found this website.
We then took the plunge again in February 2003 and then again in March 2003 and again just two weeks ago. So we now have four investment properties and they all have enjoyed huge capital gain and all are positive cashflow. (the rent covers all costs inl rates and ins). We are looking at repeating our success here in NZ but seems a little harder to get finance in NZ.
Anyway we will get over that. We are very happy with the results the capital growth was an unexpected bonus just went for the income.
Anyway that’s our story.
Hi Davo,
Reading through your message suggest that you might be able to answer a question i have. That is, can you buy property in NZ if you are not a NZ citizen? Do you have any good proerty webpages over there that i can check out? I come from Sydney, and know that you would be extremely lucky to find a cash positive place here, so i was curious about NZ.
I have been reading the post on the forum for over six months and I am not sure if I have ever replied before.I began purchasing investment properties about just over 12mths ago. My sister was being moved from one place after another and she was very unhappy so I got over my nerves bought a house she now rents. I did know at the time I had bought a positive cashflow property. Then I convinced the other half of the benefits of doing this and with my partners help we found this website.
We then took the plunge again in February 2003 and then again in March 2003 and again just two weeks ago. So we now have four investment properties and they all have enjoyed huge capital gain and all are positive cashflow. (the rent covers all costs inl rates and ins). We are looking at repeating our success here in NZ but seems a little harder to get finance in NZ.
Anyway we will get over that. We are very happy with the results the capital growth was an unexpected bonus just went for the income.
Anyway that’s our story.
Hi,
I started reading and learning about 8 months ago as well but i actually bought my first ip 12 months ago because thats what everyone else was doing heh. I had no knowledge then except my common sense and was spitting chips because i had pre approved finance 12 months earliar and didnt act on it so basically paid 60000 more for the same house 12 months later. Luckily it has turned out to be a good cap gainer , Last month i brought my 2nd and 3rd ip and currently arranging finance to purchase another.Crackles ive been looking at NZ myself and have been in contact with the national bank in NZ who have no problem giving finance to aust investers. Although there criterias are a bit higher for eg the lvr is 80% max and DSR is 75% of rental income and 35% of wages income instead of the normal 70 @ 30.
Also here is afew links that i found handy for information and stats.
rgds Shaunhttp://www.stats.govt.nz/ http://www.propertytalk.co.nz/index.php http://www.trademe.co.nz/Real-estate/index.htm
Hi all, we were travelling for a few months and one Sunday after church were invited to a young couple’s home for lunch. During the course of the afteroon we learned this young father of 3 only worked part time, and the passive income from his investment properties paid his mortgage on his PPOR… WOW… We were 20 or so years older what were we doing wrong?
After a while we saw Steve on TV, got the book, joined the forum and were most surprised when Steve phoned us to tell us our email address wasn’t responding. We had a house full at the time and hadn’t spoken to anyone famous before so it made quite an impact!! We work in customer service so we really appreciated receiving some for a change. Thanks Steve[]
We spent months researching and learning. We have learned so much from this site along the way it is invaluable and much appreciated.
We have purchased our first IP which we are busy renovating at present. We bought at $15,000 under market value and are spending $5,000 tops. One other valuable tool was the Buyer Beware material which we purchased.
We have a son and an accountant brother frowning at us as they are on much higher incomes than us and are into negative gearing.
However we are really happy with our decisions and are planning to buy and hold this property.
It’s great to read what others are doing.
Happy New Year
DianeG’day all,
If I was a newbie and wanted to learn as fast as possible I would get in touch with one of the mortgage brokers on this website.
These professinals are absolutely the best and quickest way of learning the financial side of
property lending you could wish for. Talk to them,
listen to them very carefully, they are far and away ahead of the rest(experts).
Finding properties can be fun,with the right attitude.Play pretends,search real estate agents
in the area you want to buy in.Play the game of
“buying” three or so properties. Even waste the real estate agents time by making stupid offers on them.You will learn so much so fast, you’ll become an expert in on time at all.
And of course keep reading this website.
The final piece of advice is to,totally ignore this advice.Bruce G.
Winners make it happen,
losers let it happen.[][]WOW, WHAT A FORUM.
Im to new to be newbie but ill share a short story. Im 22 studied shares while doing Business at TAFE. Made u bit but lost more after a bad Rene Rivkin Tip (TMS). I didnt understand Prop. and the books i was reading kept me onto shares and options till 18months ago. Read and loved, Richdad series, Jan somers, and more.I bought 2townhouses in TOWNSVILLE NQLD. dream property really. after 10% deposit they were generating $40ea/p.w after tax + Capital gain of 30k ea since july. property here was amazing, now southerners have started investing up here over the net and yeilds have droped remarkably. after reading Brian’s Book I now understand flips and wraps. When i found my property there were numerous cashflow positive and good buys around. Looking at becoming a spoter on the side if anyone can help with more information on how to conduct and collect from spoting?
Adrian Cahill | AdrianCahill.com Personal Development Expert
http://adriancahill.com/from-investor-to-coach/
Email Me | Phone MeHere since 2002, however things have evolved over the years.
Hi adriannqld , i started learning about the stock market but im afraid i put it in the too hard basket after one and a half books [xx(] I then turned to Realestate investing books and have never turned back. Sorry cant help with your question but just wanted to say Hi , and you would probably have more chance of getting responses if you made a new post instead of tacking on the end of another .[
]rgds Risky
I thought i was wrong once, but i was mistaken !
Quote:Hi, I am new to this site but have been investing for 5 years in my hometown in regional S.A. I have been reading and “doing” over this time, made a few mistakes along the way, which is not a bad thing. I now look at problems and challenges as opportunities to learn and not a crisis in the making.
To Tadine on your comment about negative comments from friends etc., I use a quick quiz when confronted with this situation, and it is to ask yourself ” is that a fact or an opinion?”. Does this person have investments?, or is he just parroting the latest headline he read in the paper.
Regards Thi tp i am in sa and would be interested in email contact with you regarding regional sa investing as i am new to this i am just finding my feet my email is [email protected] any reply welcome
!]
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