Ok guys this is my first time, i’m a little nervous. I’ve read Steve’s book but what now? Would you property investors please advise me on what to do next, other good reading material or programs where i can gain the knowledge to get started or even networking groups i can become a member of.I currently run my own business but realize it’s just a bigger jail than being an employee, I think positive cashflow property is a great way to invest for the future. Let me know your thoughts and how you started, much appreciated. Sharon
Hi Sharon and welcome
You are too right about business being a bigger jail than being an employee. Doing either does to some extent mean you are diversifying and not totally relying on +ve CF IP which is what most on this forum do.I would suggest you start your search for a +ve CF IP as a starting point. You can do this like so many others by using realestate.com.au or get out there and do some leg work (probably better).
Get a few RE agents to do some of the running around for you as well.
Cheers and good luckHi Sharon,
You’re heading in the right direction by asking questions and looking for good resource books. There is a great thread at https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=5667 where various folks have listed and rated books that they have read/studied. Like the rest of us, it’s a process so be patient with yourself, put the effort in and it WILL happen for you.
All the best,
David [
][][^]PS Have you tried turning your business into a “system” so that you can delegate it to others more and free up some of your time?
OPM – use Other People’s Money and learn from Other People’s Mistakes
[email protected]Sharon,
I’m fairly new myself, but welcome aboard, this is a great place to learn about all sorts of investments and people on here are extremley helpful and knowledgeable so no need to be nervous. I don’t have any property myself so can’t comment on how I started because I haven’t yet! The best suggestion from me is to read as many posts as you can. For instance there was a great thread recently on books that people have read and rated.
However, I was more intereted to note that you said owning your own business is a bigger jail than being an employee. I thought owning your own business was a great way towards financial freedom??? As someone who is keen to start their own business I’d be interested to know why you feel this way…
Cheers,
Chris.
Housesonly, thanks for the tip about realestate.com,I’ve already jumped on for a look.I’ll keep you posted on my progress. Glad I broke the ice and asked for your advice. Thanks Sharon
.Well I must say I’m just starting with this property thing. I would probably say that now might not be the best time to invest in property as good deals are hard to find.
Personally I’m waiting a bit and trying to save a bit more. However now is the best time to learn about property as there are plenty of people out there who are interested in this.
Chris, a small business can be a jail depending on what type of business you run. Most involve a lot of work and review/maintenance even if you don’t work there. If you do work there it is a lot of work. However some small business can be a more set and forget (relatively) if you can get staff to run it well for you but it does cut down on profits.
Josh
Hi Sharon
Further to comsols point about business “systems”,a book by M Gerber, The E Myth, is relevent to this subject.I don`t run a business, but have read this book,very enlightening.My wife and I started by diligently paying off our first home as soon as possible and using equity to buy our first {cheap} rental.5 years {and 3 kids!!} later we have just purchased our fifth IP. They are all +, but admittedly it is easier to find them here {regional Sth. Aust.}than the east coast.
But back to your original point about where to start.If you are buying your own home, pay it off asap. If you don`t, start saving a deposit!!
Equity and capital growth – `tis a wonderous thing!regards
Terry
comsol nailed it when he talked about successful businesses needing good ‘systems’. A system is a form of leverage.
“owning your own business is a bigger jail than being an employee.”
Robert Kiyosaki says that many people who think they own a business (self-employed) don’t – they own a job. I can relate to that – I have a business, but I get clients because of my skill. I can’t really attract customers and fob them off on someone else, because I work one to one and they want me.
Now Boost Juice, for example, now there’s a business. the inventors of the concept don’t squeeze juices, they set up a replicable system which they franchised, so that other people squeeze juices, and they get paid while whistling a happy tune.
and re: “good deals are hard to find”
I’ve debated this point about a thousand times.
I found about a zillion good deals just last week. And no, they’re not near my house in Paddington, Sydney.
they varied in price range and opportunity, or strategy needed to unlock the $$$ – but for example – buy and holds: 36K rented $120. 20K rents for $100. development: $100K demolition dump, 300m from ocean, beach resort, 800squ m freehold, two street fronts, remove house, subdivide, relocate or build two baches, sell both properties for (agent’s estimate) $170K each.bit of both, CF+ neutral plus capital gain -70K rents for $140 but in booming capital gain city.
Absolute beachfront for $130 k in beach suburb of aforementioned booming capital gain city. etc etc etc etc etc etc
zillions of emah, i forgot the riverfront do-up for 50K, or else buy and hold at CFneutral (rents 120 per week) and do up later
If you look for deals on the net and isolate a price-range where the yields are looking good, follow it up by a few days visiting, looking, networking, and scouting in person, walk streets, talk to tenants, other investors, go to hardware stores, anything! – take real estate agents out to lunch, dinner, talk talk talk, they will throw deals at you forever more. truly!!
cheers-
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