All,
As I read thread after thread and book after book, I come to the realisation that what I’m really lacking is not the conceptual knowledge of what I need to do, but the physical methods to get on and actually do it. Sound familiar? Probably not to those of you actually doing it already..
The sort of thing I’d love to see in a book is a step by step REI how to guide. A recipe, if you like, of how to buy profitable property in Australia.
e.g.
Phase 0: Preparation
Step 1: Read everything. At a minimum you should read…
Step 2: Mortgage Broker. A good way of doing this is on the web at http://www.???
Step 3: Solicitor
Step 4: Trust, limited liability.
etc.
Phase 1: Selection
Step 1: Decide your goals. To do this you need to decide whether your looking for long term/short term. +ve v -ve etc etc and what the relative strengths of each of these investment decisions are.
Step 2: Pick your region / town. I have no idea how to do this? i.e. How do I know whether to go regional or inner city, or which town to target?
Step 3: Pick your property. We get a bit more info here, but some of the +ve cash flow calculators etc would obviously fill this space.
Phase 2 – Execution:
Step 1: Inspections
Step 2: Contracts etc etc
Phase 3: Monitoring
Step 1: Ensure your +ve gearing stays +ve. When to improve, when to put up the rent etc.
Phase 4: Divestment (If appropriate) etc…
Anyway, I think you get the idea. I know I want to get into REI, and I’ve read all of the “Mantra” and hype on how it can transform your life. I now have a clear goal but feel I don’t have the “How To” guide. What I’d really like is an Australia specific nuts and bolts recipe which would particularly help me with the “Selection” and “Execution” side of things.
Many thanks in advance for any suggestions,
Michael.P.S. Some of you might have noted my anal retentive side coming out… [biggrin]
michael – yes we have noticed. lol.
as an investor – dont forget that the best deals dont hang around. also there is room for being spontaneous. the more confident you get – the easy and quiker one gets atr spotting a deal.
i reckon you need to bite the bullet and buy something. then things will start to move forward and all the questions you have will worlk themselves out.
believe me – you have more knowledge than most seasoned investors so stop procrastinating. i reckon what might be holding you back is that you are scared of what the market is doing at the moment – and fair enough too. so my suggestion is to buy small – ie take a small step first…..then move onwards and upwards
cheers
AussieRogue,
Thanks, I think I needed that! [biggrin]
I know that I know quite a lot and that I have solid disposable income, a lot of equity and a hefty deposit, so I guess the only thing holding me back is me!
Remember my very first post was a question on whether I should wait or jump
I’ll jump the minute I can realise a return greater than my mortgage payments of 6.5%. That doesn’t even have to be cash on cash, even an internal rate of return allowing for capital gain of > 6.5% would get me excited.
Anyway, I’ve wasted enough of everybody’s time with my vascilating.
Thanks again,
Michael.Apart from Steve’s first book, read Jan Somers’ book More Wealth From Residential Property… might also be worth subscribing to Australian Property Investor magazine
michael – my grandmother once told me that if i vascilate too much i will go blind – so if that aint incentive im not sure what is….good luck..
he he… I was wondering whether vascilate might elicit special treatment. I like big words they make me feel smarter. [blink]
Signing off before I go blind…
Originally posted by aussierogue:
michael – my grandmother once told me that if i vascilate too much i will go blind – so if that aint incentive im not sure what is….good luck..Didn’t your grandmother mean that if you keep masticating, you’ll go blind?
Ahh, the sublime pleasures some of us get from big words. Anal retentive indeed!!
Some of the nicest people I know are anal retentives who KNOW they’re anal retentives, and can laugh about it. Anal retentives who link with pragmatic visionaries can have lots of fun (Stop it! That’s your naughty minds[cap]).
ROFL
Greg
You must be logged in to reply to this topic. If you don't have an account, you can register here.
