Hi All,
My husband & I have been wanting to jump into the property market for 12mths now, we sold our house and are currently renting so we’d have access to cash. We research on the internet & have started to travel around Victoria getting to know the agents and properties first hand. We’re trying to narrow it down as to where we should invest & where we feel comfortable investing.I think the fear while healthy, has been holding us back, so as a result we are yet to buy a property. Now we’re just doing it anyway!
We’d love to hear from anyone who really had no idea when they began and have created a portfolio that is now substantial. How did you begin? Did you have a mentor? Yada yada yada…
By the way, we’ve loved this website for a couple of years now and this is the first forum entry we’ve contributed. Perhaps that’s a sign that we’re ready to dive in now! [snorkle]
Thanks,
Jackal…[sunny]Good Luck.. I would love to be able to do that too.. yet as you said, fear of the unknown is what is holding you back, the fear and lack of knowledge is holding us back…[blush2]
Go for it and enjoy…
[biggrin]Hi Jackal,
welcome to the forum. Since you say you’ve been reading it now for a couple of years, you’ll see that people are generally willing to help and give you good ideas. I’m kind of at the same stage as you. My husband and I only have one IP because we bought it as our PPR, and then my mother-in-law allowed us to move into her house (she didn’t live there anymore), so we could rent out the IP. We’ve only just decided that the time is right and we’re now actively looking for another IP.
I think what you’re describing is due diligence. You’re making sure that you’re buying the property that’s in a good position, and that’s right for you. You probably feel ready to jump in now because you’ve done the research.
Good luck with your purchase.
Landt.Hi Jackal
I have sent you a private message.
Regards
WakeReady to leap into the unknown? Make sure you know the “unknown†before you leap anywhere!!
I would seriously consider buying again once I saw prices starting to trend up which won’t be for a number of years yet in most areas.
In the meantime keep reading guys and improve that “unknown†bit.
Hi Jackal,
Congratulations on deciding to take the leap into property investing – great post, by the way. It sounds like you’re doing the right thing, getting to learn the property market and making contacts. I’ve recently bought a first IP, so I won’t pretend I’m an expert on all things related to this, but I have had the experience of having trouble moving forward, so might be able to help from that perspective.
First of all, is it a genuine “analysis paralysis”, or are you not leaping in because you feel you don’t have all the necessary information?
If it’s the former, I’ve listed a couple of things that might help you move forward. If further information is needed, I’m sure our fellow forum-ites would be happy to point you in the direction of the info you need, if you list the things you’d like to know. Alas, no-one else can ever give the elusive feeling of comfort, so you’ll just have to rely on your own research and groundwork. Try and imagine the great feeling of confidence and empowerment you’ll have once you’ve successfully bought your IPs and proved to yourself that you can make great investment decisions.
Some suggestions that might help you move forward:
Are you comfortable that your structure is appropriately set up for investing? I.e. are you doing it in your own name, setting up a trust, etc. Knowing this is right and having your head around all the tax implications can provide a lot of confidence.
Have you developed an investment strategy? Obviously this is an individual thing, but having worked this out will make it easier for you. I feel very confident in my strategy, which means that I’m happy with my recent IP purchase, and what I’m doing next, and the approximate time frame, and my overall goals.
Finally, nothing helps like having supportive like-minded individuals you can bounce your ideas off. If you’re in Melb, you might want to PM Tombola about the next property investors group meeting.
You’re in a great position that a lot of people would love to be in – don’t rush, but don’t be afraid to jump in either.
I’d wish you good luck, but I know you don’t need it!
Leila
Thankyou to all of you who replied to my post. It was wonderful to see all the replies only a couple of hours later!
I think you’re right Landt, it’s become the ‘right time’ for us because we have done the research and read the books and we’ve made it the ‘right time’!
Leila, when you mentioned our’structure’ & is it set up for investing, tax etc… We realised that’s the scary part for us. I think we’ll learn as we go along but you’ve highlighted that as an area we should look at. You also mentioned “Try and imagine the great feeling of confidence and empowerment you’ll have once you’ve successfully bought your IPs and proved to yourself that you can make great investment decisions” only yesterday I said to my husband to imagine sitting on our couch after we’ve purchased our first IP and looking at each other realising that the biggest first step has passed! We really felt the satisfaction that I know we’ll feel when it happens. I believe that visualisation is an important tool to use to get to where you want to be.
I think I’ll be an avid “forumite” from now on, thank you for making the first “dunking” a positive one!!
Jackal…[sunny]
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