Always Buy, don’t Sell.
Buy time, by holding on to your investmets for the longest period possible.
Diverify your Portfolio.
Good debt is your freind not your enemy.
Think Macro not micro.
Sorry, more than one… Hope it helps..
Roy H.
L.R.E.A., Dip FS (FP)
Guardian Property Specialists (GPS)
http://www.gpsnetwork.com.auStart out small and buy what you can comfortable afford.
Research your area throughly.
Buy cashflow positive or as close to as possible,this acts as an insurance policy if things don’t go as planned.
Educate yourself but dont get analysis paralysis, the quickest way you learn is when you have some money in the market.
Don’t let agents tell you that what your are trying to achieve is impossible, just have a clear idea of what you want and look and make offers until you find it.
Don’t listen to advice from well meaning friends and relatives who aren’t investors themselves.
Set small achievable goals to begin with and ramp them up as you gain knowledge and confidence.
Regards BeanieLive every day like its your last
I like:
“Don’t listen to advice from well meaning friends and relatives who aren’t investors themselves.” Add to that don’t listen to people who are negative about everything (ie now is the wrong time, this is the wrong market, that is risky etc)
Ever noticed that people who have no money or inclination are always really cautious – don’t listen talk to people who have money and interested in investing, and mitigate the risks for yourself
Cymber
Hi
id just like to say your tip reminded me of wood work at school were you have to do some theory & then some practical so you understand how they inter-relate.my tip would be dont fall in love with the property fall in love with the deal!Here’s another one:
Research, Analyse, Purchase
Roy H.
L.R.E.A., Dip FS (FP)
Guardian Property Specialists (GPS)
http://www.gpsnetwork.com.auHello,
One advise would be to stay positive.
If you say you could do it, then you think of solutions or ways you could achieve your goals.If you are negative or you never think you are going to reach your goals, your brain does not even bother – it just gives up.
JP
Hi Steve
I am new to the site and I am note sure if this is a worthy tip but here it is…
When buying a home which is tenanted ask the tenants if there is anything around the property that belongs to them. When we bought a property the real estate agent rang before setlement day and said the tenants would like to take the fence that they built!I have just bought my first property and can say that before I did it I was completely confused by the load of information I received from various property investing books and other similar sources. Although all that data was of course very useful in getting to know the subject I soon started to feel that the more I read the scarier it became. So I decided to go out there and just do it learning on the way. Now that I’ve done it once I know that it is not as scary as it seamed in the beginning. I’ve learnt something that I am sure I would never learn reading a book lying under a tree.
Making steps forward makes you move forward!
Be good to your Mother..
Wasp
**************************************************Its not what you earn but what you do with what you earn
Its hard to phrase what i want to say. Its more of view on life and one’s potential. Rather philosophical, and maybe a bit arrogant…
….Take the time to observe our society. Look at those around you. Not just tomorrow, but everyday of your life. Listen, and be open to new ideas. See what people prioritize in life, and what they want. Read history.
Eventually you will see that the majority of society aims for the “comfortable zone”, and that they don’t aim very high. Most people are happy to just cruise along, and not seek to learn something new everyday. They are mentally unchallenged and complacent, and unless born into it, financially ordinary.
Recognising this in others, sets you apart from society, for you are aware of the difference. You can see society from the outside looking in.
With this outlook, “capacity is a state of mind.” If you see society for what it is, and you believe in yourself, you can achieve anything.
I like this old proverb:
He started to sing, as he tackled the thing, that couldn’t be done, and he DID IT.Cabo Wabo
First post here but I’m leaping in boots and all…A couple of lessons we’ve learned along the way:
Shop around for an selling agent you have confidence in. Ask freinds, colleagues etc to recommend someone, but be sure to interveiw them extensively before choosing one for the task. We found out the hard way that a bad agent can give bad advice, in one case failed to turn up for an appointment with a potential buyer and later failed to get pen to paper promptly when a buyer made a verbal offer giving them enough time to develop cold feet. We got rid of that agent then spent a couple of weeks and about $3000 freshening the place up as our instincts had initially told us to do but the first agent said was unnecessary. Result – house sold for a great cash price within 2 weeks of going back on the market.
Second tip is like attracts like. If you offer a property for rent in poor/dirty condition, you’ll only attract low grade tennants. Put in the effort to present your property well, keep up the maintenance and freshen it up with new paint, carpet etc when it’s needed. When we bought our 2nd IP, at the pre-settlement inspection the vendor said she wished us luck with our investment but her experience with Ip’s was that good tennants were few and far between, most more trouble than they were worth. So much so that she had gotten out of the property investment game. The house we were purchasing was her own home and was absolutely filthy. It took nearly 3 weeks of scrubbing and fixing-up to get it up to scratch. She also advised us to remove the good quality drapes and take any nice plants from the garden rather than leave them for future tennants. Little wonder she had trouble attracting good quality tennants!
Tip, Stick with one formula that you understand if you are starting out, Be patient and then as you aquire your first property,Learn a different formula and so on. This is how we started out we just keep on going,Every property that we but has a different strategy to it and will have a different out come as well.The so call down turn has not stopped us buying property,We are just using another way to make money on it.You must treat it like a business not an investment then you think more laterally.Any questions.
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