I want to buy my first investment property but don’t know where to start. Anyone kind enough to share a few tips?Read everything you can here.
Read as many books as possible – do a search here for the books recommended by investors.
See a broker and determine your price range.
Start looking at open homes every weekend. Aim to see 20-50 properties so you can get feel for what is a good buy or not.
Find another investor who lives nearby and buy him/her a coffee and ask questions.
Knowledge is the key.
Cheers,
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Thanks
– but reading so much material is what got me into this state of confusion!Very good idea re asking a local investor a few questions. You’re not from North Sydney are you?
hi MissK
he said ask an investor not ask him out.
As for reading i’m sorry to tell you that the fast way to success is a little congested at the moment, so while you are waiting to get on the escalator to success you might as well read as many post as possible.here to help
How rude.
He suggested asking an investor questions and so I am simply trying to find a local investor or someone reasonably wise in that department to answer a few of my questions. I was not ‘asking him out’. If i don’t ask these questions, how am I supposed to find a local investor? Hmm?
He is very rude.
I am in Newcastle but get to Sydney every now and then.
Post your questions here if you like!
Cheers,
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Don’t flatter yourselves guys, if she wanted to ask you out, she probably wouldn’t have much of a challenge! Men never are!!!!!!
Hi MissK
Is there a local investment club in your area, sometimes sitting with a whole bunch of investors discussing strategies of what they are currenly doing in your local market is worth its weight in gold.
Appart from reading, you also need to clearly define your investment niche, what do you want to do?
Buy and hold (positive cashflow)
renovations
developments
commercial
etc etc etc.and where???
from there you need to SPECIALIZE in that area and know it well before you move onto the next.
If you are looking to do everything everywhere, you will get very confused and frustrated!!!
We buy properties in Adelaide. Immediate Cash Settlements, No Real Estate Agents, No Fees.
[email protected]
phone 0412 437 582Hi MissK
I find the most fun thing to is searching for a property – the world is your oyster! Where do you want to buy?
Play with figures – look for a property you’re interested in, then calculate the mortgage payments, find out how much the council and water rates are, rental price for the property, likely repairs costs, yield etc – best case and worst case scenarios!
It’s very interesting the varied answers you get – one lender might give you $150K, another $250K.
Go shopping and enjoy the process!
MissK
It can be daunting starting off. I might be able to help – or point you in the right direction for a chat. Send me an email and we can exchange details.
I agree that you need to read as much as you can however there comes a time when (as it seems you know) it’s information overload. If I can answer any questions for you, I’m happy to help.
Regards
Megan
Megan
http://www.propertyhub.net
Your Investing and Developing Information Hub.Thanks everyone
You’re all so helpful!For the time being I’ll just ‘play with the figures’ and learn, learn, learn! (and stop looking at all those glossy property magazines that are so disheartening..).
Not quite sure that there is a local investor’s club but that’s something which is definitely worth looking into. If anyone knows of any (around the city/north shore area) then please let me know
Hi Miss K — You will notice Terry w is a contributor to this forum. He is a Mortgage broker based, I think in North Sydney. His posts are usually sensible. It might be an idea to speak or E mail him with some of your details e.g income, assets, liabilities. From this he could probably give you an idea of your brrowing capacity .From there you could start looking at property within your borrowing parameters. I have no personal experience of Terry except from reading his Forum Posts. All the Best.
Cool, thanks[hair2]
hi MissK
I must admit I do bait some times and this was one of them.
You would do well to talk to a broker like mortgage hunter there are a couple that float around this board and will be able to give you alot of helpfull advice.
As for posting the more you ask the more you learn there is nothing wrong with asking just make sure that you accept the reply your given you don’t have to act on it.
and last but not least this quote
and stop looking at all those glossy property magazines that are so disheartening..).
Is not a smart move the more glossy or non glossy papers you read the more you learn what’s out there and you may see in that glossy magazine a 3a unit developement site and then you will remember my reply to your post and you will think I’ll let that nice grossrealisation know about this one (I hope)
Look forward to your posts in the future.
hmmmhere to help
Originally posted by Dr.X:Don’t flatter yourselves guys, if she wanted to ask you out, she probably wouldn’t have much of a challenge! Men never are!!!!!!
So true! We really are the weaker sex.
MissK,
My philosophy with investing is that you have to find something you’re comfortable with, can/will understand, and must be able to afford.
It seems you have narrowed it down to property (as opposed to say shares), you just have to focus a little more.
Btw, have you seen the tips thread? Full of one-liners if that’s what you’re looking for.
Munjy
– but reading so much material is what got me into this state of confusion!
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