If you could give someone (a close friend, relative, work mate etc) 3 bits of advice(Gold) when they approached you, saying that they wanted to get into this “Property Investing” Game..
What would you say to them..?
It’s probably already happened to you more than once …
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator-Educate yourself.
-Get a plan for each and every property.
-Don’t pay too much unless u have a damn good reason!
-Double your due dilignece if you plan to reno, build or develop! (and perhaps double your costs as well!).
4… But the 4th one was more practical.
Hellman
Reminds me of that add on TV at the moment about that bloke who reckons he knows how to give financial advice but talks a whole lot of bull to his mate/s.
So i’ll start with…
1. Talk to a professional team of people and remember it’s a business, and business can be cruel so don’t cry when you lose out, and if you do decide to cry, i’ll buy you a beer and share my second piece of gold as such (Once you’ve finished crying on someone elses shoulder).
Cheers,
Jacob.‘Stay Happy and you’ll be Perfectly Fine’ – Jack
3 bits of Gold, our Slogan..
Research
Analyse
Purchase
Roy H.
L.R.E.A., Dip FS (FP)Guardian Property Specialists (GPS) is a research-focused company that specialises in sourcing and providing residential investment properties Australia wide!
hi
1. Know your risk against profit feelings
2. Don’t invest in anything with money you can’t lose ( this one need thinking about, if you can’t afford to lose it then don’t invest in it).
3. Investing in anything, anything, get second and third opinions and do your own due diligences.
its your money and if you have a problem go to number 1 and 2here to help
1. Get educated
2. Know your Niche
3. Manage your time (get rid of your TV, its a timewaster!)We buy properties in Adelaide. Immediate Cash Settlements, No Agent Fees.
[email protected]
phone 0412 437 582what would you say Redwing?
We buy properties in Adelaide. Immediate Cash Settlements, No Agent Fees.
[email protected]
phone 0412 437 5821. Educate yourself
2.Buy whenever you can.
3.Get your cash out and move on to the next deal1. Take responsibility for your own investment choices, don’t just follow the flock, educate yourself!
2. Dig deep – where there’s a will there’s a way!
3. Remember there are always knockers, rise above it and stay positive and focused on your own goals!
Hmmm..
Off the top of my head..
1- Build your Team
By this I mean find a good broker, accountant and ensure you have other investors upon whom you can *bounce* ideas off (such as this forum [biggrin]), as someone said, you should not be the smartest person in your team (however, question everything and learn along the way..which brings me to..)
2- Knowledge, Knowledge, Knowledge
is as Important as Location, Location, Location and IMHO even more so when it comes to Investing.Start compiling information and learning how the game works rather than getting someone to do it all for you; you will always look after your money better than others as you have the motivation to do so, however, you cannot go past good advice from knowledgeable people..
3- Get started now..
You may not have the cash right this minute but you can sure as heck start building a strategy for when you do have it..best thing is it costs you nothing to start looking in REA windows, free RE publications,speaking to bank managers, brokers and planning your budget etc..
4 – (BONUS)[biggrin] Know the Costs going in!
Know the financial statements inside out when you look to purchase.
What are operating expenses?
What are the loan payments?
Vacancy costs and rates?
Tax- costs and benefits?
What does the cash flow statement look like? These are key issues that must be looked at before making a solid investment.“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorA. Look at the potential reward of investing in property and similar (motivation and goal)
B. Consider the worst case scenario with each step (risk analysis)
C. Never give up (basic success formula)
D. Smile (Very Important)[
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Live, Learn and GrowLifexperience
May be I should expand on our strategy a little.
Research: Through constant in-depth study of local areas around Australia, we source suitable investment opportunities in high growth, high returns areas.
Analyse: An analysis should be conducted on your current property needs including likes and dislikes.
This is in aid of understanding all your concerns and goals before proposing any suitable properties.
Under no circumstance you should coinsider properties prior to having your financial situations assessed by appropriate personnel.Purchase: When an informed decision has been made from evaluating researched information against your financial needs.
Then a qualified and experienced network should assists you with the whole step by step property selection and purchasing process.Roy H.
L.R.E.A., Dip FS (FP)Guardian Property Specialists (GPS) is a research-focused company that specialises in sourcing and providing residential investment properties Australia wide!
Why bother to do your research and learn about location,location,location etc. Plus take responsibility for your own decisions,so on and so forth. When you can just phone people like GPSNetwork?
Save yourself all that travelling time running around Australia. When you could talk to people simular to Roy H. ???
I’ve haven’t done any business with Roy H.
It does seem like a lazy way of property investing.Possibly a more successful easy way of doing your investing.Less mistakes!!
Just my thought.
bruham.Thanks for your kind words bruham, people are going to really think I paid you to do say this. lol
Many thanks.
Roy H.
L.R.E.A., Dip FS (FP)Guardian Property Specialists (GPS) is a research-focused company that specialises in sourcing and providing residential investment properties Australia wide!
How about “Timing, Location and Finance” as being 3 pieces of gold..getting them right could prove to be ‘worth their weight’?
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorMore than four and they sound a little like an American seminar.
100 dollars in education(books and the like) is cheaper than a 100,000 dollar mistake
No one ever went broke making a profit (dont get greedy or always look for the killer profit)
Make something easy to buy and it becomes easy to sell. (Vendor terms)
You make money by solving problems that other people are not prepared to solve
Look at what everyone else is doing and run 100 miles in the opposite direction.
Seek advice from people who have done what you want to do, not “armchair experts” or “keyboard warriors”.
You profit when you buy.
Build relationships with people
The laws of the universe apply to investing
I can think of more but then what willl I put in my book?
1. Locate and purchase absolutely disgusting, filthy neglected hovels with lots of land for very cheap prices.
2. Get friendly with a bobcat driver and use him and his truck to clean up the mess.
3. Negotiate and sign up Lessee’s on decent terms.
1) Finance – learn how to get money and learn exactly how to use it. Learn the real cost of money. Learn about the different products and sources of money and then have someone like a broker or banker do the detail work. ALWAYS have your legal people read your finance contracts. Know you exit costs and use real numbers in your calculations. Get it pre approved!!!
2. Negotiate – you never make money faster than when negotiating. Negotiate everything – negotiate terms as well as price. Develope these skills at every chance. To negotiate well you will need to know the true value of the property. The true value is the value to you and only you never ever pay what “another” or the market thinks it is worth. Learn how to say no! Don’t waste peoples time or tyre kick. Remember, it’s not personal – it’s business!
3) Purpose – Understand why you are doing it. What is the end game or desired result. Know what you are trying to achieve. Involved your family and communicate your concerns and fears as well as the positive. Make contingencies plans and decided how investing will fit with your life.
4. stay away from fads, guru’s, seminars, property tours, and spoon fed packaged deals, if you don’t have time to read a few books get a financial planner and give your money to him – you have no business investing directly in property –
cheers
[email protected]
Property Spotters living in NZ
Renovation & Project Management
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