Hi all. im new to the site, and also to investing. Just to paint a picuture, i was in a car accident about 4 years ago. and havent been able to work since. I have been paid out from the insurance company, and have some capitol. I have always believed in property as a great investment tool, and the idea of positive income is the most important thing for us at the moment. i may not get back to work any time soon so have to make something work for us.
I live in Tasmania, and i can see what Steve says in 0 to 100 properties in 3.5 years, finding a positive income property is hard. im looking in papers, but not finding anything that comes close to qualifying under the 11 second rule.
Just wondering if anyone has any ideas, anything i should keep in mind, or any other books that can point me in the right direction. As i said im new to the idea of investing, so any advice would be helpful.
Thanks for taking the time to read this post, i look forward to discussing any thoughts with anyone.
Trent
Hi Trent & welcome,
I’m certainly no expert and there’s plenty on the forum who can give you some good advice. Steve’s 2nd book maybe of interest to read, the 11 second rule doesn’t really apply in this market unless you can make it happen through creativity.
Sorry to hear of your misfortune, and you did mention ‘us’, so does that mean you have a partner that can help with income while you don’t work? Otherwise, it may be difficult to support an investing project without a regular wage coming in, at least to get started.
Keep reading and good luck,
ShellbyHi Trent,
Im relatively new to property also, and have not made 10% cash on cash (7ish is the best sofar). I found calling the agents who are advertising. If the ad property does not suit, let them know what you are after and roughly how to work it out.Although you dont see them you can tell some are rolling their eyes, however I have had others call back with deals which came close.
Sometimes close is enough because there can be opportunities for minor repairs, etc on the property that could add another $10 a week which could get you there.
Keep calling, keep asking around seems to work for me.
Mat
Hi again, thanks for adding your toughts.
Yea i do have a partner she has a full time job, and also works another job (more for fun) on weekends also. This gives us a good income stream, I do hope that once some income comes in i want to buy her back some days of the full time job (the less fun one lol)
I just brought the 2nd book today after reading the suggestion, so thankyou for that.
I have to be honest and fear is really a big issue at the moment. That said i will bite the bullet and make a call to the agents as suggested and see if they have any properties that will make some positive income.
Thanks again everyone. im off to read, and wish me luck with the agents.
Trent
Trent,
I reckon this real estate game is simply a numbers game. Very difficult to have a chat about real estate without mentioning numbers.
Do you think at some stage numbers might enter the conversation ??
What are you trying to do exactly ??
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