Hi guys.
l’m wondering if people can suggest any quick ways to jump into property and get income from it straight away or fairly quickly , then build on that with more. l mean how many books are there but you guys actually do it .
l couldn’t see myself getting into wraps .
Any puchases would be under finance so any income after costs ofcause and we could spend aound $150 to start . Don’t laugh – l know it’s not much but eh , only paid $65,000 for my first reno’ and cleared exactly $65k on it later so l have hope , actually round 70 l think.
l can’t renovate anything right now though l’m more hoping to get some property income and build on that.Cheers.
MkcHi mkc
If you are thinking of investing in property and for the amount of money your thinking of out laying perhaps you should think about contacting either Westan for US property investment or Don/Liz for NZ properties.
Other than that shares might be the way to go. I don’t know enough about shares to be of any benefit to you. It would be best to talk to a finance adviser if you decide to go down that track.
Good luck
Jenny
Jenny1
Unles you follow Jenny1’s advice, to take on US or NZ markets, I’m afraid you still have to do a lot of legworks in OZ property market. And no short cut unfortunatley.
cheers,
Thanks for that guys .
So does this mean the general vibe is OZ realestates too flat to bother with for awhile and investors are looking elsewhere Something l’ve been thinking about is a cheap house with rent outwaying costs – a cheap block of flats in a country town somewhere , often their rents aren’t much cheaper than city rents but the building’s cheaper to buy , poss’ change . l’m just bouncing idea’s here hoping you’ve all been there done that type of thing .l have been thinking about the stock market to Jen , maybe joining a stock report thing like Australian Stock Report but l really don’t think l’m easy about it . Has anyone got any feedback on that or my rental ideas ?
All the best.
Mkchave you had a look at http://www.realestate.com.au for properties, if so any thoughts?
Are you renting, own your own property, paying it off etc..
If you post more info the brokers here may be able to assist you?
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorThink l have an idea – all feedback welcome .
What about buying an industrial building , they sell very cheap but they rent out for top dollar – l think !!!!
My brother owns a factory [ just a big shed really ] in Melbourne and said he can get $700 pw for it . He only paid around $ 250 . That seems like a very good well above average margin to me .
Has anyone got any pros and cons to this idea ?
Cheers
Mkc.Originally posted by mkc:Think l have an idea – all feedback welcome .
What about buying an industrial building , they sell very cheap but they rent out for top dollar – l think !!!!
Atleast my brother owns a factory [ just a big shed really ] in Melbourne and said he can get $700 pw for it . He only paid around $ 250 . Seems like a pretty good margin to me .
Anyone got any pros and cons to this idea ?
Cheers
Mkc.Can be a terrific investment but it is different to residential investments.
Main diff are:
Can not borrow as much LVR typically 70%
Rate is higher
CG is different and usually based on rent.
Vacancies can be longer
Leases are longer
Bottom line is that you need a bigger deposit. Not the 5% min as with residential property!
I suggest you do some searches on commercial property and see what you come up with. Talk to your brother – he obviously knows more than most people!
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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 very much Simon .
Those are crucial factors in my situation as l don’t want to put much down . l’ll do some digging in the new yr and see what pans out .
Cheers . Mkc.
Hello Mkc & all,
Personally for a quick start invest in self education re: property investing & structure.
I can see your eagerness, but (sorry to be a downer) if you leap in without the right knowledge & research, your investing carer may be short lived or with wrong investing serverely hampered.
Sorry again to be a wet blanket, but research and know what you are looking for. Once you have indentified the area you wish to hone in on then research it thoroughly. What might work for your brother might not work for you.
Cheers & good luck
Another couple of suggestions:
find an experienced spotter to do all the work and you setup from there….
– don’t put all your eggs in one basket…
– Don’t sink all your cash into one deal
– Start small (so you can sleep at night)
– Know your limits and build a team around you with the skills knowlege you may lack in.[baaa]Once you gain experience and confidence with all the issues and rewards of Investment properties… then you may decide to go it alone… find JV parners to share risk… or simply keep doing the same thing over and over if you do not have the time or experience.
Best of luck.
KiwiThanks very much for that advice people . l didn’t really plan on going crazy with 20 or 30 properties , too much on but l am looking for just one right now that could bring in some extra bucks,
atleast that’s my thinking .
l have started scanning although very 1/2 heartedly and found another industrial workshop shed number that is currently rented out at $300pw , asking $120,000 .
l haven’t done serious sums on it as yet but have thought if l was to put $20 on that , leaves a $100 loan , then cleaned it up abit put the rent up l could come out with a couple of hundred change each week . lt’s also on a big block so if l put an extra shed on it which my other brother builds , l could get an extra 2-$250 pw from that for only spending an extra 30 grand on the lot .
This is the sort of thing l’ve been thinking about so far or maybe even a cheap block of flats .
Food for thought .
Thanks and cheers to all.
Mkc.Hi MKC,
That’s a great idea! How did you come across an idea like that?
It’s very creative mate!
Tyrone
Tyrone | Property Investory
https://propertyinvestory.com
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Thanks Tyrone
Afraid l’ve had to turn into the king of creativeness due to a late start and too much travelling. But l also know a few people who rent or own industrials and noticed the rents are dear but industrial land and buildings are often alot cheaper than houses .
Cheers.
MkcGosh, MKC, I am surprised! After reading your postings, over the past few months, I took it that you had been into PI’s for a while and were reasonably experienced.
You have had many good pieces of advice given here already and hopely I can build on that. I still do not regard myself as seasoned, or any sort of expert, but we have done a bit.The first point is education. But don’t just read – ‘do’ at the same time. There is a good book that tells how “they” started, right under your nose. Steve McKnight’s book, “0 to 130 properties In 3.5 Years” is the title. In it, Steve describes how he actually started out in property investing. Read it!
Mate, when my wife and I first started out we knew very, very little about the world of finance and investing. But we knew we had to do something as neither of us could work. As well as having babies, my wife had arthritis which stopped her from gaining any employment anyway. I damaged my back at work (split disc in lower back) which put me on workcover – and the payments were a few dollars below the dole. The relevance of this info will be evident shortly.
So, neither of us could work but we had two properties, ones that we were living in before when we met & married plus some savings.
We new we needed education. We bit the bullet and, with only enough money to pay for one, I went to a 3 day Investment seminar.
Woh! Did that open our ‘uneducated’ eyes! We learned about so many different types of investing and and financing etc.
You must do due diligence and don’t just go to any seminar. There are still some that are just hype and money holes but there are good ones.
Here’s my main point: After gaining some education (a lot compared to what we originally had) we managed to hunt out and purchase 5 more PI’s in the following 4 years and all the while on my Workcover pittance!
There are lots of different ways of making money on the stock exchange too, that we learned of, and just using that we recouped the cost of the seminar within 3 months. But property IS and should always be the “rock” that you build your investment portfolio on and from.
The other main thing we learned was to get a good “team” together. That is a good Finance Advisor/Broker, a good Lawyer, Accountant and a RE Agent you know you can trust. All need to be savvy to what you are wanting to do to. We actually bumped into an accountant who called himself a finance advisor too but knew nothing about Option Trading on the Stock Exchange!
So to sum up, educate yourself – Steve has a wealth of good products in his shop, get a good “team” together and then get out there and look! Also, as well as doing ‘due diligence’ on properties you need to do it on the different professionals you are thinking of using too. Check them out to make sure they know of and understand what you are wanting to do.But to repeat one of the things I said above, get Steve’s book because in it he tells us exactly how he started and explains the mistakes that they made.
If you want any other info or want me to expand on anything here then don’t hesitate to PM me. Like I said, I am no expert at all but I have owned PI’s for 10 years or so and am only too glad to help.
Best regards,Forklift.
EDUCATION IMO – You can never know enough!
Steve’s book ‘From 0-130 properties in 3.5 years’ is a great starting point, its very easy to read and understand (when i got it i couldnt put it down & read half of it in 2 hours) read it and it will save you a headache down the track.There is no ‘easy’ way to make money – you get out of it what you initially put into it. [oneeyed]
Originally posted by Forklift:…You have had many good pieces of advice given here already and hopely I can build on that. I still do not regard myself as seasoned, or any sort of expert, but we have done a bit…
Hi Forklift,
Great story – perhaps you should write a book too
. Seriously, this is a great post from someone who obviously takes action and has conquered the various mental mountains that prevent most from getting off the starting blocks. Inspiring stuff.
-GaryHi,
have a look on real estates in postcode 4413, property selling for under $200 and receiving huge rent $380 +
cheersHey MKC,
Not too sure about your neck of the woods, but in the NT you cannot get rental insurance on commercial properties…
Something to think about anyway if it is a smaller business occupying the premises.
Good luck with it all,
Mark.
. Seriously, this is a great post from someone who obviously takes action and has conquered the various mental mountains that prevent most from getting off the starting blocks. Inspiring stuff.
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