[thumbsupanim]
Since it is a new year I thought I’d wish all the Newbies goodluck. Post here if you are planning on buying your first home in 2007! I’d be interested to see how many people are going to make this year significant with a property purchase. Goodluck I hope this forum is of great help to you.
ChrisAnd good luck to all the oldbies too [biggrin]
Investment Property Management
http://www.adprop.com.auand to all the in betweens
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!Hi, brand new to these boards!
Definately aim to buy first investment / property in the next few months. Very very new to the ins and outs of it all however, but feel that i need to do something asap. I’ve been working full time for 3 years and have saved an ok deposit, and earn semi-ok money, so hopefully i can utilise this now so that I don’t miss too many opportunities.
If anyone has any tips for a complete newbie i’d be very receptive
A few ‘house-keeping’ tips for your list of things to know;
1. Get your finances in order and improve your financial knowledge. Do some financial statements on both yourself and a few future hypothetical properties to gain some experience on running the numbers.
This will help you to recognise a potential property more quickly when you crunch the numbers, and is very important if you are going to be a long-term property investor. Update them every 3 months.
Lenders like to deal with financially literate people, and not only that you will have more control and input into any finacial decision made on your behalf by others.
2. Find a good property accountant and Mortgage Broker if you are not close to the Bank Manager.
3. Always over-estimate expenses and under-estimate income (rents). 20% of rent will go in expenses.
4. Always get Landlord’s Insurance and $20mill public liability insurance as well as building/contents, building and pest inspections.
4. Never rely on opinions (especially from r/e agents) – research the facts.
5. Beware of rental guarantees – you are normally funding them yourself.
6. Be prepared to walk away from any deal. Never get emotional about a property. The deal of the century comes along every day.Cheers,
Marc.
[email protected]“we get sent lemons; it’s up to us to make lemonade”
Thanks LA Aussie. I appreciate the help (as I’m sure all the other newbies attracted to this thread will)!
From what i’ve been reading, the economics of property investing appear to be the most important factor (more than the ability to identify properties with superior growth potential?).
I may not fit into the long term category, with my current goal to simply own an investment that gives me sufficient equity such that i can buy a better than average home in 12 – 18 months time.
That said, economics will be driving factor, and who knows, i may do so well that i won’t be able to avoid becoming a long term investor.
I’m starting to get my finance in place, have set a budget for the entire year, educating myself everyday about PI, currently building up my team and have begun the search. Aiming to purchase 2 IP before the end of the year, wish me luck [cap]
hi all
i’m planning to buy my first home this year!
i have one investment property still being renovated, and hopefully by middle of this year, will have purchased my own home, to make full use of the first home grant!good luck to all this year![jerry]
thank you chris
this is my first visit and i am planning on some buying and selling this year
selling the family home at present to free funds for the future
monikaHi there,
I’m new to investing and I am looking forward to investing in properties this year. I hope to purchase 2 properties as a start and work from there. I wish all the best for everyone![thumbsupanim]Hey Chris ,
Hope things go well for u man this year in doing yr developments !from yr website it sounds like yr already doing huge things wiping out world poverty !
Love yr website man!
all the best
Luke“I have a theory that if one person can go out of their way to show compassion, then it will start a chain reaction of the same.”
– Rachel Scott(17 yr old killed in columbine shooting 1999)http://rachelschallenge.com/Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Hi all,
Not new to the forum but since I haven’t got any property under my belt I am still just a newbie!!
Almost there…expecting to have enough cash to start the journey in the next few months…just waiting for the right property in the area we have decided on!
Will let you know when it happens!
Good luck to all
Peach[specool]Hi all Newbies, Inbetweenies & Oldbies,
There’s really only 7 simple steps to become successful in property.
Step 1. Set you financial & personal goals
Step 2 Prepare a budget and savings plan
Step 3 Determine you Investment Stragegy
Step 4 Build your “team”
Step 5 Research, Research & Research
Step 6 Prepare a Feasibility Study
Step 7 Negotiate the deal and repeat!!!Its that easy!
[biggrin]AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
Still a young one to this website, and as fresh as it comes for property investing. Hopeing to get my first property by June 07. Then want to purchase at least one every six months there after whilst continuing[cigar] to work full time.
Just gotta get over the fear thing and do it!happy new year to you all!
well I wish I could say that I am going to buy a property investment this year, but the fact of the matters is that I probably wont.
Having just married at the end of last year and trying for a baby kind of ties my hands down – especially when I reach for my wallet.
The plan is that I move into a new home and rent the one I currently own (ie. pay mortgage). I believe this is the least expensive way of going about it but still the costs can escalate and I also have to think about the costs once I do have it with a tenant in it.
So all in all Im unsure how things will pan out, but I hope to do this sooner rather than later.
Can’t wait for the baby though!
Firstly Happy New year to everybody and especially the new members on the forum.
Certainly i agree that you need to start off with a personal and financial plan before you do anything.
Secondly you need to work out what structure you wish to set in place to buy your IP’s in i.e Trust. I have seen to many client go to Contract on the property and then ask us to establish the Trust which is of course then dated after the Contract ( A big NO NO).
Get your structure in place from Day 1 and the rest will fall into place. A good mortgage broker can analyse your borrowing capacity and suggest ways to save you money dependant on your long term and short term goals.
All in all hope everyone has a bumper 2007.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Hi there fellow forumers!!
My husband and I are buying our first investment apartment. We decided to buy a Cyprus Property in the north because it’s a hot spot right now, and we were hoping to buy now when it’s not even built yet and sell after a few years when it’s value will go up 20% (hopefully). I am a bit scared because these are all our savings, but my husband says it’s a no lose situation. I’ve been reading a bit and Cyprus is becoming very popular for summer homes but i’m still worried!
I hope it will work out well. [worried]
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