Hi,
I am a newbie here. I have some questions that would like to get some advises from you all. Through some reading in this forum, I have come across the name of Steve Mcknight, Hans Jakobi and Margaret Lomas. For your information, I have little, if any, idea in properties investment, since I haven’t started to read any books or so. This is because I am searching for the right book and would like to start on the correct path at the very beginning since I only have limited disposable income. Things that I would like to get to know are all possible pitfalls and rules and regulations that involved in properties investment. For example, land regulation that we need to be aware of and where to find it, how to minimize tax legally, how do we get a good bargain of loan, and so.
Therefore, I would like to ask is it recommended that we, any newbie that have no idea about real estate, should get and read all the courses and books by Steve Mcknight, Hans Jakobi and Margaret Lomas in order to cover all those fields? Or do you think it is enough to go through books/courses by one of them just to jumpstart our knowledge in property investment? Honestly, what I worry is that all I will get is some experiences talk. I don’t oppose to those talks as it provides motivation to all of us and prove that this thing exists and I believe it does. So, I am not trying to be negative or doubtful I just can’t effort to keep buying stuff or attend seminar that end up do nothing and need to accumulate again some fees to attend courses again. Any other suggestions for a good start will be much appreciated.
Please accept my gratitude in advance for the valuable advises and spending time to read this post.
Thank you very much,
Best regards,
Tim
P.S Please note that I mean no disrespect to all the gurus I mentioned above. I respect them as they must have done a great job to be respected and honoured by the people in here.
I think you should read as many different Authors as you can to get a well-rounded perspective on what is required.
As you go, keep in mind that you will need to formulate a plan eventually, and a strategy to go with it.
Are you going to be a flipper, a buy-n-holder, etc.
Find an area that you would like to invest in, and study it really closely as you read your books, so that when the time comes to take action you will know what to look at for value, position etc.
You will also need to find an accountant, a good Mortgage Broker and a solicitor/conveyancer.
Lastly, set an action date, based on what you've learned about finances. Many people do all the research and then never take action.
Start small, and don't be afraid to make a mistake at that level as it won't be too much of a problem.
After 12 months you should have a good deal of knowledge from the books etc. The real knowledge comes from the action though.
I have been lucky enough to attend a couple of seminars for free. And I won steve mcknight's masterclass pack in a competition (but i didn't do tooo much with it cos it not my investing strategy). THere ARE different strategies out there and you have to decide which is best for you. I know a guy who has spent a fortune on seminars and books and hasn't bought a single property, cos he isn't sure which way to go. So you have to be careful of that
There is a wealth of info on this forum…….all free. My advice would be to start with a property in your own area. YOu know your own area the best. Start putting in low offers, sooner or later you will find someone who HAS to sell
goodluck
If you have a low disposable income you will be on a low tax rate which means that you get very little benefit doing negative gearing. Why I am mentioning this is that you have to decide what type of investor you are going to be like developer, positive geared investor, negative geared investor, ect.. By reading books as well as magazines like Australian Property Magazine you will know the differences between each typeof investment style.
Hey Tim
Well if nothing else you have a great name, LOL.
I have been where you are and in some regards I still am. You have to remeber that you will be investing thousands and thousands of dollars so a couple of hundred spent on books and some time reading will soon pay for itself. Even if you only learn one single thing from a book chances are this knowledge will be easily enough to pay for the book. Taking your time is also important and NEVER be pressered by R.E agents. Don't be afraid to miss a deal as there is always another one just around the corner. Also stay on this forum and ask plenty of questions. I am only 21, so therefor have limited knowledge and not many of my friends are very knowledgble in this area either, so i have learnt so so so much from this forum. There are many extremley knowledgble people on this forum who are more than happy to help, such as L.A Aussie. In the end all the decisions are up to you but the more information you have the easier it will be to make informed decisions, also i found that RE Agents will treat you alot more seriously if you can talk the talk so the speak.
Good luck with it all anyways.
Cheers Tim
Hi Tim,
Take the time to learn. This isnt a race. I would suggest reading a few issues of API for a start and becoming familiar with the different types of investing strategies. Check out you local library and see what is on their shelves. When it comes to the books, you are right, there are many, with many opinions as to what is the best. Check out the publishing dates and look for reviews on the web. Often, there will be a web site attached (eg PI.com for Steve McKnight) that will add more knowledge to your shelf without a lot of cost.
Ask questions, to mortgage brokers, realestate agents, other investors etc. If nothing else, you will become practiced at picking the talkers from the doers.
Pick an area and "dummy" run a few places.Do the monopoly thing and buy, reno (or subdivide, whatever) and sell all on paper. Learn how to factor in things like stamp duty, rates, interest, insurance, commissions etc to evaluate profit. There are quite a few templates for this available for free if you do a search on google.
As Tim says, at the end of the day the choice is yours, but if you want to sleep at night, then be confidant with your choices.
All the best and enjoy.
Cheers
tammyHi Tim,
Your local library should have quite a few of these books available, mine does. Saves buying them!Hi,
Thank you very much for all the advices and tips that save me heaps. I understand what I should do now
Will go to hunt for those books as soon as possible as a startup of my journey in property investment. About strategy and planning, I still don’t have any in place, all I did until now was saving for the first deposit and planned to start as soon as I can. Hope that it will get clearer after more reading. Thanks again and seeya, will be here more often
Nice to meet you all,
Tim
I agree with all of the above comments. It's good to read books, go to seminars, talk to agents etc. but the most important thing to do is to have a go. I went to one seminar, read one book and bought my first investment property at the age of 50.
The house was old, badly located and attracted some shocking tenants – a number had to be evicted! In fact, I made every mistake in the book but I learnt so much. It cost me $115,000 and is now worth $350,000.
Happy investing, Tim
Will go to hunt for those books as soon as possible as a startup of my journey in property investment. About strategy and planning, I still don’t have any in place, all I did until now was saving for the first deposit and planned to start as soon as I can. Hope that it will get clearer after more reading. 
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