Where do I start my research?

Hi Louise M77

Have you read any of Steve's books?

These might be a great start especially books 1 and 3,  0-130 Properties in 3.5 years and also 260 properties in 7.5 years.

Both these booth offer practical steps to becoming a successful property investor from the ground up.

Book three is propably more current for today's market and helps one understand the bigger pricture in terms of property investing, given it is more recently released.

• Have you thought about what yor goals are in terms of $ and time to achieve them?
• Whether your have a Growth or Income focus to your future property investing.  It is really important to get these things under control so you have a better idea of where you are heading then,
• Work out how much equity / cash you have  available to invest
• What you can borrow and this will all help you define
• What strategies you need to employ to achieve your goals etc, is developing, renovationg, buy and hold (positive cashlow of course – not negative gearing)
• Bear in mind too the current market in the area you propose to invest in

A number of these issues can be worked on concurrently and once you have all these sorted, then start to look for areas that meet your needs.

From the Stuff I have learnt since joining Steve's RESULTS program, clarity of goals is probably the most important, as it flows onto other issues that you mentioned.

Also a flexible capacity to "see" opportunities will also set you well on the path, this comes from really getting to know what you want, the area you are looking in and "how" to find solutions to problems you encounter.

In terms of looking at specific areas, they all offer so many oppotunities it is difficult to pin point specific strategies that would work in any given area, once you get to be an area specialist then that job becomes easier. 

How do you become an area specialist? well you need to look at lots of properties and I mean LOTS, know  market preferences, sales prices, potential sales prices after say reno or development and only once you have all this experience under your belt will you then KNOW a good deal when you see one.

Does this takes lots of time to develop? well it depends on your current ability to know what is included say in costs associated with renos, developments and your capacity to do due diligence on opportunities as well as previous experience in all or any of these issues.

Please don't let me put you off with all this knowledge and experience that is to be gained.  The first step in all this is to TAKE the FIRST STEP, be open to new ideas and be prepared to put in the Hard Yards so to speak, having said all that make it as enjoyable as possible and you will be in for some amazing insights on the journey.

Are you starting too LATE in life, remember that Colonel Sanders started KFC at the age of 61.  Then wonder again if you are too late, I think not

Just do the Nike thing !!

Warm Regards
Sue

Hello Louise,
I was a late bloomer in buying property too, with my first purchase at age 33 but don't think you have missed the boat, there are plenty more boats lined up ready to go. If you are interested in researching and building your investment property knowledge, I have found my local library has many books on PI. Watch out for out of date and foreign info though, same with the book stores. The ones I like I bought a copy for future reference but some are not worth the paper.  I enjoy API magazine for its inspiring stories and editorial content on how tos. There is a section where you can order books too and reviews. Besides McKnight, you may like to also look at Lomas, Somers, Wakelin, Spann and Yardney. I also like to read books by Noel Whittaker, more to do with shares but some interesting concepts and he writes well.
If you are going to invest in your local area, the more properties you look at , the better an understanding you will get of what sells quickly for a good price and what sits on the market which will lead you to ask why. Talk to RE agents and get to know the sales in your area. There is often a huge difference above or below asking price as to what a property sells for. This will help you to develop a feel for value adding thus gaining equity. The more you get to know the values in your area, the more certain you will be when the deal you want to jump on with confidence comes along. Going to open for inspections and auctions gets you in property mode.
My wife and I are currently holding 10 properties and only bought our first one 5 yrs ago. We don't follow any strict rules for buying or selling but have developed our own strategy based on what we have learned from others and what suits our lifestyle.  So don't feel overwhelmed, just take it one step at a time and act on what you learn as you are comfortable. I find that the most important contacts i pass on to my property investment clients are a bank manager or loan broker, accountant, conveyancing solicitor and building and pest reporter. I don't mind paying top dollar for services of these professionals because I know they save risk, money , time and stress. It is important to deal with people who are experienced in property investment. I myself am a real estate agent but you will need one of those too, even as someone you can phone to bounce ideas off and get data from.
(If one of my sons becomes an electrician, I will be set.)
I hope this assists,
Kind Regards,
Jeff