I am a mature ( hopefully) beginner in the field of property investment. My place of residence on the Gold Coast is worth about $400,000, and I owe $170,000. I would like to start somewhere in order to give myself a retirement income ( in about 10-12 years time). Could you advise me where to begin? gpl
Start reading as much as you can. Two good books are the ones by Peter Spann and Michael Yardley (forget the titles sorry).
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Choose where you'd like to invest and keep a constant eye on those suburbs/areas on realestate.com.au to get an idea of price, what's in demand and how long things are taking to sell. Also, you should keep a look out for any new developments in your area.
Gday gpl,
WOW!, what a great position to be in, u have quite a lot of equity to get started, my advice would be to attend a few seminars and learn from the experts, not the real estate agents. the best seminar i attended is a company called think and grow rich, they touch on a range of wealth creation speakers. That is where i started and have found some amazing opportunities through not only seminars, but the people you meet that also attend. Ive also heard great things about steve mcknights seminars he runs as well. There is plenty around. All the best with it!
RD
Hi There!
I have not been on here for a while …… however here is my input.
Good on you for getting property as a vehicle for self supporting you financially.My suggestions Before you start:
Sit down and clearly define your goals and aspirations …. put all your dreams down and work out what and why things are important to you…. if you miss this step …. you will end up hitting a wall and end up bieng just a hoby novice investor. (if that is what you want then hey fantastic!).
Put down your fears also and remember to put down your fear of what and where you will end up if you do not embark on your journey.
If you are looking for a more safer investing method depending on your age, skillset, borrowing power and investor knowlege… you could read Michael Yardneys 'Grow a $1M portfolio in your spare time'
Get a line of credit and sit on it until you are ready to invest… however only use it for investment purposes and lock in your current loans on fixed interest only …. if you are on a good rate.
Invest your time and network with others …. + CHECK EVERYTHING OUT FOR YOURSELF! – DO NOT TRUST OTHER PEOPLES INFORMATION….. the best person to look after your interests is yourself….
If you do decied to proceed and are serious about getting into RE investing …. get some structures set up to protect your wealth…. or you can perhaps do this later if you choose to (at an extra cost)
Get some expert advice from solicitors and accountants…. and get a mentor if you want to fasttrack your growth (even doing a JV with an experienced investor and sharing 50% of the profits …. will quantum leap your progress).
Anyway best of luck,
SW
Thanks everyone for your comments and advice, it has given me somewhere to start!Cheers,gpl
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