Hi
I am new to the forum, and relatively new to investing. I have spend the last 2 months reading, reading and reading. Starting with the Robert Kiyosaki books, moving on the Margaret Lomas on CF+ properties, Rental property and taxation, just ordered Steve Mc Knight as well.
I am all geared up to invest. I am looking at either CP+ properties or one that I can buy, add value to, flip asap.
I am looking for a mentor to get me started. I am specifically interested in someone who has done this, and who shares the Rich Dad Poor Dad philosophy, The Secret, The One Minute Millionaire. So what I am saying is that I want to do it, am committed and enthusiastic, and am looking for a bit of guidance from someone who has built a property portfolio including good deals over the last year.
The idea of mentoring for me is that I get someone who helps me along, and I will then find a mentoree to mentor when I have more experience.
Katrin
Good luck with your search. You are reading the right books. Keep reading and re reading them. It is easy to get frustrated. Positive cashflow properties are hard to find but as the property market falls they may become a reality again. Long term negative gearing investments probably don't make sense at the moment.
There are a few threads on here on how to find/turn properties into positive cashflow.
I personally like to look for properties with property that can be subdivided off reducing your debt to a level where it becomes positive cashflow. This is not a quick fix and can be frustrating as there will be a period of negative gearing and the frustrations of dealing with council. You also need to do your homework on these to make sure it can be done before you buy it. I'm doing one at the moment but it may take a year to subdivide and sell off a block. It's a winner when I get through the pain.
Not a great market for flipping. Declining prices and long resale times.
The reno might be a goer if prices decrease at the lower end of the market. Buy cheap, a quick makeover and a fast buck. I find the reno too painful and quite risky as the expenses of labor can erode profits pretty quickly.
Don't forget to look at commercial real estate deals. Buy and lease can be good.
Good luck with your journey
Hi Chis
thanks for your ideas, I really appreciate them!
I am still looking for the mentor
Maybe I should widen my search to the rest of Australia, as with internet etc it should be possible. As I said, if you believe in the Law of Attraction, you will be happy if I then start mentoring someone else, as you would have mentored me.Katrin
I like your reading list so we are like minded. I am happy to bounce some ideas around on the forum. I am no millionaire so I'm no mentor. I invest in business. Business generates cashflow. Cash is king at the moment. The shares and property market has taken a bath. The folly of negative gearing has been exposed. Negative gearing may not be any use for another 5-10 years but who knows? Sometimes when the stock market crashes, everybody invests in real estate. I personally believe that anybody on even a ,modest wage can negative gear one property as you only give your tax money to the government anyway. Might as well own a real esate investment instead. If the property market drops off as many predict, positive cashflow investments may return. They are hard to find after the boom in property values over the last 5-10 years. Australian property is clearly over priced and the remarkable gains of recent times are over. You make your profit when you buy. Appreciation is a bonus and when you consider the amount you spend on stamp duty, agent fees, interest, you probably lose money. Positive cashflow properties are the way to go but hard to find. I prefer to concentrate on my local area rather than trawl the state/country for deals I know little about.
Maybe I should widen my search to the rest of Australia, as with internet etc it should be possible. As I said, if you believe in the Law of Attraction, you will be happy if I then start mentoring someone else, as you would have mentored me.You must be logged in to reply to this topic. If you don't have an account, you can register here.
