hi we hopefully are going to buy our first investment property soon..i read a.p.i and have read jan sommers books etc but find myself confused as to how we should go about it.do we use a buyers agent do we join the investment club we dont want to make a mistake or get ripped off any help would be welcomed
timaruboy,
Dont buy now. Wait. Keep reading, but don't belief all that crap in API.
API is a magazine mad up of one off articles of one off situations, it tries to give you the impression that you will get the same result as the people in the article.Yes, you can make a profit in property, but not at the moment. House prices are falling, unless you can get a baigan that is paying rent of over 7% or so, then don't buy. Wait a few months and note how prices are falling.
If you don't have a steady job that will see out the recession, then don't commit yourself, you could loose it all.
Hi,
If you are looking to buy for market-based growth (that is , buy something and 'park' it as a rental while waiting for general capital appreciation), I'd agree that holding off is smart. This is because the market is likely to drift or retreat rather than rise in the near term. The price to jump in is once prices begin to correct.
However, if you want to be an active investor then it doesn't matter when you buy so long as you have a system that can make money in the current market. Active investors apply strategy and skill by buying problems and selling solutions, generally by adding more in perceived value than actual cost.
There is a lot of information on this website about various strategies, so spend some time surfing and reading and by all means ask more questions.
Merry Christmas!
– Steve
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
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