All,
I have been lurking around the forum for a while now, making the occasional post and have learn't many things which i never would have otherwise. However, what i have learnt is not enough to make me become the best property investor I can be. Having bought my first IP last year and finally having settlement this week now that the house has been built, all I can think about is taking the next step and doubling my property portfolio. Being a Uni student and a home owner, obviously my ability to save is limited due to my lack of income (compared to full-time workers), however I am aiming to have $10,000 saved up by October (but I think I will fall short of this).
Furthermore, at the moment I am anticipating having time off from Uni from October till March and dont want to waste time twiddling my thumbs for 5-6 months. Therefore what do you reccomend I do to further my education other than read books. Is there any mentors that you think I should approach to work alongside for 6 months to extract every bit of knowledge that I can from them? Are there certain workshops, programs or short courses that you reccomend I take.
Personally i would ratherbe there trying to find potential IPs and learning on how to negotiate deals with people, so the more hands on experience the better, IMO.
My goal is to be able to retire by the time I turn 30 with the same passive cash flow that I would have if I were still working full time (Mechanical Engineer with 7 years experience), which gives me a little over 8 years to do so. I may be setting my goals somewhat high, but i am willing to work hard to get the results.
So what are your reccomendations for my time off?
Hi Matt,
You OUGHT to be CONGRATULATED. I agree with your philosophy of aiming high. I find talking to experienced people, especially face to face is a good way to learn.
Invest time in acquiring knowledge. Knowledge is power. You’re in the right track.
Take care.
Angel
Hi Matt,
Congrats on your first buy. I was in your shoes many years ago.
If you had time off, I would suggest that you pound the pavement. Get to know the top and reputable real estate agents in your city and discuss your ambitions. Get yourself on their mailing list. The more investment opportunities you'll have to look at, the more chances that you'll have with making a good investment.
Furthermore, read. Get to know the tax laws, property investment strategies, success stories and what can go wrong in property investment.
Thirdly, become an expert with analysing the numbers of a property investment. Make sure that when you make your next investment, you don't miss a thing and there's absolutely nothing that you don't understand. Use property investment websites and get to know how you can play with the program.
Good luck and pm me if you need further advice.
Jase
Invest in yourself and read as many book as possible on property, speak to other investors who are actively investing. Try and minimize any mistakes and learn from other who are successful. Just and read as much as you can on property forums.
The best teacher is experience. Use your time off to search for great property deals at you can afford and that will generate you a passive income. Make offers on hundreds of properties and see where that takes you. Gain experience by talking to real estate agents and meeting up with other investors. Learn from your mistakes on smaller deals (where you won't lose as much money) before you money on to bigger deals.
Otherwise people to think about learning from would be Steve McKnight, Dymnphna Boholt, Rick Otton, Margaret Lomas. These people all preach positive cash flow in one way or another
Ryan McLean | On Property
http://onproperty.com.au
Email MeG'day Matt.
Knowledge on its own is NOT power. Gain the knowledge and do nothing with it is meaningless. Knowledge + Action = Power!
May I suggest you start buying Australian Property Investor magazine from your local newsagent – HUGE levels of KNOWLEDGE. Also, checkout the Investment tab at our website and see if this is further knowledge you can use."Apply yourself. Get all the education you can but then, by God, do something! Don't just stand there, make it happen!" Lee Iacocca CEO Ford Motor Co.
ALF1 wrote:G'day Matt.
Knowledge on its own is NOT power. Gain the knowledge and do nothing with it is meaningless. Knowledge + Action = Power!
May I suggest you start buying Australian Property Investor magazine from your local newsagent – HUGE levels of KNOWLEDGE. Also, checkout the Investment tab at our website and see if this is further knowledge you can use."Apply yourself. Get all the education you can but then, by God, do something! Don't just stand there, make it happen!" Lee Iacocca CEO Ford Motor Co.
sound like something out of how to think and grow rich
as for the API mags, im already subscribed, have been for a year!
so the general consensus is to read up as much as i can and get my networking started!
You must be logged in to reply to this topic. If you don't have an account, you can register here.
