help with investing plan

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smartcube
Member
@smartcube
Join Date: 2010
Post Count: 29
August 29, 2011 - 12:18 am
hi.
iam new to investing in property.i live in melbourne .i want to start investing in pro.have savings of 90k and a decent income of 100k partner income of 50k.we dont own a house we are still renting paying rent of 1600pm.i need advise on how to start/where to start with investing in property.is this the right time to buy investment property or for that matter any property?iam also taxed bit high any savings with property investing also will help..but iam looking for long term…i want to start build a investment portfolio..i have 3k to 4k as disposable income each month…
Pls advise…

Deal Maker
Participant
@deal-maker
Join Date: 2011
Post Count: 33
August 29, 2011 - 2:50 am
Hi Smartcube,
As you have said in your forum post, it might be a good idea to formulate a brief investment plan prior to taking off. A great start would be to read Steve McKnight's revised "0 to 130 Properties in 3.5 Years". It will give you a snapshot of the various types of property transactions you can do with the pros and cons of each plus the rationale for each one. From there you should have a good idea of the path you want to take.
We hope this helps.
Regards,
Sherry and Jason
Deal Maker | Great Property Deals
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Coli
Participant
@coli
Join Date: 2009
Post Count: 19
August 30, 2011 - 2:53 am
Hi Smartcube,
If you are in Melbourne a great start would be Steve McKnights one day course in Melbourne on the 10th September that is advertised on this site. I attended the Brisbane one last Sunday and have been to many of Steve's updates and Seminars and you will recieve education, rather than a biased opinion from someone who just wants to sell you property.
A great way to start. Educate first.
Derek
Member
@derek
Join Date: 2004
Post Count: 3,544
August 30, 2011 - 11:22 am
Hi SC,
Not a broker but it would appear as if you are in position to start investing.
Rather than rushing in I suggest you do some more research and try and work out what you want to achieve in the long term. I recommend reading a few books. A good start would be Jan Somers "Building Wealth Through Property" and Steve McKnights two books. These books are really at the opposite end of the investment spectrum and you may well find one style of investing mroe suited to you. Margaret Lomas also has a 'middle of the road' book which will also provide you with some clarity.
Once you have worked out which style of investing is more suited to yourself then you do have a lot of questions to develop 'answers' for; how long are you going to rent for? are there plans to start a family? grand plans for ttravel? career change? career security? and so on. To a certain extent the answers to these questions will also help you develop a suitable strategy.
Set your self a timeline (6 months ?) to address these, and other issues, and then begin.
Remember education and knowledge are the keys to success.
Ryan McLean
Participant
@ryan-mclean
Join Date: 2010
Post Count: 547
August 30, 2011 - 12:35 pm
As everyone has said above. The first step is to GET EDUCATED. Read books and visit seminars. Steve McKnight's book is great and there are tons of other great authors out there (check out my review of top ten positive gearing property books).
You also need to decide in your mind "WHAT DO YOU WANT TO ACHIEVE?"
Do you want passive income? If so how much?
Do you want capital growth? If so how much…and how quickly?
What you want will then determine which investments suit you best. It is then just a matter of finding the investments that line up with your goal. For me it is cash flow, so positive geared properties line up with my strategy. Everyone is different.
Good luck
Ryan McLean
CashFlow Investor
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