hi all
im 21years old have just cleared my name of all debts and loans and am ready to get into property
investing. I just dont know where to start im in the wollongong area/ south coast. If anyone can help me on where to start, what to read and research, savings etc for my first home would be muchly appriciated.I currently dont have my own house and whether it would be worther getting an investment property first or a private loan?
thanks everyone
Property investing is very broad. There are MANY ways to procede and it's different for everyone.
I'd suggest getting a few books
Here's some discussions on good books.http://www.somersoft.com/forums/showthread.php?t=9652
Also borrow some property magazines from the library and read some stories about how people got started etc.
While doing this browse http://www.realestate.com (start with your local area). Go to a few open homes etc. Get a "feel" for property and what interests you.
Come back here and ask questions as they arrise. Good luck. Be careful though- it's addictive (in a good way!!).Agree with Catalyst – you need to spend some time educating yourself before taking the plunge.
Understand the basics first. From there, work out what you want to get out of property investing and devise a strategy.
Work out the end goal and formulate a strategy to reach it.
Property investing is generally a long-term asset class – so a bit of patience is required. Starting young has obvious benefits.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
yeah i would like to know as much as i can and go to as many seminars as possible before i start.
With getting started is it best to save for a deposit or is there loopholesthanks for your help!
yeah educate yourself first. Be confident when you invest (even in your first IP) so that you don't get ripped off and taken advantage of.
I had a look at the book list in the post above. It's a very comprehensive list. You probably don't need to read all of them. Check out reviews on amazon to getan idea of which ones are suited for you.
There are a LOT of books. Don't get too bogged down though, otherwise you end up with analysis paralysis.
Saving is always a good start. There are other ways but you need to get educated in those areas to put them to good use.
Seminars are a good way to hear different strategies just don't get caught up in the hype.
I think the Think and Grow Rich in Property (or Think and Grow Rich Entrepreneurs) weekends are good for beginners.
They are free and have different guest speakers. It give you a taste of different strategies. Plus you get free books DVD's etc. Just google for ones in your hometown.
There are also meetup groups in lots of cities which are a great way of meeting people. Networking is (I believe) the Catalyst in starting your journey.
If you put your hometown someone may be able to point you to one.Great thats loads of help booking in for the next seminar near me for Think and Grow Rich in Property . Suppose in the mean time keep researching on here and books!
If anyone knows of a seminar in the wollongong area please let me know
Thanks!TAO wrote:hi all im 21years old have just cleared my name of all debts and loans and am ready to get into property investing. I just dont know where to start im in the wollongong area/ south coast. If anyone can help me on where to start, what to read and research, savings etc for my first home would be muchly appriciated. I currently dont have my own house and whether it would be worther getting an investment property first or a private loan? thanks everyoneWelcome to the forum TAO, you are in a strong position mostly because you are starting young and that's a big advantage!
This is actually a FAQ, so take the time first of all to do some reading starting with online forums, books, independent seminars (always find out where the vested interest is) and enjoy the journey!
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