Hi Everyone!
I’m new to this forum, 26 years old and will be married in a few months. My future wife and I don’t have any large assets or capital mostly due to bad spending habits and unfortunate circumstances but now we’re on the right path and hope to purchase our first IP later this year or early next year.
I’ve just read Steve’s 0-130 properties as well as Kiyosaki’s Rich Dad Poor Dad and both books have completely changed my views about life and property (Majority of our family members are teachers). I’m currently very hungry for knowledge and information about investing, and since we’re not in a position to take any financial action I want to take advantage of this time to get myself educated.
So I just want to know from those who have experience if it’s best for me to keep reading more books and find more information on my own. Or is it in my interest to study a course such as Steve’s Property Apprenticeship? I’m hoping that the apprenticeship could help save us some pain and money for our first IP.
If anyone has any advice I will very much appreciate it.
There is no greater lesson than exposure to the elements. If you cant purchase immediately .. try a couple of properties and do the figures and costings. It might sound rushed to start with hypotheticals .. but the other side .. you'll be dealing with real dollars.
So train yourself. You'll gradually learn whats good .. whats bad .. whats a risk .. what remains a long term hold and what will be a quick sell. How the market affects things .. and how to make money by buying right.
The important thing is to become an expert in the market you deal in. It allows you to make better judgement calls and take less vulnerable risk positions.
Hi Johntan
Welcome to the forum.
Continue to read widely – have a look at some of the books from Somers, Lomas and Yardney. All have different methods of investing.
Forums like this are a great free resource – generally with up to date info.
There's a bunch of links on our website that you might also find useful – http://passgo.com.au/property-data-websites.html
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]
Thank you for the warm welcome and helpful insights. For the time being I’ll read as much as I can, exercise my knowledge on paper and keep a very close eye on this form. Really appreciate the feedback.
Cheers
Johnjohntan wrote:I've just read Steve's 0-130 properties as well as Kiyosaki's Rich Dad Poor Dad and both books have completely changed my views about life and property (Majority of our family members are teachers).Curious as to why the reference to family members being teachers?
I wouldn't rush in and join a program. Read as much as you can. Magazines are great for reading others stories about how they did it (get heaps from the library). This will give you an insight into different strategies so you can decide which suits you (there are MANY ways to make money in property).
My number one tip though is networking. Meet others who are doing it. That was the catalyst for me. I kept meeting these ordinary people who had multiple properties. I was thinking well why aren't I doing it. So I did.
They egged me on. I thought I was pretty good with 2 properties until I met people with 10+. My goal was 1 per year but that only lasted 6 months then I was hyped up and took off.
I'm a teacher BTW. Everyone at work, thinks I've gone crazy. LOLIt's great that you're actively seeking info on what's out there… There is a lot but it's important to investigate all sources etc so that what you're getting is accurate…
Happy learning!
Hi John,
It's not property specific, but George S. Clason's "The Richest Man In Babylon" is a must-read for anyone interested in creating personal wealth – it covers the basic principles in plain and simple terms – basic principles that most people don't even think about. Your teachers comment reminded me of the lesson in the book where a man gets burnt financially while seeking the advice of a bricklayer about precious stones… Read it and it'll make more sense.
Peter Spann is another Aussie with a couple of good books on the market – further to Catalyst's post, he pushes the idea of networking with like-minded people.
From personal experience, I'd also suggest sticking to your local market initially as you're much more likely to find success in an area you know more intimately.
All the best!
Ohh i really like the Richest Man in Babylon too! Especially the idea of "paying yourself first".
I also came across this list of some recommended investing books, which might help you also. All the best.
There is a lot of info out there, just remember, most people who write these books might have done well, but their journey was something that worked at that time, but doesn't mean it will work as well in this environment.
The world is a VERY different place since the GFC and the rubber really hits the road now when it comes to having a solid approach.Hi
I am going against the grain here and as a newbie investor myself, I have decided to enrol in a course for a few reasons. I have been reading a number of books over the past year and just found that I had information overload. As an experienced investor, you may be able to sort through all the messages, but for me, I found that one expert was saying one thing, another something else etc etc. By going through the course, I am able to get a few fundamentals in place to understand what each of the books are saying (then I can determine what method will work for me). The forum is a great place, but again, everyone is saying something slightly differently and being a very active forum, my head was spinning.
Alternatively, there is mentoring available, either Nathan Birch, Lomas (through her Destiny Financial Services I think) or the Results course where you can bounce your ideas off an experienced investor to ensure you are implementing what you have learnt correctly (and yes I realise these services are putting money in other people’s pockets but the alternate cost could be much heartache).
My 2c worth.
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'
I really appreciate everyones comments, thanks for all the reading material as well as the other resources. I understand that there will never be a fixed formula for investing in property due to the many variables involved, everyone will always have a different goal in mind and not everyone will be working with the same circumstances. At this point in time I can’t even consider myself as an investor and I have a very long road ahead before I start investing but I’m really glad that there is a way and this forum shows it.
Catalyst wrote:Curious as to why the reference to family members being teachers?<br /Nothing personal against teachers, I just related to Kiyosaki’s upbringing as a majority of my family worked in education and I was heavily influenced by that. Unfortunately not everyone has a ‘Rich Dad’ to guide them.
Flea2575 wrote:Hi
I am going against the grain here and as a newbie investor myself, I have decided to enrol in a course for a few reasons. I have been reading a number of books over the past year and just found that I had information overload. As an experienced investor, you may be able to sort through all the messages, but for me, I found that one expert was saying one thing, another something else etc etc. By going through the course, I am able to get a few fundamentals in place to understand what each of the books are saying (then I can determine what method will work for me). The forum is a great place, but again, everyone is saying something slightly differently and being a very active forum, my head was spinning.
Alternatively, there is mentoring available, either Nathan Birch, Lomas (through her Destiny Financial Services I think) or the Results course where you can bounce your ideas off an experienced investor to ensure you are implementing what you have learnt correctly (and yes I realise these services are putting money in other people’s pockets but the alternate cost could be much heartache).
My 2c worth.
Yes it can get that way with so many different ways to make money in property. A year is not a long time to get your head around investing in property. You need time to look at each strategy and see how each really works and what's for you. You need time to research areas as well.
Enrolling in a course will not help you decide on a strategy (IMHO) as the course provider will teach you their way of investing in property. I don't know (enlighten me if you do) of any course that teaches all the strategies and how each on works, in order that you can decide what's the one for you.
Just the same as paying for a mentoring program IS choosing a way to invest. Nathan's approach is buy under market, increase equity and aim for CF. Lomas looks at high yield but tends to negate CG. Others advocate blue chip inner city high growth but negate yield.
What's the course you are doing? What's THEIR strategy?
As I always say -NETWORK. It's free (often) and you get to see people putting their money whewre their mouth is.
They egged me on. I thought I was pretty good with 2 properties until I met people with 10+. My goal was 1 per year but that only lasted 6 months then I was hyped up and took off. 
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