Hello,
What are some big first time mistakes that I should avoid? Most of all, How should I start out? Buying a condo or low-income housing and renting it out? Please, if you have experience or first hand knowledge about real estate investment, I would love to hear your take on it and what you would’ve done better if given a second chance.
Thanks!Hi Danis11
Without knowing your full situation, I would decide what you want out of property investing first (your end goal).
Then I would read as much as you can on this forum, ask questions ect, then come up with a plan that will get you to your end goal and strategies that you feel comfortable using along the way.This is what I wish I did more when I started out, I lacked a bit of direction several years ago lol
danis11 wrote:Hello,
What are some big first time mistakes that I should avoid? Most of all, How should I start out? Buying a condo or low-income housing and renting it out? Please, if you have experience or first hand knowledge about real estate investment, I would love to hear your take on it and what you would’ve done better if given a second chance.
Thanks!You must first set your goals of course, that is the very first plan you should do. Also it is important that you know the financial resources you are willing to take on, investing is taking the risk so you need to be brave and be prepared.
Make sure you have a certain amount of knowledge and certainty before taking the jump. There's nothing worse than making a purchase, then realising a couple of months down the track, you make a mistake as you were too naive; before you know it you've made a dud purchase, with the property not making you any money at all….
Not getting advice from professionals who know and are interested in property.
We set up a trust because our accountant said it was the best thing to do for the long term but I didn’t know enough about it. I dont think it has been helpful for our situation but it did provide protection. We couldn’t claim against our income- debt is quarantined in the trust.Renovating does not always add value – it can be a big task and does not always provide return. I think this works in a rising market.
There are many strategies out there- one is right for you.
Dont listen to the Negative BBQ talk – where everyone has a sob story to tell about how it went so bad….
Attend meetings… ,like mine of course! Where you get to mix – physically with other people who are interested. This forum is great but actually rubbing shoulders with others cant be underestimated. If you cant attend a meeting – organise one yourself!1 I have learned soooo much running Women in Property meetings that I could never have ever envisaged by just investing… Oh and its not all about property that Learned! That is probably the best part- I have learned so many other things and met so many great people!As the others have said- think really hard about what it is you want to achieve. Work out your goals… Find someone who is doing it and copy that.
How is there two posts running with the same question ?
Is there? Someone must have posted twice? Is it same topic?
Maybe danis11 did not know where to put the post so posted it twice?I like “walk softly carry a big fish”……….
Hi WomeninPropMelb,
I saw the picture on a t-shirt at at the Bangalow markets near Byron Bay, and it just cracked me up.
Very Funny! I like it.
Ahhh Bangalaw.. you lucky thing. I lived in Brissie and used to travel down to Byron, Lismore and Ballina in a sales role… those were the days.Now we are less serious… I guess we should be in “Forum Frolic”….
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