Very new to P.I, where to begin?

Hello Radicals,

In terms of building a property portfolio, you start like everyone else. One property at a time, and one deal at a time. Once you know what to expect and how to achieve it .. you can do all sorts of things you wouldnt be able to do otherwise. Multiple deals at once. Purchasing sight unseen (you'll know the area). Multiple properties financing multiple deals, in amounts you'd have only dreamed about years earlier.

Where is a guy to begin with property investing? Well, start with working out what an 'expert' is going to offer you, what skills you can bring to the party yourself (handy tradesman? accountant?). The skills you arent super dooper skilled up in, grab at least a layman's understanding of the skillset. You wont need to become a tiler, you will need to know what a tiler is meant to DO. And what a GOOD tiler does. Same with a plumber, and an electrician, and a painter. And even a *cough* property manager.

And you can always learn from an 'expert'. The vital bits of information you glean from someone else's property experience can add perspective and knowhow to your own. Dont buy anything from a spruiker until you understand what he's selling. Dont rush into a market until you understand its requirements. Nothing hurts more than being left with a dud property you just cant even discount to get rid of it.

But the space you create .. the investments you take, and the outcomes you produce, will be based on making sure you act on matching a knowledge base to an existing market potential and your effective budget controls. For all the 'guff' the 'hype' and the brash marketing .. thats all it boils down to.

Hi Radicals,

Are you chasing cash flow? Or growth property? Growth property will obviously require you to keep up with interest payments and a lot more stress to holding a job and not over extending yourself. With cash flow property, the property pays for itself and can be a great way to start your portfolio.

Remember, you can only buy as much growth property as your current salary can afford, however you can build a portfolio a lot quicker and with more properties if you purely focus on cash flow.

I am sure both strategies work very well, and it just depends what the outcome you want at the end of the day? Live off your property rental income and not have to work again? or build a portfolio of assets that are growing in value and you can afford to hold onto them with your current job.

If you are in Melbourne, happy to grab a coffee to chat further