Advice needed – where do I start

Hi Boro,

  I see you have just joined up – welcome !!    Your name is on the bottom of the screen, but don't worry – it will be gone pretty quick as more people join and nudge you out of the way. 

  Good work for getting some of the early work out of the way (seminars, books, etc).  Don't worry, it gets exciting pretty quick. 

  Re your question "What is start small?" – I would say start with one property – don't try to buy four just because a lender will give you a million $$    Also, you might already be starting to get a feel for which branch of property investing takes your interest.  Do you have a particular area that appeals?  e.g. buy/hold, developing, buy/reno/sell, etc.

  A smart move to have a sit-down with a Broker first.  Those on here are well versed in this style of investing and likely have a bunch of properties of their own.   Watch for the sigs that show their expertise.   They'll probably be along soon to say g'day anyway.

  First, get a feel for WHAT you want to do.  Get your finance questions answered, and a plan for "the way forward".  Then pick an area in which to invest (ask on here for what it is you seek, and see what replies you get).   See, some areas are already moving, others are showing signs of moving.  You might be wanting to "ride the wave", or maybe you just want to paddle your feet first.  Buyers Agent?  Could be – I'm pretty sure we have some of them on here too.

  You appear to be starting out from a healthy base.   Decide where you are going, and I'm sure you will be steaming along in double-quick time.  

Benny

PS  Re free seminars, most of them ARE worth attending (IMHO).   I have attended several seminars over the years, and learned a lot, but also met some great people !!   The networking is worth gold, even if the seminar was a bit ho-hum !!  But be careful when a seminar leads on to a "Buy a property through us – and, by the way, how much Equity did you say you have in your PPOR?"   If you get that question, walk away QUICKLY !!!   They will be looking to sell you an over-priced piece of junk which will require equity from your PPOR to make it all work. 

Hi Boro

From the information you've provided, your in a great position to get started…

To answer a few of your questions;

As Benny has said, you need to decide on your method…  Buy and hold, renovate, development etc.   from your comment above, buy and hold or very basic Reno (paint and carpets) will probably suit you the best based on your time available.

in regards to seminars, I went to quite a few when I got started.   Although they all provided 'some' useful information, the thing that frustrated me was there was never enough to really do anything with. The just scooted over the topic and at the end said for the in-depth explanation you'll need to attend our paid seminar.   (But hey, those guys are looking to make an income and the seminars are really just their platform to present their product)

In regards to buyers agents, I think it depends on how much time you are willing to put into your own research and what areas you are looking to purchase in.   I enjoy / have the time available to attend a couple opens each week in my chosen area (even when I'm not in a position to purchase I keep a very active eye on the market) so I am very confident in my area. Having said that, if I was to look in another state I would use a buyers agent. For the simple reason, I fail to see how you can truly understand a location (what is the good streets, what is the market doing) etc by jumping on a plane and attending half a dozen inspections organised by a selling agent.

My advice at this stage if I may offer it is to decide where you want to end up and structure things accordingly / build the required team around you from early on.

As an accountant, I sure you understand the need for structures and estate planning, so I won't comment too much there.   There are several very good brokers on here (one has already commented) so a phone call with them will probably answer a bunch of questions for you.   Being that you are based in Sydney, I will recommend Terryw as a point of contact. I met with Terry last week in person to look at my situation…

Matt