New to investing

Hi Derric,
And a big welcome to you !! You’ve come to a good place. Good on you for taking a look at IPs – there is lots to learn, so don’t be in too much of a rush to go out and buy – just yet.

Of course, you may have already done some research, thought about things, and are now READY to buy. But if not, do school up (on here, in books, meeting/talking to others who are already into property, etc). Have you thought about your goals, your strengths, the particular path you want to take? This latter could be – Buy and Hold, reno’s, development, flips, etc. Then drill down into your chosen way to read all about HOW to avoid the pitfalls and make it work.

As an example, when I started, I took 9 months to just learn before buying a thing. That “gestation period” wasn’t planned to take exactly that length of time, but it did “give birth” to a confident, budding investor (me) who went out and bought 2 IP’s in a week to start off, then a third within the first year.

I am a “numbers” person, so, much of that 9 months was spent developing spreadsheets that told me how things would work out if I went the way I was planning. My plan was to only buy existing houses, with good sized blocks – nothing flash, just good median or below properties, allowing me to renovate them down the track when the time was right.

If you are REALLY new (as in, not even sure of the basics) this thread below should give you some of those basic, good-to-know ideas :-
https://www.propertyinvesting.com/forums/general-property/4349450

Hope it helps,
Benny

Derric wrote:

Hi all just starting out and keen to get my first ip. I’m from the northern beaches in sydney, but it’s too expensive for me around here and was thinking of either the south coast or central coast. Is this a good idea and does anyone have any experience with these areas. Thanks

Thanks very much for the mentions Redom and Jamie.

Hi Derric. Sorry I didn’t notice your post I was flat out all December with the Christmas rush. These guys are great brokers if you need help with finance. I have had some horror stories with clients using their local bank branch (who 9 times out of 10 have NO idea about investing) and then if they go see one of these guys they get real service and the right set of loans to go from zero to multiple properties. That is really what you want long term.

If you want central coast you should call a guy called allan fox from propertunity. He is excellent up that way. As mentioned I cover Wollongong and South coast. The Sydney ripple is moving down so down my way we are seeing properties that are good value, have just started growing, have reasonable cash flow (not massive regional but certainly better than Sydney) and you can choose your entry price depending on your budget.

Keep reading, there is a wealth of knowledge in forums like this and heaps to learn. The more time you have the more your vocabulary and understanding will improve so that you can at least understand any professional help you might use.

Feel free to call if you want to explore using the service, otherwise best of luck!