All Topics / Help Needed! / I need help with making progress

Viewing 10 posts - 1 through 10 (of 10 total)
  • Profile photo of Guest

    First of all hi everyone! This is my first time to this forum, today I just finished reading the book ‘0-130 properties in 3.5 years’. I am on a journey to become financially free by the time I am 30, I know I can do it I think my mindset is all in check, I have read countless books and alot of it comes naturally so its very ingrained in my head lol.

    So a few days ago I decided to make a decision to invest in property. I have spent the last 2 years studying stock market investing but I feel like I am slowly fading away from it, not able to learn anything new or apply the practices in real scenarios. Property is alot more straight forward for me, I want to do both if I can.

    So in property investing in general I have read 3 books so far,watched some videos and that. I have a couple questions, how can I make maximum progress in studying real estate and what are some practices I can do daily?

    My goals in Real estate are to achieve 10k passive income each month (After expenses and that) That’s alot of properties, not just that, to gain that many properties I assume I would need a massive loan. Though you might be thinking what is my strategy to achieve my goal?

    I have been thinking and studying about this, but in a nutshell it goes like this:

    *I get to the point where I have made my first purchase

    *Since I am living with parents and expenses are pretty low I would use as much money as I can to pay off that loan even faster and while I am paying off that loan the equity is building so is the growth of the property I can then get another loan to invest in another property(I assume this will be after 2 years or so).

    * I look for areas where properties have high growth, high growth will lead me to bigger equity building up over time thus using it to expand my property portfolio.

    * I look for houses that are low grade but in a higher grade area, then I will use renovation to increase the profit of the home, this also makes the equity higher.

    There are some more stuff, but that is some of the most important.

    I don’t go to university working a part time job as of now, but will look full time if I get a loan (that’s if the banks let me, or whatever lender). Another question I have is how many books or whatever should I read before I get started in the process of choosing an investment? I BADLY want a mentor who could guide me on my journey, I feel like that is the best way to learn. But that leads me to my second question how do I find these people? I read this other book on property investing which says find people who have achieved what you want and get in contact with them. This seems pretty hard to do, but I will still attempt it I just need to know how.

    I am soon looking to get a job in Real Estate sales do you think this is a good way to find someone who has achieved what I want to achieve?

    I get told often that I don’t seem like the type of person to put in the work or in other words I am lazy. But I don’t know what work is required, learning by myself is a bit of a struggle.

    Sorry if I seem all over the place there’s just alot to say, my life as of now is messy and I am one confused person just looking for some guidance. Thanks.

    Profile photo of Tony FlemingTony Fleming
    Participant
    @the-dark-knight
    Join Date: 2008
    Post Count: 396

    Welcome to the forum! It’s a great source of information and great way of networking. If you would like to meet like minded people similar sites have property meet ups in different states.

    I would start reading up on as many different property strategies and work out which one will work best for you. From there you can start building a team of professionals around you to help you on your journey.

    I’m happy to help if you have any questions or need guidance. Stick around on the forums for a while and I’m sure you will learn plenty.

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

    Profile photo of Guest

    Oh that’s what I forgot to mention. I wanted to find like minded people, people that want to become entrepreneurs and investors, seems impossible everyone these days just focuses on studying at college or whatever.

    You said a team of professionals that would include people like, mortgage brokers, real estate agents, lawyers, tax advisors etc. I had a question, in this book I read it said it will take time and energy to form a team, but surely it doesn’t take that long? Don’t all you need to do is call these people at the time when you need them? Or just call them and ask them if they are available?

    Thanks also for the help.

    Profile photo of Sam30Sam30
    Participant
    @sam30
    Join Date: 2017
    Post Count: 9

    Hi. I am not in the mentoring position but what I can suggest is how about working on a real estate company first and observe everything. In that way you can look at the bigger picture and you will know what and when to invest when it comes the volatility of the market. Start small as they say.

    Let’s keep this thread up since a couple of words from seasoned investors would really mean a lot.

    Profile photo of Guest

    I was thinking that get a job in sales do you think that would be a good idea?

    Profile photo of Tony FlemingTony Fleming
    Participant
    @the-dark-knight
    Join Date: 2008
    Post Count: 396

    Oh that’s what I forgot to mention. I wanted to find like minded people, people that want to become entrepreneurs and investors, seems impossible everyone these days just focuses on studying at college or whatever.
    You said a team of professionals that would include people like, mortgage brokers, real estate agents, lawyers, tax advisors etc. I had a question, in this book I read it said it will take time and energy to form a team, but surely it doesn’t take that long? Don’t all you need to do is call these people at the time when you need them? Or just call them and ask them if they are available?
    Thanks also for the help.

    The important thing is making sure they have experience in what you need from them. My first broker never had an investment property and it was a disaster. He didn’t know how to structure my loans to maximise borrowing power. It’s mistakes like this that can jeopardise building a strong portfolio.

    There are a number of professionals on this forum or successful investors who would have contacts. I would give them a call and just have a chat about what you want to achieve, what they have achieved, can they help you, ask about fees etc. You can normally get an idea if you think they will be able to help you.

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

    Profile photo of Guest

    Ah ok thanks for the advice. With the professionals on this forum should I message them and see if they can link me someone who has achieved what I want to achieve?

    Profile photo of JaxonJaxon
    Participant
    @jaxona
    Join Date: 2014
    Post Count: 284

    Brother, there is so much I could say I may go grey before I finish and Im 24.

    but I can see your egar, if you want to chat and I can answer and breakdown some questions for you, I am more than happy to 0431376130 – Jaxon Avery

    now here are some of the most useful statements for me

    – Buy a problem, sell a solution

    -When the tide goes out, you see whos not wearing swimmers (meaning; Do your research, slow and steady)

    – understand before you invest (know something in and out and why it makes sense and the risks before acting)

    -Also in regards to your personal situation firstly set a good routine, we are what we do daily.

    Kind regards

    Jaxon Avery

    Jaxon | Jaxon Avery – Financial Adviser
    http://www.jpafinancialservices.com.au
    Email Me | Phone Me

    JPA Financial Services Pty Ltd

    Profile photo of BennyBenny
    Moderator
    @benny
    Join Date: 2002
    Post Count: 1,416

    Hi Investor,
    I liked this one of Jaxon’s thoughts particularly:-

    – understand before you invest (know something in and out and why it makes sense and the risks before acting)

    That really is KEY ! I often say it like this “If you think education is expensive, try ignorance”.

    Spend the time to get to KNOW where you want to go before you set out on the journey. There is no use starting out in one direction, only to find that, with a year of knowledge now behind you, you really want to turn around and head in the totally opposite direction.

    Others say “Make your first property purchase a winner.” That’s not to say it will be a Group 1 winner first up – those will come later. But start with a well-thought-out plan in mind of what you want to buy, where, why, and to what end. Know how/when you can/will sell it even before you buy it.

    Spend time in here, read all of the forums that interest you, and start getting the “feel” of which way you would want to invest. And if there are investor meetings in your area, go along. A couple coming up soon – one in Brissie next week, and one in Murwillumbah TONIGHT !! Go here to look for future meetings:-
    https://www.propertyinvesting.com/forums/community/heads-up/

    And welcome, :)
    Benny

    Profile photo of Guest

    Thanks Jaxon much appreciated.

Viewing 10 posts - 1 through 10 (of 10 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.