Forum Replies Created
Thanks Mike for supplying a great report. Very helpful.
Why don't you consider investing in a positive income property in the USA. For example, I personally purchased one property for $13,500 put $5000 into it and it has been producing an income of $750 per month consistently for some time now.
AmandaHi Tiffany,
I've personally taken part in some of these courses and they are worth it in terms of keeping you focused and accountable (whilst your under their wing) and you usually get a few really good tips and tricks to get you started. A more cost effective place to start is to do what Jamie said and that's to hire out as many books on property investing as possible. If you go to your public library you should find a whole heap there, or go to ebay.com for a lot of secondhand or even new books. I've personally got a bookshelp FULL of these sorts of books and the good thing is that the authors usually write about the same stuff they teach in these expensive courses. Some great authors are:
Steve McKnight
Margaret Lomas
Jan Somers
Anita Bell…to just name a few. Like I said, I have a whole bunch of these so if you'd like we can work out a way to have you borrow/buy them from me. Send me a private message if your interested.
Quick note just to say that I loved the book Trust Magic…pity I lent it out to someone and never received it back…
Hi Aaron,
It would seem to me that your very first step would be to go and see a mortgage broker so you know exactly where you stand financially. Get pre-approved for the maximum loan you can (you of course don't have to use it all if you don't want to) so you know what your limits are and that way if a great opportunity presents itself you can jump on it with full confidence.
Secondly, you should decide if you want to live in the place (if that presents a better return vs renting) whether you want a short term cash return deal or longer term rental income. A small cosmetic renovation project (in my opinion) is always a good place to start to dip a toe in the property investing water without to much pressure and potential problems. Just make sure you always always always get a building inspection done before taking on a renovation project at the beginning just to make sure no unknown nasties crop up halfway through your project that blow out your budget.
Good Luck
AmandaYes, you might need to do things like features and levels survey, arborist reports (if there are significant trees on the block), heritage management plans (if it's under those areas)demolition…all these things can add thousands of dollars to your project.
Also, you can find economical architect pricing if you go through a company like ours that organise the whole thing for you, we get discounted architect costs, due to the volume we put through them and we take all the headaches out of your development by organising everything on your behalf. Our costs are $10,000 and that includes the architect costs.Call or email on 0403 291 849 for further information.
Even if you go on your own or through a project builder, make sure you talk to your specific council to find out exactly what extras you will be up for, ask them what zoning it is, if there's any heritage overlays in the areas etc. Good Luck.
Amanda
