Hi there, very new to the forum, didn't even think that a PI forum would exist.
My main question is, where do I find information about investing, without expending lots of time? It may seem strange to those on here who are extremely into investing, but for me it is just something that I know I should do to reduce my $77K Tax bill. I know I could go into shares or whatever, but it is too hands on, and too complimicated (sp) for me.
I have one investment property. Its' purchase and ongoing management have been a dream. A woman I worked with, was very into (obsessed) with property investment. She told me of a block of appartments that she knew about, being sold by the developer, that she considered to be a good investment at good value.
I went to the developers office and bought one (sight unseen). It has been tenented by the same guy for 5 years, never late with his rent or any issues, and total repairs have been a couple of water leaks, and to regas the Air Con.
Now without knowing how to contact my old coleague, I have now procrastinated over the next IP Purchase for 4 years.
Are there magazines or even better forums, that discuss actual properties, and the details about where good opportunities are? I don't want to rely on the opinions of developers or agents.
For instance, a few appartments I am looking at now. One is above shops in the commercial area, one in an OK unit block, and one in the really ratty unit block next door. I assume that you want to stay away from the ratty place, because of the tenants you will attract. Will the unit in the good block be helped or hindered by the ratty block next door? Are units above shops OK for investment?
What about aged care units? Are they good investments? Rent/Capital? I imagine that the strata fees are enormous, and that the wrinklies are normally cashed up so they would sell pretty quickly, but the facilites would allow a rent premium, and the ageing population would drive a good capital gain potential.
Cheers,
Darryl
P.S. Thanks in advance for your reply Angel, I know that you will reply if no one else does, 'cause you seem to be a prolific adviser.
Hi Daewoo,
Wow, good stuff on the first property investment. I think you're at the right place -there's lots of people on here who are willing to help. There are a lot of people with hidden agenda in the property investment game and I would suggest that you should find yourself a property mentor who has also been down this path and has succeeded. The woman that you worked with previously is a good example – try your best to get in touch with her or work your networks.
At the end of the day, if you want to avoid falling into the trap of property spruikers, you need to learn! Read the forum, talk to your mentor, read property magazines (Google search API magazine, YIP Mag) and use free property investment websites.
PM me if you need more guidance. Good luck!
All the best,
JaseThanks for the reply Jason.
That is a very handy tool. Now I know how the tool works, I can put in more rubbery figures to make my decision seem smarter
.Cheers,
DarrylHi Daewoo
Firstly welcome to the forum and I hope you enjoy your time with is.
I would question your motive for wanting to buy a property being to reduce your Tax liability as there are many other ways to do this subject to your own circumstances.
In saying this if you do decide to proceed with an investment purchase make sure you look at all of the options available to defer your tax liability by considering interest pre-payments etc etc.
API Magasine is a great publication (Please dont read the old 2010 editions or you will see me in it lol) and i would actively encourage any investor to consider subscribing to such. Reading, chatting with fellow minded investors are all good ways to educate yourself.
Look through old posts on the forum here and exchange your views with others and your knowledge level will grow tenfold.
Good luck and keep us all posted on how you are travelling from time to time.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Daewoo
Agree with all that’s been said.
YIP and API magazines are a great resource.
Some good authors to look out for are Lomas, Yardney and Somers. Check out your local library or ebay for copies of their books.
Importantly, try and surround yourself with like minded people. Forums like this are a great place to start.
All the best
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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