All Topics / The Treasure Chest / Im young and wanna make some money

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  • Profile photo of regi_handregi_hand
    Member
    @regi_hand
    Join Date: 2003
    Post Count: 0

    Hi guys,

    I have no experience at all with property investment, let alone buying property. So what sort of basic tips should I stick to. I’ve got about 25grand and I wanna make money on properties – So whats the best and easiest way.

    Thanks my friends

    Profile photo of richmondrichmond
    Participant
    @richmond
    Join Date: 2003
    Post Count: 831

    Hi Reg

    First tip, do some research, you can’t expect to come here and find easy answers. We all want to make money on properties, and there is no easy way, if there was, everyone would do it.

    Go and read some books… spend some time reading back through the threads… I’m sorry, but it’s not going to be handed to you on a platter.

    Good luck
    r

    Profile photo of Lawry73Lawry73
    Member
    @lawry73
    Join Date: 2003
    Post Count: 123

    I agree with Richmond.

    I spent alot of time reading and if I don’t understand I will reread or ask someone.
    Also ask the right questions.

    All the best. Life’s always learning.

    Profile photo of ShaneBShaneB
    Member
    @shaneb
    Join Date: 2003
    Post Count: 62

    I’d have to disagree with RICHMOND. The role of this forum should be to share ideas, not to give p/maternalistic advice. there a lot of ways to learn about property. If your finances are low, then look at your library network. If your finances are moderate, then visit your bookshop, and buy up! And if your finances are really good, then visit seminars. And you may well ask if the info quality is different at the 3 levels – you may find what youre looking for at the library!!!!!!

    Profile photo of richmondrichmond
    Participant
    @richmond
    Join Date: 2003
    Post Count: 831

    Hi Shane,

    Welcome back after the other night…

    I think we’re essentially saying the same thing to regi_hand… go and learn…

    I agree that we should share ideas… that’s what a forum is after all.

    I wasn’t trying to be paternalistic… after one of my first posts here someone used a famous quote of give a man a fish and you’ll feed him for a day, teach a man to fish and you’ll feed him for a life time. I reckon that is spot on.

    cheers
    r

    Profile photo of ShaneBShaneB
    Member
    @shaneb
    Join Date: 2003
    Post Count: 62

    Yes, Richmonk, you are right!!

    Profile photo of smyshyrsmyshyr
    Member
    @smyshyr
    Join Date: 2003
    Post Count: 10

    hey regi

    Im young and lookin to buy my first ip too in victoria

    i set myself a 6 month research goal and another 6 months to find a place (on the assumption that first one is always the hardest to get/slowest coming

    i read a book a month on average, on all sorts of topics to do with property and have learned SO much so far.

    theres plenty still to learn but i feel confident enough to make an offer now (wheras i didnt, even 3 months ago!)

    all i can advise is u start reading
    if u want a list of books ive read and found hugely useful, feel free to drop me a line [email protected]

    Cheers, and good luck hunting!
    S
    :)

    Profile photo of Elysium-MElysium-M
    Member
    @elysium-m
    Join Date: 2003
    Post Count: 259

    I agree with Richo. The purpose of the forum is to share ideas, but you can’t simply log on and expect to find a step-by-step how to guide on investing in properties. Books several hundred pages long are written about that topic. It’s a bit simplistic to think that you could meaningfully condense all that into a handful of postings.

    Regi – read up on some good property investment books. Some of my recommendations are: Rich Dad’s Guide to Property Investing (Dolf De Roos), 0-130 Properties in 3.5 years (Steve McKnight) and that Neil Jenman book (I think it’s called Don’t Sign Anything). They all give you different perspectives on property investment, from people who seem to be very successful property investors. I think the one key thing to remember is that there are many different ways to do well in property. It really depends on what you want – quick capital gain, gradual capital gain, positive cashflow, negative gearing (yes I know many people say this is bad), etc. And it also depends on your temperament and personality.

    You need to go out there and do the research yourself, then work out which method is the “best and easiest way” for you. Spend a few hundred bucks of that $25,000 working out how to do it properly, rather than just relying on what someone tells you, and risking blowing the entire lot on the basis of bad or inadequate advice.

    Cheers
    M

    P.S. Hey Richo – congratulations on becoming a moderator! Does that mean you have to do shifts with Sooshie and AD?

    Profile photo of richmondrichmond
    Participant
    @richmond
    Join Date: 2003
    Post Count: 831

    Hi Marty,

    Well, I’m not as smart as AD and I’m not as cool as Sooshie… but I’ll do my best… everyone, um, just be nice, um, okay?

    Cheers
    r

    Profile photo of Johnny1Johnny1
    Member
    @johnny1
    Join Date: 2003
    Post Count: 58

    Please refer to my reply to JasonA re “A Newbie Question...”

    Regards – Johnny [:)] [;)] [:)] [;)]

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