I have read 8 books in the last two months (Jan Sommer, Anita Bell, Craig Turnbull, George Clason and Steve’s book 0-130 properties…) and am sure that I have done most (if not all) of the research. When do I know (as I am new to this) when I have all that I need? I don’t want to procrastinate (whew – big word) on information. PLease help anyone.
Cheers
ElmarIn the words of a famous duo – you’ve only just begun.
[smiling]
Now you have studies most of the theory – you need to venture out into the “real world” because you need to research every property you buy. what you research and what you are looking for is different for everyone. There are some general guidelines but ultimately you need to invest in what suits your circumstances.
You’ll never be right all the time & making mistakes is part of the learning process.
There is a great post by “Redwing” on Property Investing 101 – https://www.propertyinvesting.com/forum/topic.asp?TOPIC_ID=7294
My bottom line – I don’t do anything that stops me sleeping well at night.
Shushar
“All our dreams can come true, if we have the courage to pursue them.” – Walt Disney
When you feel comfortable – take the plunge. Its a bit like when you learn to drive. I learnt more after I got my licence.
Dont forget to look at the worst case scenario. If you can ensure that does not happen eg. lock in interest rates then you ok to go.
Also property investing is a long term gain. Dont expect overnight gains. Buy when you can afford it and the key is time in the Market.
Im just a bit ahead of you, Ive done my “research”, but the true test is when you put your money where your mouth is. Next week is when im getting pre-approval so I can get my first IP.
I’m sure the learning process will accelerate even faster once I get no.1.[cigar]The more you talk to Lenders, and RE agents, and other Investors the more comfortable you will feel. Get somebody to ask you some question and see if you the know the answers. Good way of finding out the area’s your lacking in.
Just an Idea.
It is the starting that stops most ppl.
Thanx for the ideas. ‘Kato’ attacks (as in from the Pink Panther Movies) in getting someone to question me is something we used to do at work. I hadn’t thought of using it here.
Funny thing is I had the CBA in my town at the point where they were going to lend us $176K with only $1500 savings. I was a bit scared that I can manipulate some one at a bank to that extent (my accountant showed me how far we would have sunk if the interest would have risen by 1.25%). I gues that made me extra cautius (?careful!).
Cheers
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