Hi all.
I would just like to introduce myself to the group. I have a current mortgage. The excuse of not having enough time to get into property investing for the past 3 years is wearing thin. I always let others (e.g. my family) talk me out of a particular direction, and more recently, been around property investing crowds which talked about buying investment properties in the metropolitan areas, which is definitely not the money I want to commit as a first time. Anyway, recently a good friend of mine from Perth (who has recently got engaged to one of my best friends. Congrats JJ!) had attended one of the property seminars recently held in Melbourne. We got talking about property one night and that had rekindled the investing flame from within, and his attitude has made me more determined than ever to look at all this seriously. He had told me about this site where everyone who knows about this comes on and puts their ideas, questions and hints forward for all to read and give feedback on. So here I am.
The past 3 years has not been a total waste. I have managed to do some research during my spare time, subscribed to API, and had kept up with the trends and prices in a few areas, and some of the tips and hints about property investment. So hopefully, I can gain more from here.
I am currently looking around the regional cities for available properties and even they are going quite quickly. I guess my current attitude is get it first and then learn from any errors made from the first. I have read up on some of the strategies that a few people have employed, but am confused about which is best for me. I know I have been a bit vague in this posting, but if anyone can give me any general feedback and point me in a general direction, please feel free to do so.
Choc.Hey there Choc,
A bit of feedback from a Newbie…Get into this community and site. I found that getting Fastrack and some other products from the site and then going to the Seminar allowed me to start doing it for myself, and then when it came time to take the plunge, I got some really specific feedback from this site when I needed it.
Agreed on a price with a vendor for my first IP on Friday, so hopefully, with a little luck and a lot of organising and questioning, all will continue in the right direction from there.
You don’t need the Seminar to do it, but there are heaps more resources here for you to learn from.
Welcome to the site and Happy Investing…
Ish
Thanks for the encouragement and feedback, Ish. Congrats on your big step forward. I will certainly be referring to this site a lot. Positively geared property is extremely hard to find. Either that or I am looking at the wrong places. Right now, I am looking for ones that are close to it and to leverage the extra expense against my taxable income will make the whole thing a little more easy. I had ordered Fastrack on tape and hopefully that will give me a few more tips to get me into my first IP.
Right now, finance is one of my main hurdles. To be able to get approval to get enough dosh to invest in the slightly higher priced properties. The rumours and the talk around is that the major banks are not the best place to go for finance. Is this true? Can anyone give me any leads of where are the most reasonable places to get finance. My current mortgage is with CBA.
Choc.Hi Choc,
Well done on getting motivated again. Don’t get bogged down and suffer from “analysis paralysis” which results in not taking any action.
Read the “bible” to property investing in Australia called “More Wealth from Residential Property” written by Jan Somers.
Also check out the best free resource for property investing at: http://www.somersoft.com/forums/
Regarding finance, i suggest you get onto a mortgage broker who can do the legwork for you as well as find the most suitable finance for your situation. Many people have recommended Rolf Latham who is meant to be a genius. Do a search for him at the above forum and look at some of the advice he gives.
Hi ChocolatE,
email me at [email protected]
I can pass on a name or two that may help. I am still searching for ppl who can help my situation, but happy to pass on other info.
Cheers
bobbie [
]Hi Choc
I would also suggest reading:
1. Streets Ahead by Monique & Richard Wakelin.
2. Real Estate Riches by Dr Dolf De Roos.
3. Get a copy of Steve’s FastTrack tape.These are good resources that will give you a good overview of property and strategies.
Cheers
Stu
Property & Finance News
at http://www.prosolution.com.auHi choc,
For finance and advice I’d highly recommend Stuart from ProSolution. I’m using him for my finance, and I think that you would be hard pressed to find a better broker.[](I had to give you a plug Stu[])
Check out his site at http://www.prosolution.com.au, there is plenty of good info and contact details.
On the topic of properties stick to the lower end of the market to start I’ve personally found them to have better rental returns and tennancy rates than higher priced properties in the same areas. Plus there’s less at stake if it does all go bad!
Good luck with it all!Warmest regards
Scott S“Aim for the stars and you’ll shoot the top of the telegraph pole. Aim for the top of the telegraph pole and you’ll shoot yourself in the foot!”
-anonHey Hey Choc,
bout time you got in here [
] I’m glad I’ve spurred you back into action, now I only hope I can come up with the goods myself. As you can see everyone on the forum is very helpful, this is a great place to gain invaluable free advice and ‘meet’ some great people.
FYI I have been clocking up the miles in Su’s car looking at houses this last week, 10 today (Sunday) alone, and giving my gob some exercise chatting to many, many agents. My radar is up and I’m getting more confident with every home I walk into. Might even have a hot lead on a yet to be advertised triplex block, cross your fingers []
Anyway, congrats on jumping in here, now only one little step more… I’ll race ya,
well only if there’s a profit right!Justin x
]
](I had to give you a plug Stu[
])
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