I have just bought my first block of land for my first investment home to be built.
I have crunched all figures and believe it will be cash positive
Does anyone have any ideas or advice for a virgin investor ??
Thanks[
]Hi Virgin mfm69cairns,
Congratulation and welcome.
My advice is to make sure that you have the right people on your team eg, accountant, solicitor, brokers etc that have knowledge in teh field you are investing in and are also on your side.
I would also say read, reading is the fountain of wealth.
Cheers
& Good Luck
Leigh KRead, learn, grow but most of all just do it.
Thanks Leigh
I have read both Margaret Lomas books on cash positive investing – which were very straight forward.
There is a wealth of ‘advice’ out there that I am sifting through.
I decided to build in my local city as the Cairns market is starting it’s strong incline.Figures for land sales and home applications are higher than ever.
The road to financial freedom is a long and winding one – only those with their eyes on the road and not in the sky – will attain their goal!
Cheers, and thanks again for the encouragement !!
Mark
Hello[
]I’m new too and scared, don’t know who to trust and don’t know what to do.
How do I know what property to buy, what to look for, WHERE to buy and how much to pay?
I’ve read M. Lomas’s books and got a financial report from the company. I am still scared. I have an estate agent calling me about properties and more or less they will be negative geared. What must I do not to be taken for a ride?
Help!!!!![?]
Hi Gavalynn,
If you are looking for positive gear IP…Queensland is good place.
If you want help…go to the info meeting about IP tonight…in Benleigh. It is good for no experience investor.DNTS
M0425703767
How do I know what property to buy, what to look for, WHERE to buy and how much to pay?Help!!!!![?]
Gavalynn
You sound like me in February, I didn’t know which way to turn or who to trust. Since Feb I have purchased a positive cashflow house and am looking at an offer on a block of units, I feel like I have come full circle.
How did I do that, well most of the thanks is to Steve & Dave and this forum. I have purchased all of the products available from Steve & Dave (tax deductable) and spent many hours here learning about finance terms and how to calculate all teh things that seem simple now but only a few months ago seems like a nightmare.
My advice is, take your time, just because you have decided to invest doesn’t mean you have to go and buy one today, just by investing the time to learn about your investment vehicle is a start to your investment plan. Now of course I agree with those that will say jump and get started, that’s inevitable (spell check) but you will know when your confidence has built up and you can decide how much and who to trust.
Cheers & Good Luck
Leigh KRead, learn, grow but most of all just do it.
I am currently in the market of researching -/+ gearing and seeing what works for my situation. I am looking at an IP, and am trying to work out a formulae, on what I should be purchasing (cost of house), how much rent, what loan amount etc. I realise that you only realise a gain when you sell, h/ever I am still trying to graple with the tax implications in owning an IP. I have read the articles on the site and just need to be able to use a calculator / formulae. Anyone out there that can help, much appreciated.. In the mean time I will continue to search and read.
Additionally, I have seen and heard how you can complete a ‘PAYG Income Tax Withholding Variation Application’ with the ATO, and have your employer reduce the amount of tax you pay on your salary, based on your expected amount of expense you are going to incur on your IP. Therefore if you are on the 48.5% tax bracket, and you are able to expense on the IP enough to come down to the next tax bracket, then your employer, will reduce the amount of tax thus increasing the $ after tax in your pocket. You must realise that you need to prove this the following tax year.
Hi mfm69cairns, (wow that’s a mouthful)
The only thing that I could add, would be when building a new house it’s very easy to get carried away with “little extras”. In building a new house for an IP, or doing a reno for an IP, I feel the most important thing is set a strict budget, and DO NOT go over it, (unless something unforseen happens).
Stick to basic styles, basic colours and basic low maintenance gardens.
Good luck and enjoy it,
DelHey Gavalynn.
It’s a tough thing to know who is trustworthy and who is not and even where to begin the search.
While this may not help to give you a run down of my first purchase may.I knew I could not afford to pay for the place each week which lead me to the gold coast about a year ago. Being from melb I didnt know what the real values were. Just over the net I got an idea of prices for similar things to what was offered to me. The returns seemed to cover my costs, I got a local real estate agent (an unrelated one) to verify the approx rent. Building inspection confirmed all was good.
Without being an expert I felt confident enough to go ahead.
– I knew it was good value compared to those around (pay for an independent valuation if necessary).
– building inspection prooved it would still there in a few years.
– the current tenant was going to pay all my costs.If it didnt grow in value – at least it wasnt going to cost me any money. My first one wont be the my most profitable but the knowledge and confidence gained from it is priceless.
Hope its of some help – all the best to you.
Phil.
Hi Gavalynn,If you are looking for positive gear IP…Queensland is good place.
If you want help…go to the info meeting about IP tonight…in Benleigh. It is good for no experience investor.DNTS
M0425703767
How do I know what property to buy, what to look for, WHERE to buy and how much to pay?Help!!!!![?]
Thank you DNTSpro, TheENJOLady and Phooper. Unfortunately I couldn’t make it to Benleigh tonight as I had to work. I will keep learning from here. It is a great place for somebody like me, who doesn’t know a thing about Property Investing, to be able to consult people who have more knowledge on the subject.
I be back and back from now on.
Thanks again….
GavalynnTO: The ENJOLady
You mentioned you bought products from Steve
& Dave……do you mean tapes?Can I email you direct to talk about things?
I recon you would need to have very rigid contracts with the builders. I would also want the builders to be experienced at this sort of thing, not just your local Joe Blogs builder. You would need good plans. As was said before you need a good prefessional team who are on your side and know what your on about. People experienced in property development for investors.
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