Hi,
My question is for Steve McKnight. After seeing you on Today Tonight I have been inspired to become a first time property investor/mogul
, and yes I’ve ordered your book (first smart move). My question is: If I only have $5k to invest, currently a part-time job and about $200k equity in my own home, can I still adopt all your ideas etc successfully. I have a great friend who is a Business Finance Manager and have thought about going into partnership with him. He would have substantially more $$$ to invest and approx $800k equity in his home. Not too mention he has owned 3 investment properties already and very successfully sold two of them at great profit. I mean I really want to have a go at this, but feel that having my mate on board would be a smarter move in more ways than one. Any thoughts??Sorry Rock this isn’t what you wanted to hear, but the first rule in business is “Never start a business with friends.”
Sorry mate.[]Here for a good time not a long time, just do it!.
Hi
I actually disagree with you Cremin.
Rock, your friend sounds like a great mentor to have and to do business with. It sounds like your friend might already have the right procedure in place to make property work for him.
I don’t see the problem with buying a property together and both of you making some money. Just ensure that everything is in a contract so that if there are any hiccups both of you are covered.
As he is most probably going to provide more $$$/equity then you might want to take a smaller share of the profits initially. As your personal wealth increases then you can split 50/50.
Mind you, I have only bought/sold one investment property and that was by myself. I am, however, looking to partner with somebody to buy again. Why not share the dollars?
EnuffIsEnuff
i’m new to this, have you any tips.
haveing bought our first investment home, its been in negative rent the whole time, do you think we should sell it , or buy another to hopefully cover all costs.
Wannabe,
You ask this question a couple of time, may be I have ago at it.
If you think you can support your next investment propery and live comfortably why should you sale you first one.
I believe in building wealth through IPs is base on buy and hold for long term.
You only sell when there is an opportunity cost, which mean there are a better place to put that money to invest.
Good luck with your investing decision
Regards
Chandara
Chandra, thank you for reply, do you use equity? %100, or have a deposit? also if rent covers costs living costs are seperate.
Wannabe,You ask this question a couple of time, may be I have ago at it.
If you think you can support your next investment propery and live comfortably why should you sale you first one.
I believe in building wealth through IPs is base on buy and hold for long term.
You only sell when there is an opportunity cost, which mean there are a better place to put that money to invest.
Good luck with your investing decision
Regards
Chandara
, and yes I’ve ordered your book (first smart move). My question is: If I only have $5k to invest, currently a part-time job and about $200k equity in my own home, can I still adopt all your ideas etc successfully. I have a great friend who is a Business Finance Manager and have thought about going into partnership with him. He would have substantially more $$$ to invest and approx $800k equity in his home. Not too mention he has owned 3 investment properties already and very successfully sold two of them at great profit. I mean I really want to have a go at this, but feel that having my mate on board would be a smarter move in more ways than one. Any thoughts??
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