Hi everyone my name is nathan. I am new at property investing & am very keen. I have read various property investing books ( incl. rich dad poor dad, 0 to 130 properties etc..) but am still having no luck in locating my first property to acquire. I have been looking mainly in local papers & also quite extensively on the internet ( that covers all states in aust.)To be honest, I am in the “have no deposit but willing guarantor” basket & would gladly accept any feedback on this type of property investing, good or bad! I would appreciate any advice or help in regards to successfully acquiring my first +ve cash flow property & starting my way to financial freedom. Thanks heaps, nathan [
]The first real step is to get out on the ground. Have you read Dolf de Roo’s book “Real Estate Riches”? He has a nice little ratio, as follows, to show that real estate is a numbers game:
100:10:3:1
Basically it means that you look at 100 houses (I’d say you’d want to look at 90% of them in person, not over the net), of those you may make 10 offers, of which 3 offers will be accepted and one offer you’ll be able to obtain finance for.
Of course there are no hard and fast rules, but generally if all your offers are being accepted then maybe you are offering too much (but if it’s positive geared and you’re getting a nice income that may not be too much to worry about). On the other hand, if you’re lucky enough to get finance for all 3 offers that have been accepted then you’re laughing! [8D]
Conclusion: Just keep in mind that you may have to look at over 100 houses before you are able to find just one property that you can buy.
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Jeremy Lunn
Melbourne
The first real step is to get out on the ground. Have you read Dolf de Roo’s book “Real Estate Riches”? He has a nice little ratio, as follows, to show that real estate is a numbers game:100:10:3:1
Basically it means that you look at 100 houses (I’d say you’d want to look at 90% of them in person, not over the net), of those you may make 10 offers, of which 3 offers will be accepted and one offer you’ll be able to obtain finance for.
Of course there are no hard and fast rules, but generally if all your offers are being accepted then maybe you are offering too much (but if it’s positive geared and you’re getting a nice income that may not be too much to worry about). On the other hand, if you’re lucky enough to get finance for all 3 offers that have been accepted then you’re laughing! [8D]
Conclusion: Just keep in mind that you may have to look at over 100 houses before you are able to find just one property that you can buy.
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Jeremy Lunn
MelbourneThanks for your advice jeremy, I have read “real estate riches” but it is still good that you refreshed my memory, wish me luck![
Also take a good look around this forum. You may pick up some tips as to which areas to look in and many other priceless tidbits of information. Also another useful forum is the somersoft forum which you can find through the web links (though just beware, people like to negative gear there [
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Jeremy Lunn
MelbourneHow about the Other state of Aussie?
There are some very vocal supporters of NZ investment properties in these forums.
do a search on “NZ suburbs” on this forum.
for the rules etc for Aussies investing in NZ marc has all the guff on his site.
http://www.propertytalk.co.nzCheers
CraigNZ Property Investing News
http://www.Landlords.co.nzHi Nathan,
don’t know anything about them personally, but there is a brokerage site “nodepositloans.com.au” offering to broker 100% finance for lenders – and they say its through some of the major lenders. This may kick you on past the ‘no deposit willing guarantor’ problem. I know I would rather go without the guarantor and stand on my own!!
Cheers
LRThanks for tour advice LR, I will check it out. I would prefer myself to go solo, but my cercumstances dont allow me to do so at this stage…. one day though, that is my alterior motive[
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