Hello everyone,
After 12 books on property investing, you would think by this time you would know were to start?
Wrong…
Where do you begin when you have a good deposit, 1/3 of the capital in an exisiting property, average job and you have read the above quantities in books and you feel like you have missed the point. And the point being where to begin? Wraps?, Buy and Hold?, Negative Gearing and so on. It would be nice if someone out there could tell me in plain english how to get started and what is the best way to find out if the above financial information is enough?
Please give me your thoughts[wacko]Hi Mini,
Welcome to the hard part. As the old Chinese proverb goes the first step in the journey of a thousand miles is the hardest (I hope that wasn’t misquoted )
Reading the books is the easy part as you haven’t taken any risks as yet (apart from buying the books).
As you have already indicated there are many, many diferent strategies and variables when it comes to property investment – and you will get conflicting opinions from all sorts of people – including those who have no investment properties – and are really in no position to comment effectively.
You now need to work out which form of investment best suits your mindset, your current financial situation, your end point goals, your timeline, your personal situation and …………
Taking all of these factors into consideration will (or should I say may?) help you clarify what it is that suits you.
You may well know someone who currently seriously (more than a one property and has been investing for a while) invests in property who would be willing to act as a mentor.
Ask them the questions you need answers to and this will help you along – this forum will also provide a good opportunity for you to help refine your investment plans.
Watch ourt for buyers remorse and ultimately you will do most of your learning after you buy that first property.
Hope this helps
Derek
[email protected][biggrin][biggrin][biggrin][biggrin]Read my comments? Think I can help you? PM or email me.
Hi Mini,
Personally, I find that the best and easiest way for beginners is to buy and hold and rent it out. Once you have this grasped, then I would suggest looking at Wraps, Flips and Reno’s. If you have a good deposit – start talking to agents, telling them your criteria (i.e. how much you’re willing to spend etc.) and show them that you are serious by telling them that finance is in order (make sure you get this first – ask the bank how much they will loan you). That is where I believe you should begin.
Kind Regards,
George.“If You never never ask, you’ll never never know”
Couple of basics- borrow 100+% of the costs (as this is tax deductable-your ppor is not)
NEVER tell a REA that you are pre approved to $xK. This would be a red rag to a bull. Imagine your barganing power on a 250k house, and the agent (god bless him/her), knows that you are pre approved to 300k.
No, find out your limit, but keep those cards very close to your chest!
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