Is there any investing advice/ tips that was given to you when you were starting out, that really helped you? Love to hear peoples thoughts…..
Cheers!
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Apart from doing diligent research on where to buy when and type of property etc. It is important to consider your medium to long term goals when structuring your loans. Setting these up correctly in the begining can save a lot of time and money. If not set up correctly may loose tax advantages.
Wayne
Mortgage Adviser
Email [email protected]
http://www.alphamortgagesolutions.com.au
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!I agree with Wayne. Its amazing how many people start out investing with no clear idea of what they want to achieve and how to do it. I would say
1. Work out your goals. What you want to achieve. e.g. for me it is getting a replacement income so I can spend more time at home and then also generating a retirement income
2. Read, read, read. Can books out from the library – a great resource. Steve McKnights, Margaret Lomax, Micharel Yardney just to name a few. All have different investment styles and philosophies. You need to work out what investment style will work for you.
3. Work out your strenghts and weaknesses….e.g. time poor, cash rich, good at manual works such as carpentry (so renovating would suit). It is important to work out what you will be good at to help you focus your investment style and how to achieve your goals.
4. Talk to people on forums such as this one, somersoft, invested. You will find a wealth of information.
5. Do proper due dilligence. Remember property investing, or any other sort of investing is not about buying something for the sake of it. It is about crunching the numbers first and understanding what the outcomes will be before you get into the deal.
6. JUST DO IT. Don’t get analysis paralysis. At some point you need to stop analysing and just get out there. It is the best way to learn.Cheers
“knowing the difference between Laws and Rules. If a bank refuses you credit do not let one bank’s refusal set the rules in your mind for all banks. There are over 4000 institutions in Australia that lend money.”
From Peter Spann seminar and books – http://www.freemanfox.com.auAnother interesting web site is http://www.wealthmastery.com there are books also.
Comments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Duckster
Thats a good point. My first home loan application was rejected, and I just gave up – if only i continued and got that property – probably lost $1mil in capital growth.
Terryw
Discover Home Loans
[email protected]
Send an email to get my newsletter.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Question everything
There are so many tidbits over the years that eventually become so much part of one’s psyche that it’s difficult to remember them all! This is my favourite, however, as it’s only through questioning (even when we feel inadequate or exposed for doing so) that we learn. Investing is also about not only planning and goal making, but redefining and recognising when to be flexible.
Cheers,
Jacque
http://www.housesearchaustralia.com.au
Totally Independent Buyers Agents- Sydneyhttp://www.invested.com.au Australia’s premier Investor Education site
Hi, I’m one of the idiots who just did it without knowing what I was doing.
If I had done more due diligence, I wouldn’t have started.
The slabs have been finished for the latest 4 houses I’m building, the costs have soared 25 %. I must have been out of my mind, what the heck do I know about building?
Fortunately in this case, my overall assessment that house prices in the range I was looking at was still underpriced, was correct.
Sometimes fortune favours the foolhardy. A little knowledge is a dangerous thing and too much info stops us from starting, so what are we to do?
Good luck from someone who’s given up trying to understand,
Kum Yin
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