Hi there
My husband is in business with a partner and I currently do all the office work for a staff of 10. We also have 4 kids, 3 at school and a 2yr old. I have recently resigned and was looking to get part time empolyment however have decided I would like to relaise my dream and start buying investment properties. I have always wanted to do this and have given myself until July next year to make a go of it otherwise I will get a boring office job. Can you guys give me any advice on where to start. Its quite overwhelming! I have done heaps of reading and was thinking of attending some investment seminars. Cheers
Jane
Hi Jane, good on you, why not give it a shot, the boring job will be always there.
May I suggest you start by doing a plan, start from the end, what do you want to achieve, and most importantly why?. Then develop your plan from there. See, a plan will help you to stay focused and in track. Your plan should include a $$$ goal, so you will have to work out what type of properties and strategies will get you closer to that goal.
Get advice on how to analyse the numbers so you will start developing that “x-ray vision” so when you look at property you will know if it is going to get you closer to your goal or not…
Also, you will need finance, talk to and experienced finance broker and see how much you can borrow, this will cost you nothing.
Keep on reading the books, and maybe attend a seminar where you can get hands on experience on the “How To”. Steve has got very cool info on working the numbers, his latest book is awesome.
Wish you all the best
Happy investing
Hi Jon,
What is a best way to find a good property for renovate and resell ?
Regards,
KanChi
Jane, the only thing you MUST do is enrol in the PI.com RESULTS Mentoring program.
Hi Jane,
Jon has it very right by saying that you need to work backwards.
Many new property investors start out down a path that they've not looked into, and end up unwittingly putting themselves into structures or loans that might have been great for someone buying one house, but a nightmare for someone who has a portfolio of property.
If you are looking at this as a career (and why wouldn't you – most fun job in the world!) a great accountant, who deals with property investors is a must. They can advise you of structures and so forth, and set you up in the way that you need, right from the start. Like anything, it's easier to get something right the first time.
Looking for properties is the fun part! You can often get good tips in the Australian Property Magazine and others in that vein as to where other people have had successes.
Finance, yes make sure you are dealing with someone who is an investor themselves. Essential in my opinion. when I last had a broker, not only did he not understand what I wanted to achieve long term with the property, but didn't understand the best way to structure the loans to make sure that things would be looked after down the track, not just for the one loan!
Other than that, have fun! Like I said, following what you love to do is certainly the best job in the world!!
Lia
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