Hi Everyone,
I'm very new at this and I want to be active in investing and learn everything that's required in order to start. Really glad that I found this forum, unfortunately the more i read, the more confused I got. So, i thought i'd better start from the beginning.
I've been looking at properties on domain/realestate.com.au/papers… checking out areas I can afford and talking to ppl to get an idea of what the area/suburb is like eg: location, schools, transport, etc. I've read a few books and will read the ones listed in this forum. I've also bought my first home 2 years ago… my dad lent me the money and i bought the apartment outright… now paying dad back with no interest. So technically, on paper I have asset, I have bought property once and I have no debt (besides paying dad) and have $30k in savings.
Can anyone advise me (I know this is a very general and broad question) because I feel so overwhelmed… where to from here? I was planning to continue reading investment books, start attending seminars (any recommendations? will the 3 day conference be too advance for me due to my lack of experience?), find out how much I can borrow and apply for a loan, then start looking for a property (positive geared if possible, research infrastructure/ council, find a lawyer/solicitor)?
Does that sound like the right way to go?
Sorry if this is a really silly question. Let me know and I'll appreciate any advice.
Thanks!
I've been looking around as well, but I think property is still over priced, its ridiculous.
I went to see a unit yesterday, it has serious moisture issues, and the asking price was IMO way too much.
Step one go to lender and find out your borrowing capacity so you know how much you can afford.
Sometimes crappy properties that need TLC are not advertised on domain or http://www.realestate.com
You may have to go into a real estate office and ask what properties they have that suit your price range and requirements.
Only the best properties are in the window or on internet.
One property near me is on the internet but it is not in the window of the real estate agents .
see
http://agents.realestate.com.au/cgi-bin/cs/run.pl?_t=Details&_c=XDOVER&id=105494675&code=70984725&time=1239339623&f=0&p=10&tot=6&t=resI did not find it on domain
My best advise would be to always use investment property experts who are currently successful and doing what you want to do.I am always happy to pay for an expert in property investment tax,mortgage broker,solicitor/conveyancer ect.
I have learned to seek out and pay for the best advise every time.The more I learn,the more I realise how crazy it is to take general advise or use people who earn't currently very successful at it. It doesn't make sense.
As the previous answer to your post said-arrange finance so you know what you can spend ( I even use a investment property expert in this feild) . You will need to learn how to borrow and buy safely.That means having a buffer to cover costs above what rent will cover ect.
You mentioned posative cashflow property and that is fine but make sure you read up both sides of the arguement about buying in blue chip suburbs (usually negatively geared) and less demand suburbs. The difference can mean tens of thousands of dollrs over the years. Micheal Yardney and Ed Chan have excellent books to read on one side of the arguement. Whatever way you choose is fine as long as you have studied the consequences of your choice.
I forgot to mention.I find it massively fun investing in property and its a game that can be played well if you look right into it and get great people helping you along the way.
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