2019 Money Magnet Symposium - Discover how to make, and keep, more money and achieve a financially empowered future
Viewing 14 posts - 1 through 14 (of 14 total)
  • Profile photo of Azz33Azz33
    Participant
    @azz33
    Join Date: 2010
    Post Count: 2

    hi im 18 and just starting out in the property investment world.. :) i am wondering how much you need to save before you start investing and if people think that residential property would be the way to go? i recently attended a custodian wealth builders seminar just to get some beginner information on investing in property and found it a little helpful but i just dont know how to start.
    thanks.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,173

    Just keep reading and maybe attend a few seminars – but don't bother wasting money paying for any at this stage.

    Remember only a fool learns from their own mistakes, a wise person learns from the mistakes of others.

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of latormorlatormor
    Member
    @latormor
    Join Date: 2010
    Post Count: 76

    Hello people,

    I'm also starting out in this Real Estate investment world. I first started by reading some Robert Kiyosaki's books, which I am still doing. I am also planning to read the '0-130 …' book by Steve Micknight. I attended to a seminar by Ironfish in which in got very helpful information. And these is my first question:

    1.  Has anyone requested the services of Ironfish or similar companies to buy at least the 1st investment property? They seem to have valuable information of new property developments, which I find like a good added value. My partner and I are not only migrants but also we're not sure about how to find properties by ourselves. I keep reading though, and I have understood a buch of stuff already.

    2.  What do experts have to say about mentoring programs? I recently requested information about those offered by helen collier-kogtevs and also Steve Mcknight. I just found out out that Custodian also have an education program. Has anyone attended to those programs? In the mean time I keep educating myself by reading and we keep saving money to give the 1st step hopefully next year.

    Cheers

    Alex

    Profile photo of Garry MacGarry Mac
    Member
    @garry-mac
    Join Date: 2010
    Post Count: 22

    Hey anelxander & Azz33

    Starting out in property investment can be confusing and overwhelming – I completely understand. One very strong recommendation I would offer is to deal only with licensed professionals, ie people who are both legally and morally committed to helping you. When any organisation offers properties for sale, they usually receive payment from the seller of property (usually a vendor or developer). When this situation exists, I don’t see how they can be working to help you (the buyer)…because they are paid by ‘the other side’!

    I suggest you continue learning by reading (if you haven’t done so already, you need to read “The Richest Man In Babylon”) and attending workshops and seminars AND get involved with a good mentor (someone who has many years personal experience) and/or licensed Buyers Agent – a buyers Agents is legally obliged to work for you. Believe me I know from personal experience that unfortunately there are many ‘sprukers’ out there who will willingly take your money…don’t become one of their victims!

    Please let me know if I can help further.

    Cheers
    Garry

    Profile photo of latormorlatormor
    Member
    @latormor
    Join Date: 2010
    Post Count: 76

    Garry,

    Thanks very much for your opinion. It's Very helful ! I'm more than happy to keep attending to seminars here in Adelaide, and keep reading at the moment. I already had in my 'must-read' list the book you suggested. Thanks for that. I am also starting to make my research about Mortgage Brokers and Tax Accountants. I believe the main goal (financial independance worth it).

    Can you tell us a little bit about your experience in the Real Estate world? if you don't mind

    Cheers

    Alex

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,010

    Alex

    I personally suggest (and i havent done too badly for myself) that you read as much as you can and educate yourself about what you are looking for in a portfolio. Dont attend overpriced seminars as so much information is freely available.

    Yes i agree an Accountant is an important part of your team but dont rush in to engage one before you start as many will want to charge you for overpriced structures which really dont come into play until you are well up and running.

    As far as a Mortgage Broker is concerned chose one who has a good track him / herself as you dont really want one that hasnt even paid of their own PPOR giving you advice on what to do with your money.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of Garry MacGarry Mac
    Member
    @garry-mac
    Join Date: 2010
    Post Count: 22
    anelxander wrote:
    Garry,

    Thanks very much for your opinion. It's Very helful ! I'm more than happy to keep attending to seminars here in Adelaide, and keep reading at the moment. I already had in my 'must-read' list the book you suggested. Thanks for that. I am also starting to make my research about Mortgage Brokers and Tax Accountants. I believe the main goal (financial independance worth it).

    Can you tell us a little bit about your experience in the Real Estate world? if you don't mind

    Cheers

    Alex

    Hi Alex
    You are most welcome. My experience in real estate began many years ago with a disaster…my wife and I were ‘ripped-off’ by property “marketeers” in Queensland (we should have known better).

    When we attempted to take legal action, unfortunately we found out that these “marketeers” had done the same thing to many older folks (who were too old to recover) – many of them lost their life savings. That turned me off property for about 12 months, however we saw others making money so we decided to do what you are doing – educate ourselves.

    After a few years (and the purchase of about 10 properties), we began running educational seminars and workshops to educate folks and hopefully minimise the likelihood of others going through similar experiences to ours. Attendees started asking us for help so we became Buyers Agents (now licensed in numerous states of Australia) and it’s great to watch our clients learn and build wealth using a ‘slow and steady, low risk’ approach to property investment. We went on to buy another 15 properties ourselves (as well as numerous properties for our clients).

    If you’re interested, we have a FREE Report you can access by going to our website (www.ifyl.com.au)…this will also put you on our database to receive our monthly Newsletter.

    Good luck with your education – you are certainly heading in the right direction. If I can help further or you have any questions, please let me know.

    Cheers
    Garry

    Profile photo of latormorlatormor
    Member
    @latormor
    Join Date: 2010
    Post Count: 76

    Hello again,

    @richard you came up with some key points, thanks for that.

    @garry one more time thanks very much. It's always good to know other people's experiences, it's a part of the educational process.

    If I have more questions I will certainly let you know. Thanks I found this network !

    Cheers

    Alex

    Profile photo of latormorlatormor
    Member
    @latormor
    Join Date: 2010
    Post Count: 76

    *I meant "Thanks God I found this network"

    Profile photo of Garry MacGarry Mac
    Member
    @garry-mac
    Join Date: 2010
    Post Count: 22
    anelxander wrote:
    *I meant "Thanks God I found this network"

    Any time Alex.

    Profile photo of Azz33Azz33
    Participant
    @azz33
    Join Date: 2010
    Post Count: 2

    Thank you all for your wise words – i now realise i didnt even need to attend that seminar i could've just signed up here and got the info for free. I think i might leave the investing for a year and just save and learn as much as i can until then. Do you recommend getting a buyers agent when i do eventually start? If you don't mind me asking, how did you people start investing? And is there any other books you would recommend?
    Thanks again
    Aaron.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,010

    Aaron just read last months copy of the API magazine.

    I gave an interview about how i started out in property investing here in Oz in 1994.

    Bit quicker than we me repeating the whole story again in script.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of latormorlatormor
    Member
    @latormor
    Join Date: 2010
    Post Count: 76

    Hello Richard,

    I was looking for the August's API magazine on the weekend but I couldn't find it  I missed your story.  I found the September's one though and I bought it ! That will be a new source of information. I saw the magazine Your Investement Property, does anyone here recommend it too? The more I discover in this PI world I find the more I get interested ! Have a great week !

    Cheers

    Alex

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,010

    Alex it had my photo in it so i believe they took it off the shelves in case it frightened young children lol.

    Every week is a good week just some are better than others.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

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