All Topics / Help Needed! / Need help

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  • Profile photo of bla0018bla0018
    Participant
    @bla0018
    Join Date: 2014
    Post Count: 42

    Hi
    Just wanted to know if anyone here can recommend a good financial planner or mentor

    looking to build a strong base and investment plan to grow a large portfolio, 30+ properties by 30. My biggest issue is there are so many strategies that all seem appealing its confusing trying to focus on one. I’m hoping to get a planner that can implement a plan based on my situation taking into account borrowing capacity and cash flow.

    any help would be greatly appreciated

    thanks,

    Profile photo of ChrisA1ChrisA1
    Participant
    @chrisa1
    Join Date: 2011
    Post Count: 172

    Hi bla

    There are many mentors depending on what you want. It sounds as though you are looking for general type of guidance.

    A search on the forum brought up the following responses.

    https://www.propertyinvesting.com/topic/4992248-which-author-mentor-trainer-strategy/
    https://www.propertyinvesting.com/topic/4993666-tasmania-setting-up-structure-need-accountantadvisormentor/
    https://www.propertyinvesting.com/topic/4992248-which-author-mentor-trainer-strategy/
    https://www.propertyinvesting.com/topic/4992495-experienced-property-investing-advice-needed/

    The best mentor is to read widely across this site. Also read the ‘strategies explained’ sections on the front page which go through the main strategies. Read widely and ask lots of questions.

    There are also a lot of books on investing by Steve McKnight, Margaret Lomas etc etc.

    Cheers,

    ChrisA1

    Persistence is 'to keep on keeping on, no matter how hard the going may be'

    Profile photo of CatalystCatalyst
    Participant
    @catalyst
    Join Date: 2008
    Post Count: 1,404

    Where are you located?

    Profile photo of bla0018bla0018
    Participant
    @bla0018
    Join Date: 2014
    Post Count: 42

    I’m located in dandenong area , victoria

    Profile photo of wilko1wilko1
    Participant
    @wilko1
    Join Date: 2010
    Post Count: 510

    No offense to everyone’s books/seminars and courses. Which make up a portion of the learning pie.
    My fastest learning was when I physically got to speak to people with a number of properties – 4/5 minimum. And speak to people who have 20 properties and 100 (unlikely to find someone who will give you the time of day)
    You’ll learn basics of people with small portfolios.

    30 properties at 30. I’m guessing your 18-20 now?

    – how active do you want to be. Do you want to be buying renovating selling then moving profits into developing.
    – what are you current skills background. Qualifications in anything to do with housing construction would help with the above or are you a professional, are you going to uni to be a doctor . This is important because it shows you what to focus on first.
    – build a disposal income first as quick as you can. When you have a large income it makes a heck of difference on accelerating and deposits for properties.
    —- Save quickly for that first deposit and hard.

    Need to work out where you sit and what you are prepared to do before you can work out how to achieve it.
    30 at 30 is to high a goal btw. It’s a nice long term goal. But a shorter goal would be. How am I going to buy a property in the next 6 months. Or the next year. And work your hardest to achieve that

    • This reply was modified 7 years, 2 months ago by Profile photo of wilko1 wilko1.
    • This reply was modified 7 years, 2 months ago by Profile photo of wilko1 wilko1.
    Profile photo of bla0018bla0018
    Participant
    @bla0018
    Join Date: 2014
    Post Count: 42

    I try to network as much as I can just trying to focus on a good strategy.
    I’m 21 at the moment I work as an electrician. I have bought a house 6 months ago in which I’m currently fixing up. And on the side of that I’m saving another cash deposit which I’m about couple months away from having. I’m going to refinance and use the equity along with the cash I have saved up to purchase 2 properties with good growth and cash-flow. And my plan was to continue to compound on these investments. What do you think of this strategy anything I’m missing ?

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539

    Just something to be aware of is that when you use “equity release” to fund deposit and buying costs on a subsequent purchase, interest will have to be paid on the equity release. In other words, you’ll be paying interest on 100% of the purchase price of the subsequent property. Plus interest on the stamp duty and anything else you used your equity release money for.

    In this regard, for the property to stand on its own two feed and not have you dipping into your pocket each week to prop up the mortgage, the rental yield would need to be strong.

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of bla0018bla0018
    Participant
    @bla0018
    Join Date: 2014
    Post Count: 42

    Yeah I realize that I know the bank isn’t going to give you money for free haha. That will be the challenge, finding a strong yield along with good growth which I guess is what everyone is looking for

    Profile photo of wilko1wilko1
    Participant
    @wilko1
    Join Date: 2010
    Post Count: 510

    Get your supervisors license for residential construction in the future and for your 2nd house. Start researching properties that can be subdivided.
    Schedule a meeting with a local planner in the area and ask them how to read and understand the local development policies, development guidelines. This will help you find areas which development is encouraged. Google maps can also help. If you see a lot of houses, with 2 houses behind a old house or subdivided corner allotments. This can also indicate you could do something similar.

    Or continue as you are doing but buy properties that are significantly undervalued and need renovation.
    You can add equity from your own labour and having a trade in one of the important 3 trades (electrical plumbing and carpentry) you should be able to save significant costs. Also if you have mates that have other trades. Get then to teach you their trade. Learn plumbing from plumber etc.

    Profile photo of BennyBenny
    Moderator
    @benny
    Join Date: 2002
    Post Count: 1,416

    Hi bla,
    Sounds like a great start – and, in addition to the other worthy replies, have you had a trawl through this thread?

    https://www.propertyinvesting.com/topic/4410491-the-big-picture-for-new-readers-especially/#post-4697977

    It may be one you have seen earlier. I like it because it is not that old – it shows how a young bloke had worked his way up from a small wage to a property millionaire. Enjoy. The pages shown are hard to read, but maybe you can buy a back-issue of the mag to get all of the good oil. Or make of it as much as you can – the numbers particularly are worth investigating,

    Benny

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