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,ChrisA1Participant@chrisa1Join Date: 2011Post Count: 172
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.
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.
Persistence is 'to keep on keeping on, no matter how hard the going may be'CatalystParticipant@catalystJoin Date: 2008Post Count: 1,404
Where are you located?
I’m located in dandenong area , victoriawilko1Participant@wilko1Join Date: 2010Post 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
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 ?Jacqui MiddletonParticipant@jacmJoin Date: 2009Post 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.
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 forwilko1Participant@wilko1Join Date: 2010Post 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.BennyModerator@bennyJoin Date: 2002Post Count: 1,416
Sounds like a great start – and, in addition to the other worthy replies, have you had a trawl through this thread?
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,