All Topics / Help Needed! / Noob needs help

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  • Profile photo of tinterjjtinterjj
    Join Date: 2011
    Post Count: 3

    Hi guys.
    Complete noob here, I would love to get a portfolio of properties in the coming years. Despite having a fair bit of equity in our home I’m not sure the single income will be enough at this stage to commence. Whilst my wife is waiting for our youngest to start school so she can rejoin the workforce my question is what literature does everyone recommend for a beginner? I realise this forum is lead to a certain degree by the guru Steve and I’m happy to get started with his books, just wondering in the face of all the companies out there that run “mentoring” or seminar type learning or any other investment companies, surely what they are asking thousands of bucks for can be learned through less outlay via people who have been down this road before.

    Profile photo of Kinnon BellKinnon Bell
    Join Date: 2014
    Post Count: 151

    I would avoid the seminars as there’s usually a hidden agenda and the information can be very biased.

    I find the greatest source of information to be the forums, this and the other one. Plenty of posters asking great questions and experts answering them.

    I’d also recommend surrounding yourself by like minded people and those who have ‘been there’. Depending on where you’re located there’s quite often meetups you can attend where it’s just a social gathering for a chat.

    Kinnon Bell | Kinetic Funding
    Email Me | Phone Me

    Mortgage & Personal Loan Broker based in Cairns and Melbourne but servicing clients Australia wide.

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

    Great advice by Kinnon. A also think surrounding yourself with like minded people is important.
    Networking is the key.

    Where are you located? Look up to see if you can find some local meetups (try or on the forums. Some are formal type meets, others just meet and chat.

    I’d start with your local library. Borrow a few general property books and also Property magazines. You can often get free downloads of books and articles and books. But be careful as you get inundated with Emails.

    Mentoring schemes do work for some people but a small % of those that join I think. Start by reading HEAPS. You’ll get an idea of YOUR way of proceeding. There are many paths to success in property. You need to find what suits your situation.
    Keep asking questions as you go.

    Profile photo of tinterjjtinterjj
    Join Date: 2011
    Post Count: 3

    Thanks guys. I’m located close to Maitland nsw. My wife is a part time librarian so no shortage of books, any titles in particular?

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

    A good place to start is to understand ability to finance. There have been a lot of changes in this space lately. Understanding roughly how much you can borrow and for what sort of properties in what short of locations will help you avoid wasting time and confusion looking strategies that you are simply ineligible for from a lending perspective.

    Jacqui Middleton | Middleton Buyers Advocates
    Email Me | Phone Me

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

    Profile photo of PimobpiPimobpi
    Join Date: 2013
    Post Count: 60

    All great advice – in particular “Catalyst” recommending to start at the local library & “Jacqui” pointing out that if you start with understanding your financing ability it would save you so much time.

    You’ll find that you will be able to answer your own question as to whether your single income will be enough to commence. You’ll also find that every answer to every question about investment will be: “it depends”. Eg: Is a single income of $1 million enough to commence with property investment? What if that person spends most of it on fast cars & on gambling or is very sick and needs to spend it on medication? It changes everything. Some people earn heaps & live pay to pay, others earn very modest amounts and have investments. Of course the opposite is also true, some low income earners waste all their income & some high income earners budget wisely and have their money work for them.

    I’m still learning, reading tonnes of books & also putting some of it into practice. I don’t think that should ever stop.
    I post very large replies mostly because I am a pleonastic but it also helps me learn that way. Writing about stuff helps me question whether I really believe it or not. I am sure that the length of my posts have annoyed some members but I have not had any complaints so far. :)

    The library will give you a much better sense of what type of investors are out there, what type you are or want to become. It will also help you to know some financial ideas & products. Please remember that books cannot beat talking to a broker for that kind of financial detail. Brokers look at your situation in particular & find the right financial products to suit you. Books are written for audience masses, brokers are talking to you alone.

    Many books are outdated so they have details of loan products and ideas that no longer exist or no longer work in the current environment – I still think that these books are beneficial for you to read as mostly it’s “Chew On The Hay, and Spit Out The Sticks” type of learning. The books cover the full spectrum of all types of investors so some books will say:- do only this, others will say:- do only that – and the rest will say:- do a bit of both. There is nothing in books that’s a one size fits all remedy for investments. What works for one investor may not work for another (even if given the exact same property with the same expenses). We all have different personalities, risk profiles, needs & goals.

    A book that I have read a few times is called “47 Biggest Mistakes Made by Property Investors and How to Avoid Them”. It opened my eyes to a few things that I never thought of before. I’ve also read a lot of books by Robert Kiyosaki & from Steve. I used to borrow 5 to 10 books at a time. I didn’t read every page on most of them. I’d start reading chapters that I thought interested me more and progressed from there. No one remembers everything that they have read in books, but what they have remembered is what they found important. Don’t use them as manuals because they are not – some books are titled as if they were manuals & some authors are very adamant that they are completely correct and that everyone else is wrong. Don’t believe anything that you read – (it may all be accurate and true but you need to follow up with your own investigation of what you have read by speaking with brokers, accountants, lawyers, agents, family, friends etc). You are teaching yourself about yourself.

    An interesting thing I read once was to ask yourself “WHY” use property as an investment? Have you chosen property over some other type of investment for any particular reason? Is it because you think that it is safer to invest in property than to invest in shares or investing in something else? You need to question that very thought. All investment is risky business when your education is low. Don’t look to learn what you do not know just yet, start with questioning what you believe to be *absolutely true* and then find the answer. Play the devil’s advocate with yourself & also when around others in conversations about investment. It’s challenging to do but you could learn heaps. It’s not like school where there is only one answer & you are either correct or incorrect.

    I have learnt that investing is NOT done in property or in shares etc. Investing is done in people – as in engaging great accountants, bankers, friends etc. I think that’s what “Catalyst” meant regarding Networking being key.

    Cheers & wishing for even more wealth to you.

    Profile photo of tinterjjtinterjj
    Join Date: 2011
    Post Count: 3

    Thanks everyone, I guess I need a gun broker to see where I’m at. Any recommendations?


    Profile photo of Jamie MooreJamie Moore
    Join Date: 2010
    Post Count: 5,069

    Where are you located?

    If you prefer face to face there’s likely to be someone on the forum that can assist.

    If you don’t mind communicating via email/phone then you can select any broker from anywhere in the country.



    Jamie Moore | Pass Go Home Loans Pty Ltd
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of DeanCollinsDeanCollins
    Join Date: 2015
    Post Count: 376

    buy some books off amazon or borrow from the library, at the end of the days its about “living within your means” and stockpiling cash/equity into IP’s and letting renters service the debt……while government induced inflation takes care of the rest.

    Profile photo of laurieklauriek
    Join Date: 2015
    Post Count: 35

    It sounds like you’re in the “Asset rich, cashflow poor” situation. Lenders are increasingly focusing on serviceability nowadays.
    Have a chat to a good mortgage broker and get a feel for exactly where you stand as far as borrowing ability goes.
    If you can access some equity you may want to consider high cashflow options such as U.S. Property, or granny flats, etc.

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