Forums / Property Investing / Help Needed! / Buying first IP

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  • Profile photo of J.h2016J.h2016
    Participant
    @jasmine-hugon
    Join Date: 2015
    Post Count: 1

    Hey guys,
    I have been reading through posts and wondering if anyone has any advice for a first time investor? Any locations that any one recommends to buy?

    Profile photo of Corey BattCorey Batt
    Participant
    @cjaysa
    Join Date: 2012
    Post Count: 1,010

    The best advice in my opinion is to establish your long term goals early on. This will assist you in working out what your strategy will be for investing and what properties might be suitable for your needs. I actually recently wrote about how to plan your investment strategy here, it might be of use to you: http://www.precisionfunding.com.au/planning-your-investment-strategy/

    As always, its best to do your own research than rely on punters on the internet telling you the best area to invest. What areas do YOU think are good to invest in currently?

    Corey Batt | Precision Funding
    http://www.precisionfunding.com.au
    Email Me | Phone Me

    Investment Focused Finance Strategist - servicing Australia-wide

    Profile photo of Tony FlemingTony Fleming
    Participant
    @the-dark-knight
    Join Date: 2008
    Post Count: 396

    Hey guys,I have been reading through posts and wondering if anyone has any advice for a first time investor? Any locations that any one recommends to buy?

    Every single person has a different goal/dream. What may work for me may be terrible for you and vice versa. Read up on as many different strategies and sit down and work out what suits you best and then find a good broker and start becoming a multi millionaire :)

    Tony Fleming | Triumphant Property Group
    http://www.triumphantpropertygroup.com.au
    Email Me | Phone Me

    NSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Hey guys,I have been reading through posts and wondering if anyone has any advice for a first time investor? Any locations that any one recommends to buy?

    Hi and welcome aboard :-)

    It’s impossible to answer. There’s thousands of markets in the country – what works well for some won’t for others.

    Your best bet is to get clued up. Read widely and educate yourself. Forums like this are a great start.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

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

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

    Location is a hard one and will depend on where you want to start price wise.

    We normally suggest a client start slowly with a good cash flow property and then expand from there.

    If you want a copy of our PDF “Turbo charge your property portfolio” shoot us an email and we can send you a copy.

    Cheers

    Yours in Finance
    0-40 properties in a decade. Ask me how.

    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 BjoernBjoern
    Participant
    @suoksa
    Join Date: 2015
    Post Count: 23

    what works well for some won’t for others.

    Just wondering about this. Since I’ve started to look into properties I have probably read this or similar comments hundreds of times, but I never really understood it. If you find a property that gives you a nice cash flow or one with a high probability to increase in value, what kind of people would that not work for? Sure, some people might have their mind set more strongly on CF, others on CG, but in the end doesn’t everybody want to earn money and generate passive income and hence wouldn’t any kind of good property work for anybody? In particular for someone who is just buying their first investment property as they don’t even have to think about diversifying yet.

    Profile photo of BennyBenny
    Moderator
    @benny
    Join Date: 2002
    Post Count: 1,366

    Hi Bjoern,

    Jamie Moore wrote – what works well for some won’t for others.

    Bjoern>>> Just wondering about this. Since I’ve started to look into properties I have probably read this or similar comments hundreds of times, but I never really understood it.

    Consider these differences:-
    o Some starting out have (quite) limited funds
    o Some have stacks of equity or cash but no time
    o Some have Equity and time but no skills
    o Some have low risk tolerances
    o Some have huge risk appetite
    o Some have an aversion to “second-hand”
    o Some have no stomach for “starting a business”
    o Some have the resilience to push through to solutions – and some don’t
    o Some want to buy themselves a well-paying job
    o Some want to “put their feet up” and invest
    o Some would be thrilled to take on development – some would be aghast !!
    o Some have entrepreneurial skills/desires and want to exhibit them – some don’t
    o Some would love a 3bd/2ba renter with a positive cashflow of $50 a week
    o Some wouldn’t waste their time with such “small beer”

    Small ships need to be careful of the weather when they start out (and need to consider their destinations too, for the same reason). Larger ships can weather adverse conditions without concern.

    When starting out, I believe it is better for the beginning investor to define where THEY believe they fit, and the kind of investment that suits THEIR purpose. Otherwise, they can find themselves “all at sea” – bobbing around in a huge stormy ocean.

    Tell us what you think you want to do (can do, can afford to do) – then come asking questions. That way, any answers you get can be much more “tailored” for your purpose, yes?

    And if you are not sure yet, fair enough!! You didn’t learn to read in a day – learning of investing is another skill learned over time. Don’t be in a rush. Your first purchase should “set you up”, not stretch you because of a rash decision. Take your time – there will be another train leaving the station tomorrow….. Meanwhile, keep reading !! ;)
    Benny

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