David ParringtonParticipant@davidparringtonJoin Date: 2017Post Count: 13
G’Day guys, I am new to propertyinvesting.com and just after you guys thoughts on how I would get into buying my first investment property? I have just purchased my first home which settles tomorrow. From here on is it now just a matter of building equity to use as security/deposit in order to get the next property or is there a bit more to it then just that?
Cheers guys and thank you in advance, any advice would be much appreciated.BennyModerator@bennyJoin Date: 2002Post Count: 1,325
Congratulations !! Purchasing your first home is an exciting time. I’m glad you found us too, as we can guide your steps toward property investing. There is a wealth of information to be found in here – feel free to wander around and read. Check out the Training Centre and the different forums.
I had a wee smile when I read this:-
From here on is it now just a matter of building equity to use as security/deposit in order to get the next property or is there a bit more to it then just that?
It reminded me of someone else who had asked a Doctor – “My blood pressure shows the right numbers, so am I healthy?” The answer was “That’s a good start, but there is a whole lot more to it.”
So ditto, David – there is a lot more to it. ;) You won’t learn it all at once, but some large clues are dotted around the place that you can pick up on. Also, depending on where you live, you might be able to meet up with others who meet to discuss investing with those who are on the same path. Keep your eyes open for those meetings.
Here’s one big “clue” to whet your appetite :-
I hope it provides a glimmer of understanding of this vast subject. And, welcome aboard, David,
BennyTony FlemingParticipant@the-dark-knightJoin Date: 2008Post Count: 396
Welcome David and congratulation on your first home :)
As Benny said there is a wealth of education on this site and plenty of books out there. Sit back and work out your strategy first before jumping into anything. I found the best way was to work out what your end goal is and in what timeframe. From there you can work backwards and start planning it all out.
Any questions don’t hesitate to ask.David ParringtonParticipant@davidparringtonJoin Date: 2017Post Count: 13
Thanks for that Benny, it gives me more confidence to see that we all to start somewhere. I am currently reading 0 to 130 properties and for me its absolutely mind blowing, going back and forth and thinking what [email protected]#$ is he saying, so I am sure I will flood the forums with questions that will continue to put a smile on your face.BennyModerator@bennyJoin Date: 2002Post Count: 1,325
so I am sure I will flood the forums with questions that will continue to put a smile on your face.
It is important that you do get to know the basics, so ask away. Steve’s latest “Steveism” that came out a couple of days ago talks of having the “foundations solid” if wanting to add an extension to a house.
That applies to your investment knowledge too. Keep that in mind if you ever think “I won’t ask that question, as it is probably a dumb one to ask”. See, if you don’t get to really KNOW the basics, then that puts at risk any later decisions you might make. So do take the time to really ground yourself, and to gain confidence in your knowledge before you go running off and buying a property. It’ll happen – but it won’t happen overnight !!
BennyMaineParticipant@mainecollinzJoin Date: 2017Post Count: 6
Jumping into the real estate investing game might be a good idea. Buying your first property, the first thing you need to do is decide whether to buy it as a home or a rental property. This decision will impact on everything else you do down the line.
You must be logged in to reply to this topic.