How Do I...???

[Clarence130279]

Greetings All,

i'm 23 years old, male, still living at home with parents in Sydney [ sighs :( ]
Recently, i've become interested in the realms of Real Estate Investing and have read Jan Somers' book. To me, personally, the problem is i don't want to work for years to buy my first home then use the equity from that to purchase my first IP.
Does anyone have any suggestions as to how i can hasten the process of entering into the IP arena, for a single guy like me?
i'm very inexperienced in Real Estate Investments but, i'm committed to continue learning and very eager to jump in. So, if i could receive some guidance and suggestions from the 'been there and done that' wiser generation, i would really appreciate it :)
oh yea, any worthwhile books that i should drown myself into?

Thanks,

:: Clarence ::

[Alan H]

Clarence,

You don't HAVE to buy a home first.

By all means, take advantage of living at home, save a deposit and buy an investment property.

Deposit even too big if living somewhere like Sydney? Look further away until you find the right opportunity.

The good news is your doing this at a relatively young age. Many won't even think about it for another twenty years!

Good luck.


:)

[simonjulie]

Hi Clarence

I agree with Alan.
Try to remember that investing in property is a means to an end.
What I mean is to be clear about what you desire and plan how to achieve that. For me, investing in real estate has been steady and effective journey to financial independence.
Remember that you get good at what you practice.
Kind regards
Simon

[Alan H]

Clarence,

I'd definitely listen to any advice from Simon.

There's a lot of experience there.......and from such a young man too! ;)



:)

[Jacque]

Hi Clarence!

I second the words of wisdom already spoken. Take advantage of the fact that you are still living at home (cheap as chips) to save for that first deposit, whether or not it be your PPOR or an IP. You will obviously need an income to support your repayments, however if you choose to purchase a positively geared place (where the rent outstrips the repayments and maintenance costs) then you won't be out of pocket at least.

At least you're making a start at such a young age. Well done! Stay focused and remember the dream :)

For books, try doing a search on BOOKS and you will find endless references. For a good start, you can't go past Jan's books, SMARTER PROPERTY INVESTMENT by P. Cerexhe is also informative, as is REAL ESTATE RICHES by Dolf de Roos. There are so many out there, but these I would consider these few as suitable examples to get you motivated and informed.

Good luck and keep us posted of your progress!

[Clarence130279]

Dear Allan, Simon & Jacque,

thank you all for your encouragement and advice, i appreciate them.

just one question to Jacque, what is PPOR?

Regards,

:: Clarence ::

[Jamie]

Hi Clarence,

PPOR stands for Principal Place Of Residence. This means your own house that you live in, rather than an IP (Investment Property) where tenants help you pay off the loan.

Jamie.

[Jerry Maguire]

Hi Clarence,

your name remind me of a movie called " it's a wonderful life '' and it usually is on the tele during christmas time.
its a very old movie in black and white...

back to the topic
have you been to any of the freestyler meeting yet?
you can have a chat with those people that have done it themselves and ask them questions about IP.
talk to at least more than a 100ppl and take them out to coffee and spend about half an hour to an hour of their time and ask them questions (make sure you take a lot of notes not just sit there and open your mouth and thought WOW, if you do this you are wasting your time unless you take notes yourself).

Clarence have you ever interview someone who is so success in IP that they are willing to spend about half an hour of their time and talk to you?

investing in IP is fun only if you know how...
thats why you interview those ppl who have made it themselves through trail and error in investing in real estate and you are getting the first hand information

all the best in your property investing journey Clarence

regards
Jerry

[Jerry Maguire]

by the way Clarence only interview those that have more than 10 properties that way it narrow down your selection process instead of asking every Tom, Dick & Harry that have got ONE IP and classified themselves as an expert

regards
Jerry

[Clarence130279]

holy cow...

i never thought Tom Cruise would be fishing in this part of the sea :p

i gotta say, i've never seen that movie " it's a wonderful life "

but, it got me thinking...

is life really 'wonderful' or only to the 'rich & famous' ???

and what the heck is 'freestyler' ???

swimming lesson or what ???

Jerry, i don't actually think that successful people would choose to spend their valuable time sharing their experience with a person who has no experience in their field of expertise...

not in my experience, anywayz...

everybody big smile :D

:: Clarence ::

[geoffw]

Clarence,

Freestylers is an organisation set up to enable like-minded people to meet and to learn- see http://www.freestylers.net.au

They meet monthly in the larger cities, and can be a very valuable way of learning.Jerry, i don't actually think that successful people would choose to spend their valuable time sharing their experience with a person who has no experience in their field of expertise...But that's what people in this forum do. And I learn a lot from others I meet- other people who are also willing to spend their time to talk, face to face.

I can learn obviously from those with a lot of experience. But I can also learn from those who are just starting out. Everyone has something to offer. Your own experiences now might help someone else. If not, then further down the track, you will have knowledge which you will be able to use to help someone else with less experience than you.

Geoff

[Jas]

Originally posted by Jerry Maguire
by the way Clarence only interview those that have more than 10 properties that way it narrow down your selection process instead of asking every Tom, Dick & Harry that have got ONE IP and classified themselves as an expert


Jerry,

I reckon, "hi, how many properties do you have?" is a fairly rude way of introducing yourself. Also, there are many people who have bought lots, sold all, and currently have nothing.

Why not just listen to the advice, do some of your own research, and go with what makes sense to you?

Jas