advice on my investment strategy please

[Nem]

Yes I think I found myself over analyzing everything and my ideas about what's possible were much smaller before I discovered this forums! And I agree you need to dream big to achieve big, but its really hard to know or choose any strategy when you only know little.... and I dont think one can learn better without actually doing it

 

[xgen9606]

The whole thing about not being certain of your end goals at the beginning is not realy that important IMO.

Most of the books you read will also suggest the same thing. I think what their trying to really say is that most ppl go into property invesmtment with only very modest ideas of what they think they can achieve, and this is problematic - and i agree with that sentiment. The reason i think its problematic is becasue when your vision is very narrow, its hard to see beyond. Rather, by starting from a 'larger' goal position and then over the months and years refining and trying different strategies may be a better way to go. Personally i beleive you need to have a target set/targets set at timeframes, otherwise you will likely have an aimless path. Yes of course as you learn you will tweak targets/goals/paths etc but this is also a normal and beneficial process imo.

Cheers

leo

I am looking at Wollongong recently for my next investment target, what do you think Leo? I will be looking at a 3-4 bedroom house in Wollongong or North Wollongong.

 

[sanj]

Most say to have the end in mind. The problem with this is that your circumstance/life today will be different in the future. You will also have more knowledge later in your investment journey, which may change your strategy yet again. My thoughts? Determine which money making strategy interests you and learn from people who implement said strategy. Spend some time on SS too. Tust me, many people here walk the walk.

I agree with this too.

 

[Brady]

I agree with OC1 post around targeting on your strategy, focus on that, speak to SS who have done this approach already, become the best you can be at this strategy. Doesn't mean that this will be your strategy for your entire investing period, you will likely chop and change over time to what you think is best for you at the time. But for now it's important to look at where you want to be in the future and how to maximise that now.

 

[Sean M]

Hi Xgen,

Welcome aboard! Sounds like you have been thinking about a few of your options. And you have some ideas in mind. Leo and Ralf both have made some great suggestions. At the end of the day you are responsible for your decisions and so you must up skill yourself to know what you are going to be doing. Even the best and most successful people in the world have a fantastic team around them but at the end of the day they make the call and live/die by their decisions.

Goal setting would be key but also know that persistence and hard work is also important.

I know from my experience temptations come and go and you always feel like there wont be that great property deal come around. Take your time ( don't procrastinate) and remember first goal in making money is to protect your capital.

Good luck and keep us informed.

 

[oc1]

Leo and Ralf both have made some great suggestions.

Who's Ralf???

 

[skater]

You mention that you are only on $70k. I'm not sure of your working situation, or if it is possible for you to raise that income in any way, and all the big income earners here would say to concentrate on earning more.

Anyway, I know that this is not possible for many people, and if this is true for you, then you will need to look closely at the numbers of anything you decide to purchase, because your serviceability will be hit hard if your next investment has a similar yield to your last.

I'm not saying that your first IP is/was a bad investment, it's probably had a fantastic CG, I'm just kind of asking how many properties do you think you can hold, on your income, if you are losing $100pw (or more) on each one. Now, think carefully, how many of them can you hold that cost you nothing each week? Or better yet, put even $10pw into your pocket?

 

[tjmindspark]

Take massive action

Hi Don't let overwhelm stop you from taking action either though. If you start with what you would like to earn from passive income and work out how many properties at what return you would need you will have a place to start.

 

[Cherry Pro]

Hi XGen and welcome ...

Wollongong or North Wollongong or Brisbane will work out okay for your next investment provided the yields are good and don't end up costing you your lifestyle.

I would say ...you don't have to get it perfect, you just have to get it going and then fine tune along the way ...

Good luck !