If you're a 'relative newbie' with 4 IP's I'm still a twinkle in in the big $$$'s eye (no IP's yet, but itching to get off the sidelines). I'm in Brisbane and would be interested in a get together, but I'm not sure I can offer anything....
From memory there are a few Brisbanites around... If you're out there speak up!
With 4 IP's under your belt I wouldn't consider you to be a newbie so I hope you'll post a lot and pass on some of your experience to our real newbies.
Nobody has posted a definition of a newbie so I'll start the debate with mine. I don't believe anybody who has a property-based business could be called a newbie. If they've written a book related to property investment then they are not newbies. Jan Somers is not a newbie and neither is Donald Trump.
At the other end of the scale are people who haven't purchased a single property. In my opinion, they are newbies.
In between those extremes are people who have properties and still think they are newbies. If I were to create a dividing line it would be at 3 properties because when you have 3 you qualify for a personal bank manager. So there's my definition: if you have 3+ properties, you have graduated from newbie class into intermediate class.
People with no properties and who are still learning are, I agree, newbies.
I have just bought my first IP (not settled yet!) and I reckon I still have a lot to learn. About being a landlord for starters. And also, I had the help of a buyer's agent for my first IP, so I still need to learn! And I guess I need to learn a lot!
Now if I had purchased 3+ properties all with the help of a buyer's agent, I guess I wouldn't have learned much (or certainly not through my own mistakes), so the limit for a newbie is fuzzy.
I would accept Ian saying he is a newbie, in the sense that he probably knows his limitations, and what he still needs to learn. Let's just say that he is a semi-newbie
(aka Jacques in the old forum)
Thanks for your thoughts. You have been a keen participator in the forum although you are still a newbie by my definition. Other great participants such as Les and Sim' apparently are also newbies by my definition.
My post to Ian was mainly to encourage him to not be merely a "looker" on this forum but to get involved as you have done. I believe the great majority of people on the forum or just observing are newbies by my definition. But if all the newbies just asked questions, then it would be a real burden on the very few professionals on this forum to answer them all. Before long the forum would wind down.
Les and Sim' have shown that newbies can be great contributors despite the lack of experience and minimal knowledge. We all have knowledge gaps but that shouldn't prevent us from doing our bit to help whoever we can and by doing so ensuring the continued success of the forum.
Thanks for the kind words. I'd be the first to agree with you that by your definition (and my own) I am a newbie when it comes to putting IP deals together.
I own only 1 IP, and that was an "IP by accident" as a result of a move interstate. I have now had several years of experience with running an IP and dealing with tenants, leases, repairs and so forth as well as dealing with finance.
What I don't have is experience in actively pursuing a property purely for investment purposes. I don't have experience in putting a deal together and with the negotiation. I don't have experience with convincing the lending institutions to finance my purchases.
My posts are a combination of sharing my experience and knowlegde of the taxation and finance systems, plus general opinion on wider subjects. I believe I have a good grasp of the theoretical side of deals and the various strategies, but I really don't count that as worth terribly much without the experience to go with it.
So what is the point of this post ? I just wanted to provide some context to those people reading my posts so that they don't assume that I have experience with something I don't.
We developed a strategy several years ago in regards to our IP and have been sticking to it. That phase of our strategy is pretty much complete, and so we are now in a position to purchase several more IPs (as many as our finances will allow, which should be a few). Hopefully by the end of this year, I will be in a position to speak more from experience about what I have actully done with these deals.