What is a Newbie?
Reply: 2.1.2.1
From: Sim' Hampel
Hi Mike,
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.
Watch this space !