Getting Started

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From: Anonymous


Beginnings
From: Chrissy
Date: 10/11/99
Time: 9:55:54 PM

Hi. I have almost read Building Wealth in Changing Times and am convinced that it is what my husband and I should be doing. We have a large tax bill and yet not a lot set aside for the future.

We live in Adelaide, but are not sure if this is where to buy. Or if not, how to buy elsewhere without having to go there. had a chat recently with Program 8 people, but felt they weren't what we were looking for.

Any tips for the newcomer or contacts would be very welcome. Thanks
 
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Boyd

Reply: 1
From: Anonymous


Re: Beginnings
From: Boyd
Date: 10/16/99
Time: 5:50:06 PM

Hi Chrissy,

Just read your e-mail and thought I'd reply. I don't claim to be anywhere near expert on these matters but these are my thoughts. I personally wouldn't buy anywhere I haven't at least visited or knew the area reasonably well.

When you are considering such a big investment as a house, I wouldn't trust anyone else to represent me. Their values and views are likely to be different to yours and it's a lot of trust to put in someone else. It's not their money or future riding on the outcome. Some people may have a different view but I guess I am just not a trusting type of person.

In regards to Adelaide, I don't really know the place and that's exactly why I wouldn't consider buying there. For my money, south east Qld is an area that has a track record of good capital growth and also population growth. With a lot of people moving there, they have to live somewhere. Also, I'm originally from Brisbane so I know the area generally.

Darwin is another area worth looking at I think. The rental return there is very good, although some properties may experience a higher than usual vacancy rate. That again comes back to knowing the area.

I'd like to ask something of you also. What is Program 8?

Regards, Boyd.
 
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chrissy

Reply: 1.1
From: Anonymous


Reply to Boyd
From: chrissy
Date: 10/18/99
Time: 1:54:50 PM

Thanks for your comments. All info we can get is very useful while we are in the ready to move phase!!

Program 8 are a group of people who fly someone in from the Gold Coast to various other states and try to pressure people (contacted by phone) to rush into buying properties in the Gold Coast. You have to decide to go to the Gold Coast within 2 hours of meeting them, and then fly within a week, and purchase the property on that trip.

Its all a bit too fast for us, and we were called "procrastinators" who wont ever do anything when we said how we felt. Guess they have some properties they cant sell to locals and so they try to flog them off interstate to people they can pressurize!

We were not very impressed with their style, as you can probably tell. But they did have some useful information which we are using, so all was not lost.
 
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Rob

Reply: 1.1.1
From: Anonymous


Re: Reply to Chrissy's reply to Boyd
From: Rob
Date: 10/22/99
Time: 7:45:50 PM

Reading about these property 8 people made my hair stand on end!

High pressure sales tactics always seems to guarantee that there is a whiff of something organic about the product, if you know what I mean.

Though I've only just read the first book, and am far from being an expert, my understanding is that Jan's plan is about long term benefits of well considered property purchases. So moving fast, making quick decisions on your feet without considering the full picture sounds fundamentally wrong.

Looks like you made the right choice to avoid that "too good to miss, once in a life time, make your hair grow back, increase your libido" type deal. : )
 
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Sue

Reply: 2
From: Anonymous


Re: Beginnings
From: Sue
Date: 10/16/99
Time: 5:13:09 PM

Hi Chrissy, Welcome to the Forum,

I see that Jan is coming to talk in Adelaide on November 16 so that would be a good place to be to get some tips. Have you read "Building Wealth thru Investment Property" its the one before "Changing times" and is really an easy to understand "how to" book about getting started in Real Estate Investment.

You could probably start by talking to real estate agents about "hot spots" and I find that by going around to Open Houses and chatting with them you can get a lot of good information about what's going on and what renters are looking for. Just be objective about what they say, they wont all agree of course.

Even if Adelaide isn't capital gains heaven there's usually some areas which perform better than others. I believe (and this is just my opinion) that you should start off with something in your own city (unless you live in Timbuctoo) where you can keep an eye on it and learn from the experience before you venture further afield.

Anyway, ask lots of questions, read lots of books, go to Jans seminar and any others that are on offer around the place, but most of all put it into action and make that first purchase. The first one is always the hardest and as long as you buy in a reasonable area in a good position AND hold onto it you won't go far wrong. Let us know how you go

Cheers Sue
 
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Boyd

Reply: 3
From: Anonymous


Re: Beginnings
From: Boyd
Date: 10/18/99
Time: 2:03:09 PM

Hi Chrissy,

Further to my reply, I have received some info from a group called the "Investors Club". I haven't really looked into them much as yet so I can't really recommend too seriously but they may be what you are looking for.

If you decide against purchasing in Adelaide and really don't know any other area, they could be able to help you out. Their website is http://www.investclub.com.au I intend checking them out myself and going to a couple of their meetings.

I still totally believe in buying where you know and personally would only look at properties they recommended in areas that I am familiar with. Each to their own.

Regards, Boyd.
 
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Ian

Reply: 4
From: Anonymous


Re: Beginnings
From: Ian
Date: 11/1/99
Time: 4:58:49 PM

Hi Chrissie,

Good luck on your venture whatever that may be. Just remember the golden rule "That once in a lifetime bargain come along about every month or so if you look hard enough".
 
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AB

Reply: 5
From: Anonymous


Re: Beginnings
From: AB
Date: 11/15/99
Time: 1:55:35 PM

Hi Chrissy,

I live in Adelaide too so I know what you mean about do I buy here or somewhere else?

I actually bought an investment property here in Adelaide a year ago. I know it's not the best capital growth state etc but I am getting a very good rent each week in a reasonable suburb 10 minutes out of town. I am very happy with my purchase here.

I also have an investment property in Cairns, where I lived for a couple of years and I think it is important when you are starting out to be comfortable with your decision and to know the area a bit. I lived in Cairns for a year before I bought the property there and I'm glad I asked around a lot because there are some areas just full of units and I would have lost out if I had bought in those areas.

So to finish off, I guess you just have to be able to sleep at night. What's the point of buying the best capital growth unit in Brisbane if all you do is worry about it? If you are more comfortable, at first, buying in Adelaide then that might be the way to go for you and after you have purchased your first unit you might be happier to try interstate next time. There will always be property waiting to be bought!

Good Luck.
 
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