Hi, Introducing Myself :D

[Zookz]

Hi there. I just signed up to the forum and thought I'd introduce myself. I'm a 22 year old male currently living in southern Sydney. I've always wanted to get into property investing...but it hasn't been until earlier this year that I have been most proactive in seriously persueing this goal.

My goal is to purchase my first investment property within 12 months. But before I even begin to think about purchasing, I have written out a whole long list of educational materials in order to really have some solid knowledge under my belt. I have completed many "general" wealth/self-help related materials (Kiyosaki/Covey/Trump/Carnige...) and recently began focussing on more specific property investment resources. I have completed the Rich Dads "6 Steps" course and am nearly through "Building Wealth through Investment Property" by Somers. From there I have a list of another 15 texts/courses that I have already purchased.

I do realise that I am still at the very (very) early stages of property investment. I am a highly ambitious and goal orientated person so I strongly believe in setting some solid foundations before moving forward. Can't wait to browse around this forum and hear other peoples experiences from investing. Plus I would greatly appreciate any general advice for me at this stage.

 

[eggnog]

good on ya for giving it a go. from recently being in the position you find yourself in now I would say that the books you have just read (Kiyosaki/Covey/Trump/Carnige) are more to get into the right mindset.

The books more focused towards property investing are from the somers, mcknights and peter spanns out there. I'd say these are the books you should more closely read. And another advice, don't read the U.S. property investing books. Not really relevant to our market.

just my 1/2 cent

 

[Andrew_A]

Perhaps you can become an expert in an area of interest in Sydney?

Attend some auctions, visit the agencies, visit open houses, work out your borrowing power cashflows and savings targets, gather a database of sales and bicycle around the suburb so that you are more skilled at identifying 'value'. Buying 'cheap' can make a huge difference in instant equity creation.

Jan Somer's books are an excellent place to start reading as well.

Also getting out and talking to fellow investors is good as well. Look up the details of the next SIG meeting and make some contacts.

Swap ya my IP's for 22 years old?

Have fun!

 

[Zookz]

Hey thanks for the replies.

CashflowPlus - yeah you're absolutely right. Actually it was about 3 1/2 years ago that I read Rich Dad Poor Dad...I dropped out of university (studying biotech) and started up a business which I more recently sold in order to focus on another. That book was like a wake up call for me...previously I was in the mindset to get a good paying job and be well off. Since then I have read quite a few of Kiyosaki's books which have really rewired my brain. After reading books/CD's by several other authors too, that mindset seems to be just simple common sense.

Also yeah I'll avoid the US investment books so thanks for that tip. Although I know I still have a lot to learn, the Rich Dad's "6 Steps to become a successful real estate investor" had some really basic lessons that would also hold true in Australia. It doesn't tend to go into too much detail re: taxation, laws, markets etc etc.

Right now enjoying the "Building wealth through investment property" book...already got quite a few Aussie books/courses stacked up and ready to go - others by Somers, Lomas, McKnight. I'll also look for Spanns, haven't got any by him.

Andrew_A - Thanks for the tips. I've only done a little browsing at present, but intend to do exactly what you advised. Right now I'm focussing on the education and some online browsing...but soon I'll really have to get cracking on all of those areas specified too. Will check out these SIG meetings - definitely something I am interested in.

 

[WBG Redcliffe]

Zookz

knowledge is power and comes from the books (keep reading)

understanding is priceless and only comes from doing.

good luck

Wayne

 

[BV]

Zookz
Welcome to the forum.
Yeah there are lots of books on the market.
Keep on reading and feel free to ask questions.
Good luck with your investments.
Cheers

 

[Ahmad Azimi]

I can tell you have a great future ahead of you. I agree with others that Kiyosaki and the like are only good for motivation and to get you in the right mindset. I have red 3 of his books but make sure you only use it as a guide. I dont agree with some of the advice he gives but over all its good for helping you see the other side of the coin.

To really get an understanding of property investing, read "How to" books which is more relevant to Australia than overseas.

Have you red Think and grow rich BY Napolean Hill? If you havnt then I highly recommend it.

Good luck

 

[Zookz]

WBG Redcliffe - Thanks for the advice Wayne. Makes perfect sense to me and I definitely agree that you need a good balance between the "book smarts" and the "street smarts" in order to truly be successful.

BV - Cheers mate. Yeah I'm sure I'll have plenty of questions later down the track...really looking forward to surrounding myself with other people who have been successful in this industry.

Ahmad Azimi - Thanks for that. I'm now honing in on the "how to" books after reading a whole collection of "mindset" books. Think and grow rich I have been recommended by a few others and yes I have it on audio CD (yet to listen to it though...but I will shortly).

 

[alexlee]

One important thing to remember, Zookz, is that at your age your income is going to grow, and you have time on your side. Even if you make mistakes, you have the time and most likely the ability (due to rising income) to live through it. In many ways successful property investing is about surviving and just holding on, while time and the market does its work for you.

You don't have to buy the perfect property. Just buy reasonable ones and over 30 years you'll be rich. In 30 years the only properties you'll regret are the ones you didn't buy.
Alex

 

[sailor]

Welcome to the forum Zookz! Tis a wonderful place to behold. I joined last June and have learned soooo much from reading the posts and asking dumb questions. I also found "The Richest Man in Babylon" a fantastic read.

Are you spreadsheet savvy? There are some wonderful spreadsheets that people have devised on this forum. (Just do a search and they are free to download.) They can help you plan your goals and work out if an IP will be -vely or +vely geared, how much you can borrow, and really help in getting down to the nitty gritty of the number crunching.

My very best wishes for your journey to wealth creation!

 

[JLo]

Hi all,

What's a SIG meeting?

 

[kissfan]

Hi all,

What's a SIG meeting?

Hi JLo (Jennifer Lopez?? ).

SIG= Sydney Investors Group which meet periodically with guest speakers. They are organised by our very own Perky (from this site), who does a great job.

Noticed you are in Qld. Don't know if you are in or around Brisbane but there are also meetings held in Brissy on a frequent basis (known as BIG).

Keep an eye on the "Meeting Point" section of this forum for more details.

Regards
Marty

 

[Zookz]

alexlee - Thanks for the really good advice. That is absolutely why I want to get into property now and not leave it 10 or 20 years. Time is on my side and I really want to make the most of it (expecially considering that my expenses are very low at the moment).

I am a personal trainer by trade and have been bodybuilding for over 3 and a half years. From my training I really have learnt that it's a matter of staying consistent over a long period of time in order to achieve great results. Just like, in my language, there is no "perfect" diet or training program, I very much expect there not to be a "perfect" deal. Really good point raised there...and one that I am definitely going to take to heart. Last thing I want to do is be searching for a "perfect" property for 5 years when I could already have a nice little portfolio instead.

sailor - thanks for the welcome yeah I have no doubt I'll be asking plenty of questions on here...but hey...no such thing as a dumb question (okay...within reason that is hah!). Yup I am very computer savvy...so I'll check out these spreadsheets for sure. Thanks heaps!

 

[tk79]

Hi mate,

I was in a similar position to you only a couple of years ago. I am now looking for my 2nd IP. One book i found really helpful was from Michael Yardney "How to grow a multi-million dollar property portfolio", also subscribe to API (Australian Property Investors) magazine lots of useful up to date info. However finally get out there and visit auctions, ring agents and quiz them and go for drives and check out suburbs which you think might have a lot of future potential. All the best

 

[karina]

welcome to the forum!

As mentioned the SIG meetings are great. Its an opportunity to chat to like minded people that are investing or keen to invest in property. There is usually a guest speaker that is knowledgable on some area of real estate.

Its great that you are reading some books. I really like a book by Jan Somers called 101 property stories. (I think that´s what its called) Everything you need to know is in this book!

I agree there is no such thing as the perfect property. IMHO its all about ACTION, read a few books but then just get out there and do it. There is no better way to learn than by actually taking the plunge. Do your number crunching make sure you can afford it and then JUST DO IT. I have seen people miss the whole property cycle waiting for the perfect property or the right time to get started. The sooner you get into the property market the faster you will get to your destination.

There really are NO SECRETS in realestate investing. Books will be good for knowledge and education but it really is quite simple, just work out what strategy you want to follow and do it. For me I don´t do much more than buy and hold, that´s the easiest strategy (I believe), anyone can do it, just takes ACTION, ,PERSISTANCE and a little bit of common sense.

I wish I had started reading property investing books at age 22. You can achieve amazing results if you start now!

 

[Les]

G'day zookz,

I really like a book by Jan Somers called 101 property stories

My favourite too - it's called "Building Wealth - Story by Story" and, yes, it has 101 stories (some good, some not so good - but you can learn from other people's mistakes, and successes).

Probably available in bookstores, but always available here (www.somersoft.com.au) - either way, it's a steal for whatever it costs (around $30??) - and it's probably in your local library too,

Regards

 

[karina]

Thanks for that Les,

I couldn't remember if I had the name correct! Great book. One of my favourites and so easy to read.

 

[Zookz]

Thanks for the help re: the books guys. Will definitely add them to the list

About a year ago I wanted to invest into property...but it all seemed so overwhelming that I decided to look at it later down the track for whatever reason. Now that I have actually looked into the topic just a little bit...it's funny how it isn't as "out there" as what I initially invisaged.