New to this - advice needed

My wife and i are in our late forties. Currently paying off a mortgage and can't seem to see an end to it. Have a few shares and a good superannuation but nothing to write home about. We decided to look into property investment and heard an add on the radio for a properties Group. Had a meeting and they told us about all of the tax benefits and how it could help make our money work for us. It all seems pretty good. We are now ready to take the next step which for us seems like a huge one, as we have never done this before. If everything we have been told is right we should be able to manage but are not sure if this company are genuine or just doing the hard sell. What pitfalls should we be wary of? Do others use a properties group or is it better to go it alone? What are the other alternatives? Any advice or suggestions would be greatly appreciated.
 
Here is a thread on PI.com about them.

And another recent article here too..

I know nothing about them, however from their web-site seem like developers, links to financiers and insurers. A one-stop shop of sorts. I see their corporate web site, also have a Russian & Chinese version.

IMHO, these types of organisations are offering you is an easy and simplified way of purchaing a property. However for the ease you do pay. It is analagous to outsourcing your investment activities to another company and they do everything for you.

The more you learn around this site and general RE investing, the more you will realise that the less you need them. What they are offering is nothing magical.
 
Here is a thread on PI.com about them.

And another recent article here too..

I know nothing about them, however from their web-site seem like developers, links to financiers and insurers. A one-stop shop of sorts. I see their corporate web site, also have a Russian & Chinese version.

IMHO, these types of organisations are offering you is an easy and simplified way of purchaing a property. However for the ease you do pay. It is analagous to outsourcing your investment activities to another company and they do everything for you.

The more you learn around this site and general RE investing, the more you will realise that the less you need them. What they are offering is nothing magical.

Well said Buzz! That's spot on!:)

Regards Jo
 
Here's a link to Rixters CGA strategy, just to get you thinking outside the box, a litttle.
http://www.somersoft.com/forums/showpost.php?p=396829&postcount=51
Buy some books (Yardney, Somers, Ed Chan etc). Cruise this forum. Ask questions.
Find the things that resonate with you and see if you can find your own strategy as opposed to an off the shelf, packaged strategy.
There are a lot of people here who will gladly help you get to where they have gotten to and they won't charge you for it, either.
My greatest tip is that you work on your mindset. Once you overcome the fear that holds you back, you will find your comfort zone will grow, as will your wealth.
It worked for me :)
Welcome to the forum. Enjoy!!
 
Thanks to those who replied. It seems this mob might not be a good idea. But We are still keen to invest but have no idea where to start. I the principal still the same, ie negative gearing and tax benefits? Where do we start? Who do we talk to? The forum looks good and I will take your advice Rob.
 
Start - exactly where you have started. Talk to us we like to talk. Gets lots and lots of opinions and find out what works for you.

There is no need to rush - prices aren't going anywhere for awhile.

Some ideas you can think about:

1. Look at areas close to you that you know well. Are there changes that would make more people want to live there?

2. Look at places close to water or close to railway stations (but not too close!).

3. Go into real estate agents and ask for their rental list. Compare the rental prices to the asking prices for houses on their window.

When you get to know a couple areas really well you will develop a nose for a great deal.

Look at at least 50 places before you buy anything.
 
What are the other alternatives? Any advice or suggestions would be greatly appreciated.

Go to free seminars/info nights - after going to a few of these, you'll get the general gist - if you feel this is easier than reading posts/books etc.

I also found the free seminars held by groups such as Centrelink (who have no vested interest in you buying a property from them) very useful when starting out.



Cheers,

The Y-man
 
The very fact that you have ended up at this forum is a very positive factor and shows that you are miles ahead of the 'average' investor already.

Between this forum and any of Jan Sommers books (among others) you will soon work out
what suits you and how to proceed. Good luck and let us know how it goes.
 
Park Trent's latest phone call today said they have a special offer at the moment. Two night's accommodation in Wollongong and reimburse $100 for petrol! They really want our business. You have to ask why?
 
They're not the first (or last) to make such an offer ie re-imburse travel to where they have properties for sale.

So what you are planning to do?
 
Maybe its because they are just nice guys. Maybe its because they are bad guys who want to sell you property at a price 50k too high. Hard to tell unless you learn the market yourself.
 
* Please go out tomorrow and buy Jan Somer's book "More Wealth from Residential Property".
*Read it cover to cover.
*Send me kudos on this site as you've now realised how it works and that the most important thing is to become your own expert. :D

Any mug can go out and borrow money and buy something.
Until you know exactly why you are doing it and have come up with a set of goals for where you want to be financially in 20 years time you should not buy anything.

Learn the basics from that book, then based on your opinions on that book go and buy a book from another property author and compare them.
Develop your knowledge, then ask more questions here.

You will know when you are ready to buy as the confidence you develop by creating your own strategy overtakes the fear.

As many people have said in the past, you make money when you buy, so know what your doing before you start.

Have fun, I've only been seriously involved here for 6 months and trust me it is fun and addictive. I actually like reading the business section of the paper now. :)
 
* As many people have said in the past, you make money when you buy, so know what your doing before you start.

Your welcome to shoot me down if you like, but if a long term prospective is taken I dont think it matters if you pay too much. For instance if you pay $350k instead of $300k but sell at some time in the future for $1.5m who cares about $50k.

But I agree it depends on what you are trying to do and education certainly helps.
 
If things all get a bit overwhelming for you trying to digest all the information you could always look at using a buyers agent who will no doubt find a better deal than Park Trent Properties will offer and save you quite a bit of money.

It's a buyers market out there at present so be patient do your research and due dilegence and the rewards will come..

Cheers and goodluck
 
All this advice is great. For the moment we will tell Park Trent that we are not interested and want to learn more about alll this. Buy the reccomended books on here to develop our kowledge and visit this forum. We originally looked into Park because we saw it as a timesaving way to invest in property. But now I've become very interested and want to do this my way and not some one elses. Buy the property that I want and where I want. I'm actually getting excited about this! Looking forward to the highs and lows!
 
bradlou

Regular reading of most threads this forum will also increase your knowledge eg. read about others problems and solutions.

Good on you for taking control and deciding to learn, you have definitely taken your first step.


Cheers
Sheryn
 
All this advice is great. For the moment we will tell Park Trent that we are not interested and want to learn more about alll this. Buy the reccomended books on here to develop our kowledge and visit this forum. We originally looked into Park because we saw it as a timesaving way to invest in property. But now I've become very interested and want to do this my way and not some one elses. Buy the property that I want and where I want. I'm actually getting excited about this! Looking forward to the highs and lows!

Nice response.

Your going to look back in a few weeks time and be surprised by how much you've learnt. It really does change your perception on so many things.

My biggest problem now is convincing my friends to talk about business and property rather than footy :D
 
bradlou

Congratulations for taking the decision to be responsible for your own future! It probably feels quite daunting to you at the moment, but in a few short months you'll be amazed at the amount of knowledge you will absorb.

FWIW, I believe that if a company has to push their product onto me, then I really start to question who is going to be the one to benefit - them or me? There are a number of companies who try to entice you with their glossy ads, slick salesmen, so-called 'special offers' and promises of a financially secure future for yourself and your family ... and still others that use prominent sportspeople or politicians or other well-known 'faces' to get their message across. If their 'product' is so superior, why do they need such 'devices'??? If it is such a good deal, surely it would stack up without all this glitz and glamour??? Someone has to pay for all of this ... and, rest assured, it's not the company or their reps or the 'famous faces' ..... it's YOU!

Somersoft is a wonderful source of knowledge - use it frequently!!! A couple of threads which may help to whet your appetite .....

Here's a list of recommended reading:
http://www.somersoft.com/forums/showthread.php?t=9652

And an old, old post which I think will help throw a lot of light on this crazy business of investing - post #7 in the following thread:
http://www.somersoft.com/forums/showthread.php?t=859&highlight=teach+fish

Good luck - and enjoy!

Cheers
LynnH
 
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