newbie after some guidance

[Cath]

Welcome Cath,

I will through in my 2c, for what is worth.

Can I just add that from a Bank's point of view, especially if your plan is to accumulate more properties, it is better to try and find as close to neutral if not positive - as you can if buying in todays environment and in regards to your present income.


Take small steps so you can prepare for giant leaps.

Regards, JO

I like the sound of neutral as well it seems like a good fit for me so far. I think I need to look into how that will effect our tax as in our wages? If at all. I am working on getting an accountant asap.

I love your quote will definately remember that one!

I think the main theme I am getting is to just keep soaking up all the information, learning as much as I can along the way putting it all together, start of slow and build up as I go. knowledge is power right?

 

[Domain]

Great advice Fuller!
Like you, I've got a few properties at only 23 and I can tell people the same thing. Accountant's are your best friend and never listen to people who think they know everything but don't own any IP's.

Cath, you will find that Investing in property requires a team effort from your accountant, broker, tradesmen, architect, property manager, partner etc.. so it is very important you get a good team together.

Also, read books and educate yourself as knowledge is power. I find that when I read books on property, I want to read more and more each time. Finally, the most important thing to do is to pay off your debts starting with the car finance and credit cards.

Best of luck!

 

[Cath]

Great advice Fuller!


Also, read books and educate yourself as knowledge is power. I find that when I read books on property, I want to read more and more each time.

I am finding this so true, I also have notes everywhere from writing things down that I later want to research or remember. One things just keeps leading to the next.

 

[Cath]

One month on and I wanted to give a bit of an update to illustrate that all the advice and opinions given were very much appreciated.

I have wasted... maybe I should say "invested" many many hours trawling through the threads on here. The initial crazy brain overload has slowed down and I have started to move forward.

I have paid off all bad debts.

I have read Jan Somers books.

Have spent time just reading, reading and reading some more.

Have become very familiar with the search button

Have met with a with a broker.

Still working on an accountant. I thought I had found one and everything was going great until 5 minutes into our last meeting his partner? told us that she would never invest in real estate as its too risky and the thought of having tenants was "yuk". I suggested that if they felt this way that I didn't think that they were the right people for us. - spent the next hour backtracking and trying to convince me otherwise. - had I not found this forum I would have not had the knowledge behind me and would probably had signed all my money away into managed funds. Not saying its wrong, just not what I really want. They were also financial planners and found that what other people had said earlier in this thread to be on the money. I am so happy that I had some knowledge behind me. It really helped to have some idea about what I wanted to achieve which is also helping in being able to find the people I need to help me with that.

They did have one interesting thing to say "no advice is bad advice". I felt this to be very true, you just need to decide what advice will help you move forward with your goals and what advice you to push aside. All advice is food for thought.


I have a meeting with a different accountant this week, one that comes highly recommended by people I highly respect and look up to in regards to investing.

I haven't actually "done" anything yet but feel I have finally got the ball rolling in the right direction. I am ready.. bring on 2010!

Anyway thank you all again for being so generous with your opinions and ideas.

 

[skater]

Good work Cath. Taking time out to educate yourself will prove invaluable.

 

[josko]

Cath,

Kudos to you for taking action and following advice when you saw fit to do so.

You are on your way. Many things don't really sink in until you have started the ball rolling and bought your first property.

Keep at it and remember no question is a silly question.

Regards JO

 

[HomeBuyAU]

Good to hear that you have a much better understanding now on where you want to go and it has paid off by the sounds of it.

 

[willair]

his partner? told us that she would never invest in real estate as its too risky and the thought of having tenants was "yuk". I suggested that if they felt this way that I didn't think that they were the right people for us. - spent the next hour backtracking and trying to convince me otherwise. -

Maybe next time that happens just stand up and say,thankyou for your time ,but you are not the right people for our business,pay the bill and walk out the door and find someone that knows property,I have used the same accountants for over 23 years now,the man i used retired we now use his daughter and she is just as sharp as her father,they are out there.
willair..

 

[james_w]

One month on and I wanted to give a bit of an update to illustrate that all the advice and opinions given were very much appreciated.

I have wasted... maybe I should say "invested" many many hours trawling through the threads on here. The initial crazy brain overload has slowed down and I have started to move forward.

I have paid off all bad debts.

I have read Jan Somers books.

Have spent time just reading, reading and reading some more.

Have become very familiar with the search button

Have met with a with a broker.

Still working on an accountant. I thought I had found one and everything was going great until 5 minutes into our last meeting his partner? told us that she would never invest in real estate as its too risky and the thought of having tenants was "yuk". I suggested that if they felt this way that I didn't think that they were the right people for us. - spent the next hour backtracking and trying to convince me otherwise. - had I not found this forum I would have not had the knowledge behind me and would probably had signed all my money away into managed funds. Not saying its wrong, just not what I really want. They were also financial planners and found that what other people had said earlier in this thread to be on the money. I am so happy that I had some knowledge behind me. It really helped to have some idea about what I wanted to achieve which is also helping in being able to find the people I need to help me with that.

They did have one interesting thing to say "no advice is bad advice". I felt this to be very true, you just need to decide what advice will help you move forward with your goals and what advice you to push aside. All advice is food for thought.


I have a meeting with a different accountant this week, one that comes highly recommended by people I highly respect and look up to in regards to investing.

I haven't actually "done" anything yet but feel I have finally got the ball rolling in the right direction. I am ready.. bring on 2010!

Anyway thank you all again for being so generous with your opinions and ideas.

well done now stop reading and go find some houses

 

[fokas]

Kudos as well. Glad to hear you're taking small steps towards your goal, as apposed to just sitting there and letting circumstance control your direction.
Good luck for 2010 indeed!

 

[Alex P Keaton]

have fun