Newbie Seeking Information

From: Sam W


Hi,
I'm new to this forum and to investment property in general and was wondering if all you kind people can point me towards good sources of information. By this I mean good background reading and research and the like.

While the thought of investing in property is not new to me, the various ways you all discuss here are. I have read some of Jan's work and it is interesting, but would like more points of views.

Any suggestions?

Thanks

Sam
 
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Reply: 1
From: Guy Wood


Sam,
Rich Dad Poor Dad has got to be high on the list. The book's a legend.
Guy
 
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Reply: 1.1
From: Jeremy Laws


Not hard, and buy a house before you buy another book!

Go and see three agents. Pick one you like, then buy what they suggest. Choose the areas after thinking about what you want. Good rental, or very safe cap growth.

Please try to fight the urge to know everything, you never will. Buy anything rather than nothing, get a pest and building report and worry about nothing else.

Good Luck

Let me know what youve bought on Monday
 
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Reply: 1.1.1
From: Sam W


Thanks for the replies so far.

Have read most of the Rich Dad series. Its the book that got me started down this path. Great ideas and phenomenal motivational tool.

Have purchased a house approximately a year ago and its rented quite nicely. However, its only a start. Looking in on all the stories, it feels like I am missing something. All these stories of people owning multiple houses and the large passive income....am I missing something.

With regards to not knowing everything....that's a real pain! :)

Guess that's just part of my nature :)

Thanks all for the kind words of advice

Sam
 
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Reply: 1.1.1.1
From: Jack Moro


Sam

Jeremy makes some good points,mate you've read yourself into analysis paralysis so time to act though follow closely Jans advice in Building Wealth etc
Check points
1. Location is O.K, good services available
Transport Shops Schools etc
2. Rental demand is good, other similar properties renting O.K
3. The sums work out that you are not to negatively geared and can afford the move
4. The property is structurally sound and free of any impending infrastructure which may adversely affect value e.g Freeway at back door
5. Remember a good plan acted upon today is better than a great plan acted upon tomorrow.

Note, some of us have recently brought property in Vic under the threat of increased land tax but our faith is in the fact that residential I.P is a good investment over time. Guess what no land tax PHEW !!!!!!!!!!

Tip
Weekly rent x 800 = max price or a 6.5% rental return
e.g $170 pw x 800 = $136,000 Dont pay any more infact aim for a bit better say 6.8%,find another deal and the sums should work out not to negative
You should be able to get finance at 6.3%with no establishment costs,times aint gunna get much better.
With experience you will identify and have the confidence to act more quickly upon the deals which are positive or can be as vendor circumstances dictate.
All the best
Jack
Jack
 
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Reply: 1.1.1.1.1
From: Ian Findlay


Can I emend this for Brisbane figures? I go on at least a 7% return (after including buying costs of 4.5%). Finance at 6.3% is high, there are several financial institutions out there with no establishment fees much less than 6.3%.

Of course this may not generalise throughout Oz, just what I’m familiar with.

Ian
 
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Reply: 1.1.1.1.1.1
From: Sam W


Ian,
Thanks for the post as it is quite appropriate since I am in Brisbane. Just a quick question with regards to Brisbane itself. Don't suppose you have any suggestions as to areas in Brisbane itself to look at.

I am new to the property market and more specifically newish to Brisbane. What are good areas to look into?

Thanks

Sam
 
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BOOK - Don't go to school...

Reply: 1.2
From: Ross Sondergeld


Hi,


I highly recommend....

"Rich and Happy - don't go the school."

by Robert Kiyosaki

It was teh first book he ever wrote.


Ross on the Gold Coast

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
" Imagine buying real estate the easy way... "

Buyerside Real Estate Mobile 0412 289 464
Office 9b, 34 Glenferrie Drive Office (07) 5562 1555
East Quay Corporate Park Fax (07) 5562 1248
Robina QLD 4226, Gold Coast [email protected]
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BOOK - Don't go to school...

Reply: 1.2.1
From: Iona 2


That book literally saved our son's life. When he read it he realised that not fitting in at an elite private school did not mean that he was not OK. He is now a successful Internet Service Provider having, initially, built the equipment on a shoestring and is looking around for an IP now that he has capital in his home. Bravo Kiyosaki and eternal gratitude!
 
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