PI courses - are they worth it?

[kals]

Hi all

I'm looking to buy my first IP soon and in the current climate am thinking a small reno to build some fast equity will be my plan, to enable me to build my portfolio sooner rather than later. I've got 2 questions:

1. To ensure i buy the right property im wondering whether i should invest in some education. Ive seen other posts on the site that "you can get all the education you require for free" BUT if I was to do a course, what would you recommend? Im currently looking at Momentum Wealth, The Property School and Hans Jakobi's home study course. I've also just signed up for the Property Women Diamond Membership.


2. When I do find what I think might be a good property how do I work out what my return will be ie. if I was to spend say $5-$15k (on a $350k approx) house, how do I ensure that it adds enough value to the house to give me enough equity to do it again? Say on another $350k house?


Appreciate any advice that comes my way,

thanks

 

[The Y-man]

"you can get all the education you require for free" BUT if I was to do a course, what would you recommend?

Free seminars (well, they're not actually free - but you have already paid through your taxes):

http://www.centrelink.gov.au/intern...598000902c5!OpenDocument&Highlight=2,seminars

'Understanding property investments' seminar
Topics covered:

Investing in the property market
Different types of property and their features
Financing options and rates of return
Taxation and property investment
Location Date
Helensvale 19 May
Mermaid Beach 20 May


Cheers,

The Y-man

 

[attrill]

I think you will find that all the courses out there are very similar in content. After all there is only so many legal ways to make money out of property in Australia and the rest is just window dressing.

Some of the presenters are very charismatic and someone who has local knowledge of your area would be an advantage.

If you want to get more into the joint venture side then you would want to go for a course with the most attendees as possible as this is where you could find possible partners.

If you are the shy retiring type you may prefer a one to one mentor.

The property seminar industry is huge. A hunt through the forums should turn up posts on most of the products available.

One the other hand a library membership is free and stating with books by Jan Somers, Craig Turnbull, or Steve McKnight will give you a good grounding and different ideas

 

[Rob Williams]

I'm no expert, but I've managed to do OK in the IP dept and have only recently been to some seminars just to see what was on offer.
Along the way, I've read a few books such as Yardneys "How to build a multi million dollar property portfolio in your spare time", Ed Chan's "Wealth for Life", Jan Somers books are a must read, Margaret Lomas among others. Not to mention Hellen Collier-Kogtevs "47 biggest Mistakes ...".
Try reading a few books and work out what resonates with you before spending money on the seminar circuit.

As far as question 2 goes, the best advice is to work out the end value, then work backward, deducting buying and selling costs and the reno estimates. If there is a profit in the deal, it will become apparent. The end value is not a wishfull thinking value, either, but a realistic. worst case number derived from research.

Good luck and keep asking questions. Heaps of people here will gladly help you.

 

[Pablo]

I agree with Rob save yourself some money and read a few books, you will find that your local library will have a reasonable selection that will give yourself an idea of where to start.

This website is another good source of information, when I was researching IP investing I was spending about 2 hours a day on here and learnt heaps.

Another thing is just to jump in and learn by experience, don't get bogged down in all the finer details just do it.

Cheers
Pablo.

 

[LynnH]

Kals,

Welcome to the forum!

I have been to a number of seminars in the past and, with hindsight (always wonderful ), generally speaking, I now wouldn't bother - unless a particular seminar/course was highly recommended by another investor whose views I respected.

I have found the amazingly knowledgeable members of this forum and 'reading, reading, reading' have provided me with much more information than I've gleaned from all the seminars I've attended. There are other forumites who would certainly disagree with me, saying that they always come away from seminars with some info they previously didn't know. It's a matter of what works for each individual.

I agree with other posters - reading books and browsing this forum are possibly the best ways to start. Then, when you have some knowledge, I think you will be in a better position to know what courses/seminars may be of benefit to you.

This thread has a list of suggested reading that you may find useful:

http://www.somersoft.com/forums/showthread.php?t=9652

Happy investing!

Cheers
LynnH

 

[Player]

Agree with much of the above. As you are new to this, be very grateful for joining this community. Read and search for the information you desire here in the various forums and sub-forum threads. Ask questions and educate yourself with books and CD's free webinars and other free subscriptions.

As for courses, this is not advice but merely my opinion, I do not believe they will (in the first instance) make you any more proficient, knowledgeable or able to take action. Beware the slick promises of overnight riches or wealth in a very short time. The strategies purported by some might be relevant to more experienced investors and even then, the time commitment to sift thru the deals and negotiate can be over-whelming.

That's not to say, that you shouldn't do any courses ever. I regularly attend seminars and courses and undertake specific home study courses relevent to my strategy and path. I've been at it over two decades. However at outset, start with a small deal near where you live to cut your teeth on the process of seeking and purchasing, financing, etc. Then move onto acquiring more and getting a bit more creative with your strategies and value add actiovities.

Lynn provides a good link to books to consider. How about reading a book a month and for nominal costs buy CD's (or even some free downloads) load them to your mp3 and/or play them in your car whilst driving. Turn your vehicle into a University on Wheels. I rarely listen to the radio in my car. I play audio books on all manner of topics; It's the most efficient use of my (dead/driving) time possible You can then create your own syllabus and get a rounded coverage of investing and mindset resources.

Also you can paper trade your investing style (similar to mock trading shares). Pick a suburb or two; become an expert and consider purchase price, closing costs, likely rents, Interest rates, holding costs whilst your do a simple reno or even subdivide (and sell off the rear or add another dwelling).....many ways to buy and add value.

The best course you will ever learn from is the "course" of "action" that you will take with your first and subsequent deals......learning on your feet. And ask questions here; for me no need for courses first up IMO.

Welcome to the forum kals

 

[attrill]

By the way, some of the most money I ever made came from ideas gained from a free "taster evening" with the sales pitch for a weekend seminar at the end. In fact I have never paid for a seminar, but have a shelf full of books that I can go back to at any time, which have been well worth the cost.

I also got a free coffee and a biccy at every evening I've been to.

 

[pully]

re the question or they worth it?
probably depends who runs them for a start.
remember mr henry kaye, i wonder what has become of him and his associates?

probably an extreme example, well lets hope so.

i agree with the other posters in that courses/seminars are an excellent part of our education but we need a variety of methods to gain information, knowledge, skills and abilities.

just avoid get rich quickly types.
in my opinion.
regards

 

[Dazz]

avoid get rich quickly types.

....absolutely, sound and sage advice- I only listen to those who have taken the very slow approach.


I met this one guy at bandcamp, and he bought 2 small flats over a space of 45 years. He was fantastic and really solid. I learnt heaps of him.


There is some clowns out there who actually go completely stupid and buy 7 properties in less than 2 years if you can believe that. I mean - what would they be thinking ?? Dodgy or what....

 

[Sheryn]

The best course you will ever learn from is the "course" of "action" that you will take with your first and subsequent deals......learning on your feet. And ask questions here; for me no need for courses first up IMO.

You learn by doing and asking questions when you don't understand. I only go seminars or workshops that are free or reasonably priced eg under $100 for an 8 hour day.


Read, read and network with like minded people.

Sheryn

 

[AUSPROP...]

There is some clowns out there who actually go completely stupid and buy 7 properties in less than 2 years if you can believe that. I mean - what would they be thinking ?? Dodgy or what....

I have heard of this other bloke called Dazzling, after having a rough run with resi he thought he would be clever and he went and bought all this risky commercial stuff. He even had a tenant go broke and couldn't pay the rent anymore and I think he went broke himself because he doesn't post on here anymore. I'd rather stick to resi - it's sending me broke and the tenants are a constant nightmare but I just keep thinking of the big picture... I am dreaming of a month going by when I dont have to dip into my pocket for my properties. Anyway, off to work, land tax bills will be issued soon...

 

[willair]

Ive seen other posts on the site that "you can get all the education you require for free" BUT if I was to do a course, what would you recommend? Im currently looking at Momentum Wealth, The Property School and Hans Jakobi's home study course. I've also just signed up for the Property Women Diamond Membership.

For the costs of one of those courses you could also buy a lot of books but nothing in life is free and once you get that into your mindset then you see the world in a different view,all you have to do is a search on this site on anything you need to know there is a vast experience in the posts on this site..good luck..

http://www.jenman.com.au/BS_Sellers.php

 

[kals]

Thanks for all your replies everyone. I attended a free teleseminar tonight by Wendy/Affluencia and Ana Stankovic which was really interesting. I'm also reading Streets Ahead and have also read a few others too. I'll continue to read, attend free/cheap seminars and look at gathering some renovation costing tools/templates - that might set me on my merry way. And of cours i'll be regularly visiting these forums for the wealth of knowledge that exists.
thanks again,
Kaia

 

[Rob Williams]

There is some clowns out there who actually go completely stupid and buy 7 properties in less than 2 years if you can believe that. I mean - what would they be thinking ?? Dodgy or what....

That's quite insensitive
We don't talk about clowns. As you well know, it was a clown who won the YIP Magazine Property Investor of the Year award and left me a lowly runner up. After all the effort I put in, too!