The first steps of the journey

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From: Tim Kell


Hello everyone!

I've been following discussions for a couple of weeks now.

My wife and I are very keen to get into "the game", but where to begin!?
We have been reading all that we can concerning property for about 6 months, and we're convinced this is where we want to devote our futures. We also acknowledge that there is no "quick fixes", and that we'll be better off in the long run if we check the water before we dive in.

My first question is this:

What books/tapes etc. would you seasoned investors consider to be your "must reads"? I understand that there are a lot of authors out there, but if you had to name 1 or 2 books that have been vital to your development as an investor, what would they be? Plus, I notice constant references on this and other boards to the CashFlow game. Do you consider this a necessary purchase?

And a second (and last for now) question:

What skills should we develop? Robert Kiyosaki constantly mentions the necessity of good "financial literacy". How can these skills be developed from a basic level? Can you mention a book/course etc that might help? What about other skills? Does anything come to mind?

I know this is going WAAAAY back to the very basics, but that is where I think there is the least information for investor-wanna-be's.

Your opinions of these questions much appreciated,

Tim.
 
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Reply: 1
From: Asy .


Hi Tim, and Mrs Tim...

Welcome to our merry band!!

There was quite a lengthy discussion on books a few months ago, it might be worth your while having a look in the archives (Use the search function, above) as this is a relatively recent thread.

If you want to get together with like minded people, join Freestylers!
www.freestyler.net.au

And thirdly, at some stage you will have to jump in, but remember, standing at the edge of the diving board is the scariest bit... Come on in, the water's fine!!!

asy


"Don't forget what happened to the guy who suddenly got everything he ever wanted...
He lived happily ever after.
(Willy Wonka).
 
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Reply: 2
From: Jenny Nowakowski


Hi Tim

The best books I've read about property investing have been Jan Somers' books.

Building Wealth Through Investment Property
Building Wealth Story by Story (the book that made me take the plunge)
More Wealth from Residential Property (her new one)

Building Wealth Through Investment Property and More Wealth from Residential Property are similar, so if you only wanted to read one of them, I'd read the new one, More Wealth from Residential Property.

You can buy her books from the site :)

I've also read:

Seven Steps to Wealth
Anyone Can Be a Millionaire
The Wealth Power of Property
Rich Dad Poor Dad

I thought Jan Somers' books were the best and explained everything clearly in an easy to read style.

Jenny
 
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Reply: 2.1
From: See Change


Another essential book to read is

The Millionaire next door

Robert Kiyosaki has some critics ( I like him ) and this is the book that they usually recommended as giving the in sight into how most millionaires make ( or don't spend ) their money

see change

it's better to be guided by your dreams than your fears
 
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Reply: 3
From: Geoff Whitfield


I'd recommend "The Richest Man in Babylon" even before any of the other books recommended- as good as they are too.
 
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Reply: 3.1
From: Jacque Parker


Tim,

I've read nearly all the books mentioned and they all give you a great start, as well as a terrific foundation on which to base your initial decisions.

One I'm ploughing through at the moment is also very readable and practical- SMARTER PROPERTY INVESTMENT by P. Cerexhe. Like Jan's latest book (which I refer to many times) it is Australian, recently written (2001) and covers all the tax and GST questions you may have.

Great source of info- books- but there is nothing like experience and just doing it that makes you learn even faster. Talking to like-minded people, especially those who are already well on the way to financial independence (and those who are there!) helps enormously too. Join up groups, go to seminars (just don't pay too much for them!) and ask lots of questions. Be prepared for criticism and self-doubt along the way, but enjoy the benefits later on! Well-meaning friends and family will be full of advice for you, once you begin your road to financial independence. Ignore those who have no portfolio or experience of their own (we all tend to think we're experts when we have just our own home. How wrong we are!!)to speak of, and listen attentively to those with the know-how and the experience. There are many helpful people on this forum who are very generous with their replies and their knowledge. Being a relative newbie myself, I have found a wealth of information provided from this forum alone.

Also take the time to locate a good accountant (more easily said than done)- usually if they are a property investor themselves, they will know more and will be able to help YOU. Shop around, too, for a good broker, as they will be crucial to your success in establishing loans etc.

Welcome to the forum and the very exciting world of property investing!
Cheers, Jacque :)
 
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Reply: 3.1.1
From: Jeremy Laws


Bugger the books, bugger the seminars, and bugger Freestylers TM (BTW people are you aware of Apple Computers Freestyler??) Just go and buy a property. Any property (unless it is _really_ falling down. It is irrelevent which, what or where. Just buy something. Then work out what you want! Works far better that way around.
 
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Reply: 3.1.1.1
From: Michael Croft


Hi Jeremy, I'm with you - "just do it!", but it beggars the question, do what, where? Wrap? Lease option? Reno? Neg gear? Pos gear? etc, etc.

My mum always new I'd be trouble when she said "Don't touch that hot plate!", me (age 3) "Why?", Mum "because it's hot!", me "Oh" and then I promptly put my hand on it to see if a) she was telling the truth, b) what the experience would be like.

The point being that it gets to a stage where you must do it and find out for yourself as you can only glean so much from the experience of others. There nothing like a hands on learning experience.

Michael Croft
 
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Reply: 3.1.1.1.1
From: Rachel Freedman


I personally loved Jan Somer's Books and The Millionaire Next Door but really didn't like the Richest Man in Babylon. Then again I also didn't like the Celestine Prophecy which I found very similar in many ways (although on a different topic!) - they both seemed to be aimed at someone 12 years old requiring brainwashing.

I bought my 1st IP after reading Jan Somers first 2 books - thank you Jan!

Rachel (Canberra Freestyler)
 
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Reply: 3.1.1.1.1.1
From: Anthony C


I read Jans first book, then bought my first IP, read Jans Second and bought the second property, then eventually waded through the other books as mentioned earlier. As you buy IP the questions will come up, which will point you to which books you should be reading.
But don't over read or you'll never decide which property to buy, just reread the one that inspires you the most.
I Find it amazing that so many people have bought IP and never read an investment book, gone to a seminar or chatted on the forum, and still do OK.
Some of my friends ethnic parents who migrated to Australia, worked their asses off and bought property and just rented it out. Simple as that.

Read, get inspired, buy IP, learn.
Then.
Read, get inspired, buy IP, learn.
Then.
Read, get inspired, buy IP, learn.
Then.
Read, get inspired, buy IP, learn.
Then.
Read, get inspired, buy IP, learn.
Then.
Read, get inspired, buy IP, learn.
Then retire.

Regards
Ant.



"Let us so live that when we come to die even the undertaker will be sorry."
--Mark Twain
 
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Reply: 3.1.1.1.1.1.1
From: Phillip Monk


Hi Tim,

Welcome to the forum.

I agree with Michael and Jeremy - the only way to really learn is to buy an IP. I read all the books but hesitated for about 8 years before diving in.

Now I've got one IP and am about to buy a second, I can now see that if I'd started then I'd probably be out of the rat-race by now (a Rich Dad Poor Dad term).

However, I think it's a good idea to make your first IP one that's well within your means - you are bound to make lots of mistakes (well I did), that's OK if they're ones you can easily afford. Once you've got the first one working properly, you'll probably know enough to do the 2nd and 3rd ones much more quickly, and accelerate the pace from there.

Good luck,

Phil.
 
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Reply: 3.1.1.1.1.1.1.1
From: Rixter ®


Another very informative read with heaps & heaps of the nuts & bolts type info is a new book just released yesterday call" It's easy to be a property millionaire" by Australian Craig Turnbull.
Happy Investing,
Rixter :)
 
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Reply: 3.1.1.1.1.1.1.1.1
From: Terry O


the cheapest house in the best suburb you
can afford.fix it.keep it.
its not rocket science
just do it
TerryO
 
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Reply: 3.1.1.1.1.1.1.1.1.1
From: Terry O


i should have said the cheapest house in the best street in the best suburb you can afford
 
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