Where to start?

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From: Cheryll Rose


Hi,
I'm a 20 year old single mother on Centrelink payments who is starting to see that my future is looking rather bleak if I don't do something now, that will help me to become financially free. I recently became interested in real estate investing and would greatly appreciate some advice on how to go about gaining assets, starting with little or nothing. I've heard of 'flipping and wholesale' techniques, but have not been able to find any books or sites which describe this process in detail (except American sites whose legal systems may be different from our own?). I don't have a job, so this would be a great opportunity for me to work part time around my baby. If anyone out there could be point me in the right direction, I would greatly appreciate it.
 
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Reply: 1
From: Property Investor


Hi Cheryl,

Are you in Melbourne?
If so, email me with some details and I will contact you.

I'm sure I will be able to give you some good advice.

Regards,
Mannie.
 
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Reply: 1.1
From: Joan Cameron


Hi Mannie,
Could you post the info, as I too would like to learn.
Thanks Joan
 
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Reply: 2
From: Cheryll Rose


Sorry Mannie,
I live in Sydney, but would dearly love to learn. I kinda feel like I've wasted my life, having decided not to go through with my BA at Uni, I now don't have a clue what to do with myself. I want to be around my baby, especially with all the negative news on babysitters and childcare, you couldn't blame me for not wanting to trust her with anyone else.
Any pearls of wisdom that you can post or even email correspondence would be great :)
 
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Reply: 2.1
From: Andrew D


Hey Cheryl,

Never feel like you have wasted your life/time as it is all experience...you have an advantage over others because of the path you have walked.Put those experiences in the bank and keep on walking. Not sure what research/reading you have done but people like Robert Kiyosaki, John Burley, Jan Somers, Craig Turnbull.Also worth visiting sites such as www.creativerealestate.com.au or www.propertyinvesting.com for slightly different approaches.
Hope you aspire to greatness.

Enjoy
AD

Stumbling blocks are just stepping stones to the successful.
 
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Reply: 3
From: Glenn Mott


Cheryll,

The first thing I would like to say to you is THANK YOU for wanting to have a go and secure a better life for yourself and baby.

Seeing that you already have formed an interest in property/money, maybe looking toward a career in property management/sales would suit you? There is plenty of information available from TAFE and industry associations.

Glenn
 
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Reply: 3.1
From: Mark Laszczuk


Cheryl,
Don't be bummed you didn't go to uni, I (and many others here) didn't either. Uni does not guarantee success. But I'll tell you what (almost) does: your attitude. You've got a eally great one, and that will surely help you to achieve great things. Congratulations for having the courage to take the step forward and take control of your future rather than passing it onto someone else to look after for you. Stick around, you'll learn heaps!

Mark
'no hat, some cattle'
 
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Reply: 3.1.1
From: Jakk Bass - The SLUM LORD


G'Day Cheryll,

...and welcome to this marvellous forum.

You seem to have regrets that you never finished Uni, I have too.
I also regret never having started Uni as I probably would have had a better chance of finishing it, had I done so.

But they say that in America, 95% of College Graduates are working for people that never finished High School....interesting!!!

I'd have to agree with Mark (some cattle in a hat), ATTITUDE is the MOST important factor, They say that your ATTITUDE at the commencement of a task, determines its outcome, and you seem to have that part down pat.

My advice to you is, use the time that you have on your hands now to educate yourself about property. Read, Research and above all else, Network, Network, Network with other like minded people.
I believe in life, things happen by osmosis, when you are ready to receive, you will receive, make sure you are prepared for it.

I think it was Geoff Doidge that wrote,
"...the opportunity of a lifetime, comes around about once a month"

...but we must be able to recognise it, make sure you are prepared.

Best of Luck to you
(but Luck only plays a minor role)

regards
Jakk the Slum Lord
 
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Reply: 2.2
From: Property Investor


Cheryl,

"I kinda feel like I've wasted my life"

You are only 20 years old!!!!
I wish I had known something about Property Investing when I was 20.
The first important thing about investing is realising we have to change in the way we think. You have just done that!!

Next step is to keep handing in those resume's and save what you can.

I would then try and educate myself on the topic (reading books, reading and posting on this forum, etc). You will find all our fellow forumites ready to help with advice.
We all started at some stage!!!.

If you cannot afford any books, try your local public library.

There are many books to recommend but you should start with one to begin with.
My suggestion; you cannot go past Jan Somers "More Wealth from Residential Property".

If anyone else has any further advice please post and let's help Cheryl on her development.

I hope we can inspire you!

Regards,
Mannie.
 
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Reply: 3.1.1.1
From: Cheryll Rose


Hi everyone,
Thank you so much for your advice and inspiration. I now have a reading list to start my journey. Does anyone know any good books on flipping? Some of the advice given is to get a job and save, but what I really would like is an opportunity to work at home for myself, around my baby.
With flipping, I figured that even if I only did a couple of deals a month that profited me only $1000 (I know you people who earn many thousands out of just one deal will scoff at that), but in a a couple of years, I would have enough to buy for my baby and I, our own little unit. And best of all, I would be doing it without having to leave my baby in youngest and most needy years of her life. Alright, so I'm attached to my little girl! But being a young single mother, I treasure and adore her very much.
I want to thank everyone for their kindness in responding to my post. I hope that you are all blessed in return for your blessing, by helping a newbie such as I.
 
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Where to start = attitude !!!

Reply: 3.1.2
From: Ross Sondergeld


Hi Mark,


Subject: Where to start?


Mark said, to Cherly, "Don't be bummed you didn't go to uni, I (and many
others here) didn't either. Uni does not guarantee success. But I'll tell
you what (almost) does: your attitude."


Well said Mark... "Attitude makes the difference !!!"


So here's my favourite quote...


No bird soars too high,
If he soars with their own wings
- William Blake


If you continue to learn... and invest for life... you'll LOVE the ride !!!




Ross Sondergeld ~ Buyer Agent

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
" Imagine buying real estate the easy way...
...with a Buyer Agent on your side!!! "

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 Buyerside@hotmail.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


_________________________________________________________________
Send and receive Hotmail on your mobile device: http://mobile.msn.com
 
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Where to start = attitude !!!

Reply: 3.1.2.1
From: See Change


Cheryl

If you get the opportunity to go to one of the cashflow games go. One of the interesting things is that if you have " the Doctor " as you profession it's one of the hardest jobs to get out of the rat race on.

Why ? Well Doctors tend to live in "nice areas" with Large mortgages, with kids that go to expensive private schools and drive around in expensive cars with high monthly leases.... They also work long hours in stressful jobs and have a habit of dying young of heart attacks or in the case of psychiatrists of suicide....

Sometimes going to uni ain't what it's cracked up to be.

The best education in life is experience and being on this forum is one of the best learning experiences I've had in life... and it's freeeeee... well except for the cost of a computer, service provider etc

see change

it's better to be guided by your dreams than your fears
 
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Where to start = attitude !!!

Reply: 3.1.2.1.1
From: Mark Brokenshire


Hi Cheryl.

The journey of a thousand miles starts with a single step (or something like that). I agree that attitude is one of the keys to success. Another is learning to manage what you have. I would encourage you that even on a pension learn to save 10% of what you get and live on the remainder. If you can learn to give 10% as well so much the better. Poverty is a mentality that can be broken by generosity. If you manage to earn extra by flipping etc to add to that so much the better.

Though not earning an income we did this and then after a bout 8 years had saved $15,000 enough for our first deposit on our first investment property. Four years later we have four properties and hope to get two more in the next year.

It is more important to not give up than to not fail.

Blessings

Mark
 
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Where to start = attitude !!!

Reply: 3.1.2.1.1.1
From: Cheryll Rose


Dear Mark,

It was great to read your post. I am trying to do just that. I am saving as much as I possibly can from my payments, and after reading rich dad poor dad, I was inspired to give to charity as well, so I sponsored a little boy in far off spanish country, that I can't even pronounce.

I did have a question though, when you finally bought your first investment property, how did you get finance? I was under the impression that I couldn't get any because I'm not classified as working, although the government does consider me to be working as a full time care giver for my baby.

Thanks a lot Mark,

-Cheryll.
 
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Where to start = attitude !!!

Reply: 3.1.2.1.1.1.1
From: Paul Hendriks


Hi Cheryll

Just 20!!!

Fantastic...

Just think, you have at least 3 property cycles to go thru by 50yrs of age.

That will allow you to easily become a multimillionaire in that time frame.

Jan Somers quotes - it's time in the market - not timing the market.

Best of luck Cheryll, your in good hands on this forum, read, study, & act...

Regards
Paul
 
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Where to start = attitude !!!

Reply: 3.1.2.1.1.2
From: Nigel W


On 7/23/02 7:30:00 PM, Mark Brokenshire wrote:

>Though not earning an income
>we did this and then after a
>bout 8 years had saved $15,000
>enough for our first deposit
>on our first investment
>property. Four years later we
>have four properties and hope
>to get two more in the next
>year.

Well done Mark! I admire your sheer determination and persistence. Inspirational!
 
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Where to start - The art and science of flipping...

Reply: 3.1.1.1.1
From: Ross Sondergeld


Hi Cheryll,


Subject: Where to start?


You said, "Does anyone know any good books on flipping?"

Well... firstly, i'd like to say that flipping is an art. Check the archives
for previous discussions... then have a think about it.

NOTE - American flipping is different to Australian flipping !!!

Books - Flipping Properties by Bronchick & Dahlstrom (amazon.com)





You also said, "With flipping, I figured that even if I only did a couple of
deals a month that profited me only $1000..."


$1,000? Sounds like a spotter fee. But you can do extremely well...

I'd recommend that you get a r/e license and trade from home. Set-up shop as
a "Buyer Agent"... and get a niche... then bingo... you'll make a few bucks
with your baby at home.


NOTE - I don't really recommend "true" flipping to anyone. (i.e. entering a
contract and buying... or flipping to another with your buyer agent fee in
the deal.) Just get real people... get a brief and help them find it.


Summary of Flipping

The Scout = A licensed real estate Buyer Agent. No risk!

The Dealer = Experienced savy agent & experienced investor. Risk!

The Retailer = Anyone... but you need real money to settle !!!



Ross Sondergeld ~ Buyer Agent

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
" Imagine buying real estate the easy way...
...with a Buyer Agent on your side!!! "

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 Buyerside@hotmail.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~


_________________________________________________________________
Join the world’s largest e-mail service with MSN Hotmail.
http://www.hotmail.com
 
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Where to start - The art and science of flipping..

Reply: 3.1.1.1.1.1
From: Cheryll Rose


Hi Ross,
Wonderful to get some direction! I was thinking about getting a license, but now you've convinced me that it would be valuable.
About the book, is that US or Aussie? Because you said that the to were different. Is amazon the only place you can find the book?
I'll get started on the archives right away...
Thanks a bunch,
-Cheryll.
 
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Where to start = attitude !!!

Reply: 3.1.2.1.1.2.1
From: Mark Brokenshire


HI Cheryl.

In answer to the question of getting our first loan. It was difficult but with persistence we found a senior manager in the Commonwealth bank who was able to think outside the box and realised that if we had consistently saved for the amount of time we had then we had to be a good risk. We were able to show that even on a low income we had been able to save by keeping bank statements and managed fund statements etc. In the end I am convinced that you only loose when you give up if you keep trying a way will open up.

Mark
 
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Where to start = attitude !!!

Reply: 3.1.2.1.1.2.1.1
From: S W


Cheryl,

There are some banks that will consider DSS income as legitimate income if it is an ongoing income like supporting parents benefit. ANZ is one.
 
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