Where to start...

[akust0m]

Hi everyone, I'm new here and thought I would introduce myself. My name is Chris, I'm 19 and am currently studying my 2nd year Business/Commerce at Monash Uni. I've begun to start to thinking about investing as of late, property investment in particular. My house mate is a property investment consultant, so that helps to get my 'foot in the door'. Although she has not entered the market as such yet, so I thought I would come on here and ask people that have already been at the game. Ok, so I'm 19, where do I start? I've already made the choice to start saving, but where can I get information from, what books are recommended? After uni, I want to hold a secure job for at least 2 years, then I will start thinking about buying my first IP; so I'll be about 22-23 years of age. So all I'm asking really, is just a heads up to prepare myself in buying an investment property in about 3-4 years from now.
Thanks for reading

-Chris

 

[LynnH]

Hi akust0m

Welcome to the forum!

For a list of recommended reading, try:
http://www.somersoft.com/forums/showthread.php?t=9652

There's plenty in that to keep you busy while you are saving for that first deposit!

Cheers
LynnH

 

[steveadl]

Yes, read books, and keep reading SS. You can also attend property seminars (but only free one's), read Australian Property Investor magazine (available at newsagents), and subscribe to online newsletters (Michael Yarndey, Xenia etc).

Whilst doing that, start saving like hell - the first one is always the hardest as you don't have equity working for you.

 

[buzzlightyear]

...Ok, so I'm 19, where do I start? I've already made the choice to start saving, but where can I get information from, what books are recommended? After uni, I want to hold a secure job for at least 2 years, then I will start thinking about buying my first IP; so I'll be about 22-23 years of age. So all I'm asking really, is just a heads up to prepare myself in buying an investment property in about 3-4 years from now.
Thanks for reading

-Chris

Kudos to you for showing foresight and finding (SS) a very good resource at 19! Gees when I was 19... (idea for another thread!)..actually I can't remember, because I probably wasn't doing anything, uni aside!...

 

[alexlee]

Maximise the savings. Start tracking your spending. Don't delude yourself into thinking 'I'll save more when I have more income'. Saving is a % game, not a $ game.

Then, start reading investment books.
Alex

 

[jingo]

Hi Chris,

Welcome to the forum.

Congratulations on thinking of investing for your future. The earlier you begin the better placed you will be in the future.

As others have said read as much as you can about real estate. Jan Somer's books are excellent. They are comprehensive and explain the in's and out's (together with examples) of building up a property portfolio over time. Now is a good time to be learning about property as it looks as though we are entering a patchy stage. It would be a good opportunity for you to save cash and then buy before the next upturn.

Look forward to hearing about your progress.

Regards Jason.

 

[Xenia]

Hi Chris,

Having a desire to invest is the begining so really you have already started! I have 2 suggestions for you. 1. Mindset is more important and you develop that by reading, focusing and mixing with like-minded POSITIVE people.
2. Save 10% of your income while you are developing the mindset and knowledge.

My first purchase was at 19 and for a while I thought that the descision to invest had totally ruined my life! I was working 60 hours a week to pay off a debt while all my friends were out partying and having a great time. It does pay off in the long run. I am now 38 and the only one out of my group of friends with 11 properties and they NOW are looking to buy their first!

. My house mate is a property investment consultant, so that helps to get my 'foot in the door'. Although she has not entered the market as such yet,
-Chris

This is confusing. How can someone be a property investment consultant if they don't have any experience in the market? Who does she work for?

 

[akust0m]

Yeah, she hasn't actually bought any property yet, but is thinking about it within the next few years. She has done training and has worked with various organisations. I think she just gets people into the office so other people can discuss property investment with potential clients.
Thanks for all your help, very much appreciated

 

[dajackal]

steveadl

can you please kindly supply the links to the newsletters?

 

[asdf]

My name is Chris, I'm 19 and am currently studying my 2nd year Business/Commerce at Monash Uni.

Stop right there mate. Ban yourself from this site until you finish your degree. Head straight down to the pub after you finish your assignment and ENJOY yourself. 20 years from now you will not look back and say I wish I started earlier, thank goodness for Somersoft. You instead will regret the time not spent going out, having fun, travelling and not thinking about how to set yourself up financially for life.

Concentrate on getting the Ds and HDs. Then go get a great paying job when you graduate cos when this property investing stuff doesn't work, you will always have something to fall back on. Now stop reading!

 

[investor_eddie]

Stop right there mate. Ban yourself from this site until you finish your degree. Head straight down to the pub after you finish your assignment and ENJOY yourself. 20 years from now you will not look back and say I wish I started earlier, thank goodness for Somersoft. You instead will regret the time not spent going out, having fun, travelling and not thinking about how to set yourself up financially for life.

Concentrate on getting the Ds and HDs. Then go get a great paying job when you graduate cos when this property investing stuff doesn't work, you will always have something to fall back on. Now stop reading!

I'm guessing investing didn't work out for you? I'm fairly young and enjoy life at the moment without spending heaps. There's other things you can do besides going out and getting blind

 

[alexlee]

I'm guessing investing didn't work out for you? I'm fairly young and enjoy life at the moment without spending heaps. There's other things you can do besides going out and getting blind

In asdf's case, I think the issue is that he succeeded so well in various spheres that he thinks he should have drank more during uni and not affected his success. And he's right. (This is not a cynical statement.)

Concentrate on getting the Ds and HDs. Then go get a great paying job when you graduate cos when this property investing stuff doesn't work, you will always have something to fall back on. Now stop reading!

For the rest of us mortals, starting early beats anything else that you can do. If, like most people, you don't get much more than moderate success in a job, then the INVESTMENTS is what you fall back on.
Alex

 

[steveadl]

steveadl

can you please kindly supply the links to the newsletters?

There will be a sign up page on each site, as well as archives of old newsletters:

Michael: www.propertyupdate.com.au

Xenia: www.adprop.com.au

 

[akust0m]

Stop right there mate. Ban yourself from this site until you finish your degree. Head straight down to the pub after you finish your assignment and ENJOY yourself. 20 years from now you will not look back and say I wish I started earlier, thank goodness for Somersoft. You instead will regret the time not spent going out, having fun, travelling and not thinking about how to set yourself up financially for life.

Concentrate on getting the Ds and HDs. Then go get a great paying job when you graduate cos when this property investing stuff doesn't work, you will always have something to fall back on. Now stop reading!

Thanks for your response. I do see where your coming from, but I think educating myself in property investment won't do any harm. I'm sitting on about distinction average at uni, and also have 2 scholarships. I still go out with mates and have a good time. My uni and a financial company might be sending my over to Japan for 22 days in November as part of a scholarship program, all expenses paid. I'm also going to New Zealand at the end of the year friends as well. So, I still go out, I'm getting decent grades, and I will also be traveling. Apart from this, I'm putting away about $125 a week for my financial future in property investment. Obviously, when I get a good job, this savings figure will increase substantially. I'm the sort of person the learns thing really quickly and I do it in a way that doesn't prevent me from doing things I want to do. But again, thank you for your concern, but as I said before I don't see any harm in educating myself now. It's not like it's taking over my life.

Cheers

-Chris