First time investing

hi
im trying to get into the investing game and have been looking at doing some expensive courses but after reading some of the posts on here have decided against it

So im just looking for some advise as the where and what would be a good start to a portfolio

I already have a PPR and fairly decent serviceability

Thank you any advice would be greatly appreciated !!

 

Hi Cam
A lot of valuable info on PC.
Are you just looking at purchasing one Property or multiple properties?

 

Start with the goal, what are you trying to achieve from investing in property? The more you narrow that down the easier it is to decide how best to achieve it, just my 2 cents.

 

Multiple properties, I would eventually like to replace my income with property

 

dollar figure? Then multiply by 30 for a rough idea of how much you need.

Be flexible. Buy and hold resi property has low yields. You may want to go for capital growth and change to other investments for yield later. But you also have to study up on shares first to take advantage of opportunities.

 

5 years

 

100 000 a year in passive income

 

Long story short, the ingredients for success imo.

- a large bowl of books, $200 is more than enough. And study them. Not just read. Eventually you'll develop a path for yourself and things will start to make sense and fall into place.
- an ample amount of time spent reading the forum on topics of interest to you.
- 3 large table spoons of networking
- a dash of common sense
- a generous amount of mindset development focus
- a healthy dose (or unhealthy in my case) of obsessing to achieve your goals
- and a large spade of taking action when you're ready.

Scary thing is, it may sound ridiculous. But that's really all you need imo.

 

What books would you recommend

 

To achieve the goals you mentioned above? none.

Whats your income approx.?

 

My income is approximately 100 000 at the moment
The goal is basically to have enough money to live without having to rely on the job

 

OK ill give it to you straight.

On an income of 100k, and starting from pretty much the beginning. You will not be able to achieve a passive income (from Resi property) of 100k a year in 5 years. Its borderline impossible.

 

I would shudder to think so tbh.

 

Ok where should I start if that was the goal weather it take 5 or 50 years ?

 

I already typed it. See post #9.

And timeframe is extremely important. 5 to 50 years of investing has significantly different ramifications.

 

Ok thank you for you help

 

Well on 100k income, his goal of achieving 100k passive income in 5 years and starting off with minimal equity from home, I'd say starting a business (even at the best of times 80% go under in 5 years) is a highly risky venture to consider. And understanding of risk seems pretty much non existent. Also running a business and passive income don't really go hand in hand for most people. I think he needs to be reality based. Which is a good thing imho.