First time investing

Discussion in 'Investment Strategy' started by CamH122333, 11th Mar, 2020.

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  1. CamH122333

    CamH122333 Member

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    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 !!
     
  2. Property Twins

    Property Twins Mortgage Brokers, Buyers Agents & Mentors Business Member

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

    Lindsay_W Well-Known Member

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    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.
     
  4. CamH122333

    CamH122333 Member

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

    Trainee Well-Known Member

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    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.
     
  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    What sort of number of years pls ?

    ta
    rolf
     
  7. CamH122333

    CamH122333 Member

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    5 years
     
  8. CamH122333

    CamH122333 Member

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    100 000 a year in passive income
     
  9. Sackie

    Sackie Well-known cafe bum of the East Premium Member

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    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.
     
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  10. CamH122333

    CamH122333 Member

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    What books would you recommend
     
  11. Sackie

    Sackie Well-known cafe bum of the East Premium Member

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    To achieve the goals you mentioned above? none.

    Whats your income approx.?
     
  12. CamH122333

    CamH122333 Member

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    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
     
  13. Sackie

    Sackie Well-known cafe bum of the East Premium Member

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    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.
     
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  14. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Sorry to say that thats too much prop seminar hype

    Property INVESTMENT is a long game

    Business may be a better vehicle for you ?

    ta

    rolf
     
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  15. Sackie

    Sackie Well-known cafe bum of the East Premium Member

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    I would shudder to think so tbh.
     
  16. CamH122333

    CamH122333 Member

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

    Sackie Well-known cafe bum of the East Premium Member

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    I already typed it. See post #9.

    And timeframe is extremely important. 5 to 50 years of investing has significantly different ramifications.
     
  18. CamH122333

    CamH122333 Member

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    Ok thank you for you help
     
  19. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Id not agree based we know little of the resources, skills and risk profile.

    ta
    rolf
     
  20. Sackie

    Sackie Well-known cafe bum of the East Premium Member

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    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.
     
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